"Fair Tax" (Split from Eastman Thread)

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notorial dissent
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Re: "Fair Tax" (Split from Eastman Thread)

Postby notorial dissent » Thu Aug 23, 2012 10:31 pm

Not to mention the "Yeah that is gonna happen" factor. My home state is notorious for not being able to get little things like unemployment, welfare, and such back in any thing like a timely manner, and this is somehow suddenly going to happen with something like this, I DON'T THINK SO! I can see the people whose entire income has been swallowed up by this "Fair Tax" sitting home freezing to death while they are starving waiting for the refunds to come. This is truly an oxymoron if ever there was one.
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Re: "Fair Tax" (Split from Eastman Thread)

Postby Arthur Rubin » Fri Aug 24, 2012 3:30 pm

rogfulton wrote:I don't know where a read it (maybe a link in a prior post somewhere here on Q) but as I remember, in order to make up for the revenue generated by the current system, the 'fair tax' would need to be something north of 30% which would be on top of whatever the local rate was.
To be fair, the stated rate was upward of 24% inclusive, leading to more than 30%, as sales tax is normally measured. As to how it would combine with existing state sales tax, that would probably be up to the state.
Arthur Rubin, unemployed tax preparer and aerospace engineer
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