Thread: Flat Tax!
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Old 08-06-2007, 12:15 PM
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Default Re: Flat Tax!

Quote:
Originally Posted by Travel Master
So how is this a fair tax.... The CEO that makes $25 Million a year and spends $5 Million -- verses the guy that makes $35000 a year and spends $40000. THE LOWER AND MIDDLE CLASS take the brunt. :redface: A flat tax on income makes the CEO pay a heck of lot more taxes than they do today.. and equal for all.. I would take one step further, and it should be taxed on you gross income not net
I'm sorry but you are wrong in your understanding of the fair tax! The more you make the more you spend, therefore the guy making 5 million a year pays more taxes. It is the only way to tax fairly. The taxes on basic items IE food, housing, etc would be rebated to all based on the size of your household, not your income, base on the poverty level for example if the national poverty level for family of 4 is $20,000 the taxes collected on that @ 23% would be $4600 per year which would be rebated to everyone on a monthly basis. Does that mean that all the prices would rise 23%? No under the present system in everything we buy is an embedded tax( what it cost to make that project) is about 23%. Someone earlier said something about thinking about the retiree. At the present time we have to pay taxes on our 401-k's will we take money out, under the fair tax this is eliminated. If you still are working wouldn't it be nice to receive your full paycheck! I don't do justice to explaining the fair tax. Please get the book or at the minimum go www.fairtax.org This would be great for everyone!