From a retired CPA, with no financial interest in ANY tax system..
The so-called “Fair Tax” (“FT”) is a fraud – it Karl Marx on steroids AND a Bernie Madoff financial scam.
In their own words, FT proudly advertises that if INCREASES WELFARE via its Prebate.
The FT hits us with a 40-70% in-your-face retail sales tax that would spark a taxpayers rebellion that would destroy our 70% retail-sales-sensitive economy 40% = 30% FT + e.g., 10% State sale sales tax and 70% is the rate needed at a sample 30% FT evasion rate (the FT incredibly assumes ZERO evasion).
IN ADDITION to that 40-70% tax, the FT contains several HIDDEN TAXES.
The NEW IRS will be far worse, far more invasive than today’s IRS – we may well have to file an “Annual FT Summary”.
We may well wind up with BOTH a NEW Income Tax AND the FT.
What we need is a Flat Income Tax with No deductions, No Exemptions, No Credits and a 10% rate. Call you representatives in Congress and let them know this is what you want.
For more info, call Stephen C. Eldridge tel. 423-532-7337