Have anybody heard of the fair tax plan? If so do you think its a good Idea and will it be used?

Question

Have you read the Fairtax book?

Answer 1

yes, and i think it's a great idea and yes,it has a possibility of passing. check out the neal boortz web page for all the info. buddy

Answer 2

The plus of the fair tax plan is that it taxes the underground economy - and that's a huge number of people evading taxes today.

The big minus is that even with the prebate, it hits the poor harder than they are hit under today's system, and hits the middle class even more, while giving a huge tax break to the rich. It would also retain a bureaucracy, no matter what proponents say - somebody has to administer the prebate (which has huge room for fraud) and the rest of the plan. For those reasons, no I don't think it's a good idea.

Answer 3

I've heard of the fair tax plan, and it's anything but fair. Basically it's a national sales tax that will hit the poor the worst and then the middle class the next. The rich won't get hit too bad at all. It's a bad, bad, plan.

Answer 4

I don't like it since all the money people have in savings will be taxed again when they spend it. Older people have our life savings in taxable accounts that we paid the tax when we earned it. We spent tens of thousands to convert IRAs to ROTH or have directly saved into taxable savings or investment accounts.
In won't effect the young and the poor as much since they don't have much saved but will be a killer for those already retired and those who then can't afford retirement.

Answer 5

Heard of it?: Yes
Like it?: No
Will It Pass?: No

Answer 6

I've researched it extensively. It sucks! PERIOD! It will never become law.