Quote:
Originally Posted by retiredguy123
A national sales tax will never happen because the 50 percent of people who pay no income tax would need to start paying taxes.
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the “Fair Tax” is a national sales tax on steroids and has been bouncing around congress for about 10 years now. It replaces ALL taxes the federal government takes in and includes a rebate to all house holds up to the poverty level for the tax they pay on good and services. This tax also replaces payroll taxes which anyone that works a legitimate job pays including the employer. Even the federal gas tax goes away with the fair tax. For retirees, all capital gain taxes goes away as well as RMDs. I’ve read a few books on it and can’t find a whole lot of cons and lots of pros… including abolishing the IRS.