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The Republican candidate is fairly conservative - except when it comes to an ambitious plan for scrapping the IRS.

The Fair Tax is basically a sales tax combined with rebates that that will reimburse us for taxes on purchases up to the poverty line.

In addition to getting rid of the hassles and complications of income tax, it should also help the economy since there would be more encouragement to save and invest.

As a saver, I would love such a new tax system. But there are many concerns about it, and it hasn't been taken very seriously in Washington so far. I'm afraid the income tax will be with us for many years to come.

 

Submitted: Jan 7, 2008    Views: 410    Comments: 4    Likes: 2   


View Article: http://money.cnn.com/2008/01/05/pf/taxes/fair_tax.moneymag/index.ht...


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Comments Received:

Johnny
(Unregistered)

This is basically a value added tax (VAT) although Huckabee and his moron advisors aren't bright enough to realize it. They also well enough educated to understand than VAT systems are inherently more burdensome than our current economic system.

Posted: Jan 8, 2008

Chris
(Unregistered)

It is not a VAT. A VAT adds taxes at each business to business transaction. The fair tax basically removes all of the embedded taxes due to income taxes paid at each level of business to business transaction (which we pay as a hidden cost in the final price of a product) and moves this to a transparent tax paid in the final transaction. Please read the Fair Tax book to completely understand the concept. If you don't agree, fine, but you should have all of the facts prior to making a rash decision.

Posted: Dec 13, 2008

Barbara
(Unregistered)

Well… I visit your website first time and found this site very useful and interesting! Well… you guys doing nice work and I just want to say that keep rocking and keep it up!!!!
Barbara
Estate Planning

Posted: Jun 24, 2009

lalpri
(Unregistered)

I am very pleased with the thought and don’t feel like adding anything in it. It’s a perfect answer.estate planning

Posted: Jun 27, 2009



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