That criticism could be levelled at all consumption taxes, not just the FairTax. Therefore, it is interesting to see the point brought up by someone who claims that he favors a consumption tax.Explain to me how $100,000 in a bank right now would be taxed under a flat tax.
"Explain to me how $100,000 in a bank right now would be taxed under a flat tax."
You are right. I guess a flat tax isn't a consumption tax after all, is it?
You had to make 130,000 to wind up with that 100,000 in the bank. Under NRST the playing field is leveled for those still trying to create wealth. As Rush said on his show yesterday: "An income tax is a tax on the creation of wealth."
Under NRST you have to make 100,000 to have 100,000 in the bank. You spend it when you want, OR, you save it and never, ever, ever pay any taxes on it.