Could the restrictions on IRAs be lifted as a means to replicate the fair tax or flat tax?

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Could the restrictions on IRAs be lifted as a means to replicate the fair tax or flat tax?

2007-04-07 10:35:43 · 1 answers · asked by halfway 4 in Business & Finance ➔ Taxes ➔ United States

1 answers

NO. Unlimited deductions to IRAs would not result in a tax system resembling either the Fair Tax or a Flat Tax. A flat tax is defined as a single rate with NO deductions of any sort. The "Fair Tax" is not even an income tax.

FWIW, I support the Fair Tax.

2007-04-07 12:14:20 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋