One of the reasons the Income Tax has been used is the average person never sees all the money they earn. Uncle takes his large slice before they ever see it. We tend to forget how much has been stolen.
I believe there will be major trouble when the average person has to pay 30% tax on every purchase.
I would be a lot happier if I could choose where my tax money would be spent. I know of a lot of government spending that would never see a red cent from me.
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For me the first thing to go would be the Marxist government indoctrination camps ( mis-named “schools”), both K-12 and college and universtiy.
I agree. I want this year's money used to send a cruise missile down a certain well in Qom, Iran.
I would be a lot happier if I could choose where my tax money would be spent. I know of a lot of government spending that would never see a red cent from me.
I love that idea but the problem is 60 percent would pick military spending and the other 30 percent would pick highways and infrastructure and they would only end up with 10 percent for everything else. It could be a major problem.
Subsidies to professional ball players and their stadiums is a sore spot with me. Welfare of every stripe as well. Getting a handle on the improper spending is orthogonal to the issue of how money is collected. We should be pounding on the politicians to cut the outrageous spending.
There are many, many things not taxed under the FairTax - in effect, deductable. This helps to greatly lower your effective tax rate.
Among the things not taxed under the FairTax are:
1) annual amount paid out for loan payments, including both principal and interest. (include existing mortgage, auto, and all other loan payments.)
2) annual tuition payments made for education for any age, any level. Include annual student loan payments
3) annual amount of all funds deposited to any savings account or retirement account through a government plan, through your employer, or privately, and all funds used to purchase any stocks, bonds, business, or investment vehicle of any kind.
4) annual amount of all funds you have donated to any Church, profit or non profit charity or organization, or given to any individual through a gift, inheritance, donation, or court order, including child support.
5) estimated annual amount of all taxes paid to any State, County, City, Municipal, Township, and other local governments. Include state income and sales taxes, property taxes, school district taxes, deed transfer taxes, occupational taxes. Include both State and Local taxes paid throughout the year, through payroll deductions and estimate those paid on your own, such as sales taxes.
6) annual estimate of funds spent on purchases of used items (jewelry, clothes, used real estate, used cars, used furniture, antiques, etc.).
7) donations as a political contribution to an individual or political party