Thanks for you post. I have to admit, I'm not "up to speed" on the implications of the various alternative tax solutions. So allow me to clarify my position briefly:
First, the current IRS Tax Code AND the IRS as the enforcement agency for it must be abolished. Period. Kill the beast.
Second, any replacement for the current tax code must fit on one page and everyone ... and I mean EVERYONE pays taxes. None of this "EITC" crap re-distributing wealth to people who don't pay taxes in the first place.
Either each and every one of us has "skin in the game" going forward or inevitably we'll end up right back where we are today. That's not acceptable in my view.
I'll have to read up more on the Fair Tax -- if it meets the second criteria above, I'll be all for it.
Thanks again for your post, I'm off to read up more on the Fair Tax.
I will say, I’m not a big fan of the rates I’ve read regarding the Fair Tax, like 20-ish percent tax. I’ve seen as high as 22 % and I think it’s all WAY too much. I think it’s all based on the idea of maintaining current spending levels. If we restrict the spending to Constitutionally mandated and approved items, there wouldn’t be a need for such an ocean of cash rolling into the treasury.
In fact, the government, needing to stay out of the way as much as possible to GET tax revenue, should get smaller, and I think the tax rate should be no higher than 10% ever. Maybe 5%. If they whine, that means they’ve had their hands in the cookie jar too long.
I’m also not sure about the prebate tax thing. Giving everyone enough to cover the tax on living expense to make sure we don’t hurt the poor... seems circular. I have to think that through some more. But if I’m right about the level of taxation needed, the poor really won’t be hurt much, and the prebate may not be necessary at all. I don’t know.