Have you heard of the fair tax plan? And what is your opinion of it.?

Answer 1

I think it is the single best thing that could happen to this country.

This issue is SO important to me I will not support a Candidate who does not expressly support it.

If anyone has not read "The Fair Tax Book" I would highly recommend it. (I given about 20 as gifts over the last two years)

If you tax something you get less of it. Taxing savings and income is a bad Idea because this encourages people to not earn more so they can stay out of the next higher tax bracket.

Taxing new products and services only once allows people to control how much taxes they pay at the same time they balance their personal budget.

Consumption is a much better measure of wealth than income, taxing spenders is a much better (fairer) way of funding the government.
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The no exemptions is the best part!
exemptions are where lobbyists make their money giving exemptions to there clients.

The pre-bate acts like an exemption and would not take the IRS to run. Everyone gets a check based on how many Citizens (with social security numbers) are in their household to cover the taxes on the basic necessity's of life.

The Fair Tax is the best tax plan PERIOD

Answer 2

There is nothing fair about this tax system. If you put a universal tax on anything lets say a gallon of milk will cost you now 5 bucks because of the fair tax the poor and middle class will be affected by the increase way more than a rich person that wouldnt be hurt if it was 10 bucks a gallon.
A beautiful deception plan by the elite to make the layman think things will be fair.

Answer 3

You bet I've heard about it. It's BS. The rich will get a free ride (they WILL be able to skirt the tax) AND it will destroy the middle class. The "FairTax" is riddled with LIES.

They claim you get "prebated" what you SHOULD spend on food and medical care. Besides the gall of that, they reveal later it's a lie:
"Why not just exempt necessities from the FairTax instead of providing for a prebate?

The prebate is the most equitable and most efficient way to make the FairTax progressive. If the FairTax were to exempt necessities, the tax rate would have to be 20 percent higher then the FairTax rate with a prebate."
http://www.fairtax.org/site/PageServer?pagename=about_faq_answers

They ADMIT the tax would be 20% higher if they exempted necessities. WAKE UP, AMERICA!

They lie about the calculations--it's a 30% tax, not 23%
http://www.jewishworldreview.com/1207/page.php3

It does NOTHING to stop government spending.
It does NOTHING to things like the gas tax, which is twice what the profits of the oil companies are per gallon:
"After crude oil costs, gasoline taxes are the second largest contributor to the price paid at the pump. Together Federal and State excise taxes on fuel account for an average cost of approximately 62 cents per gallon. That's a combined tax of about 20% per gallon of gas.

The federal tax per gallon is 18.4 cents per gallon, see the history of federal gasoline taxes here, and the state tax per gallon varies by state, see the complete list of state gasoline taxes here.

Average profit per gallon of gas for oil companies: 10 cents according to the EIA"
http://mjperry.blogspot.com/2007/05/gasoline-taxes.html

It does NOT abolish the IRS. Someone has to collect the tax and WASTE the money cutting a check a month for those "prebates."

The list goes on and on.

A consumption tax COULD be good BUT it would need to exempt NECESSITIES, otherwise it is AUTOMATICALLY regressive.

Answer 4

There are aspects of the plan I like and some I do not.
Like:
It is a progressive use tax as opposed to an income tax.
As such, it taxes a person on what they buy, not on what they earn.

Dislike:
The rebate system would be a huge undertaking and a magnet for fraud and abuse.
The rebate system would require a agency the size of the IRS to administer.
No exemptions for anything.

I think the rebate/exemption issue can be resolved by exempting necessities such as food, medications and lodging much like most states that have a sales tax already do. I live in Washington and we have a sales tax. I don't pay sales tax on my rent, food, medical care or medications. Since the rebate is designed to compensate for taxes collected for these things we could kill two birds with one stone by exempting these things. A well written law could resolve "pet" items from being added.

Answer 5

If it also included provisions for Universal Health Care and improving the lives of the Middle Class, maybe.

I have not one of these plans that have been endorsed by an economist. Talk about voodoo economics.

Answer 6

I love it, but it will not happen in the current political climate. There will have to be MAJOR changes in our country before it can go forward.