I've always loved this idea, but it's been around for a while, hasn't it?
I remember Neal Boortz talking about it every day and promoting it on his radio show and blog. Unfortunately it never got any traction and there were always naysayers. I'm doubtful that 20/30 years later the momentum can change.
From an economics perspective it is an awesome idea. I also picked up on the environmental piece when looking at it, as it discourages consumption and changes our society to a wealth-building society.
But would we see some economic effects like Japan, with deflation and other problems?
I still think it's a great idea, but what are the roadblocks politically, besides education?
Hello Jeffrey. First of all, a deeply sincere thank you for your efforts to produce your editions. They are both prodigious and superb. I've been onboard for perhaps a year. I am grateful. It was your edition having to do with your cabin that had me concluding that you'd make a good neighbor.
My intent here is to shout from the rooftops not to forget all the perks, benefits, and yes exemptions that our elected and appointed employees have entitled themselves to, over the decades, at our expense. For those attempting to pull that curtain back, best to keep a bucket handy.
A thorough list of exemptions would fill a standard sheet of photocopy paper not even single-spaced.
I'm about into a rant. Your time, even to read this, is valuable, so, I'll bow out.
Don't forget inflation. This "hidden tax" is due to the government creating more dollars. As the money supply increases, the value of the dollar decreases.
Who gets the benefit from increasing the money supply? Well, the government of course!
What is to stop the income tax/capital gains tax from being re-introduced on top of a consumption tax? In most of Europe, for example, there is income tax, capital gains tax and VAT (value-added tax) which is a type of consumption tax. The VAT in Sweden is 25% - on everything and at every step of the production/sales process. How does a consumption tax work at the state and local level where sales and property taxes fund those coffers? Maybe the biggest impediment: how does a consumption tax overcome the mainstream American view that a “fair” tax system is highly progressive?
What guardrails will be put in place in a Fair Tax law to prevent Congress from using the Fair Tax to suit their needs and not those of the citizenry?
Are there any cautionary lessons from European style VATs?
What needs to happen in Congress to implement the Fair Tax?
Does the Fair Tax group have a simple way to explain this tax to a skeptical citizenry wary of Congress and a way to blunt the expected Leftist scare tactics?
https://www.atlanticplaybook.com/p/why-the-fair-tax-act-works-for-american?utm_source=share&utm_medium=android&r=1pwlhv&triedRedirect=true with an actual graph!
Even worse than income taxes are property taxes. At least the serfs worked 4 days per week.
I've always loved this idea, but it's been around for a while, hasn't it?
I remember Neal Boortz talking about it every day and promoting it on his radio show and blog. Unfortunately it never got any traction and there were always naysayers. I'm doubtful that 20/30 years later the momentum can change.
From an economics perspective it is an awesome idea. I also picked up on the environmental piece when looking at it, as it discourages consumption and changes our society to a wealth-building society.
But would we see some economic effects like Japan, with deflation and other problems?
I still think it's a great idea, but what are the roadblocks politically, besides education?
Great stuff. Love the fair tax. Read the book 25 years ago.
Hello Jeffrey. First of all, a deeply sincere thank you for your efforts to produce your editions. They are both prodigious and superb. I've been onboard for perhaps a year. I am grateful. It was your edition having to do with your cabin that had me concluding that you'd make a good neighbor.
My intent here is to shout from the rooftops not to forget all the perks, benefits, and yes exemptions that our elected and appointed employees have entitled themselves to, over the decades, at our expense. For those attempting to pull that curtain back, best to keep a bucket handy.
A thorough list of exemptions would fill a standard sheet of photocopy paper not even single-spaced.
I'm about into a rant. Your time, even to read this, is valuable, so, I'll bow out.
Thomas, in Montana
Don't forget inflation. This "hidden tax" is due to the government creating more dollars. As the money supply increases, the value of the dollar decreases.
Who gets the benefit from increasing the money supply? Well, the government of course!
Great post Mr Carter! Sign me up!
How do you think that will impact accounting firms?
What is to stop the income tax/capital gains tax from being re-introduced on top of a consumption tax? In most of Europe, for example, there is income tax, capital gains tax and VAT (value-added tax) which is a type of consumption tax. The VAT in Sweden is 25% - on everything and at every step of the production/sales process. How does a consumption tax work at the state and local level where sales and property taxes fund those coffers? Maybe the biggest impediment: how does a consumption tax overcome the mainstream American view that a “fair” tax system is highly progressive?
What guardrails will be put in place in a Fair Tax law to prevent Congress from using the Fair Tax to suit their needs and not those of the citizenry?
Are there any cautionary lessons from European style VATs?
What needs to happen in Congress to implement the Fair Tax?
Does the Fair Tax group have a simple way to explain this tax to a skeptical citizenry wary of Congress and a way to blunt the expected Leftist scare tactics?