I’m not saying don’t do anything on tax reform, just that the 999 plan has zero chance and isn’t well thought out.
Anyone earning less than 50k a year would take it in the shorts.
>>> Anyone earning less than 50k a year would take it in the shorts. >>>
Respectfully, that’s not true. What makes you say that? (I think I know where you get this, but we’ll see...)
“just that the 999 plan has zero chance and isn’t well thought out. Anyone earning less than 50k a year would take it in the shorts.”
Actually, it is very well thought it. It fixes the massive issues and problems of the FAIR tax while moving us more towards consumption taxes. the FAIR tax, to get progressive, required a massive rebate scheme that is ripe for all sorts of mischief. And the rate was too damned high to be viable.
The answer is to split the difference.
Since it replaces both the income AND FICA, your assumption about the under 50K crowd is incorrect. More precisely, govt dependents and people who get welfare will pay into the tax based via the consumption tax. They are the only ones. for the working class eliminating FICA balances out that cost.
That all said, the Dems would demagogue the low rate onthe rich anyway. We do need a fix, and this would make our economy hugely more competitive.