Anyone else heard about the proposed Fair Tax?

Question

Personally, I think it would be an interesting venture. It makes sense intuitively, the more money you spend, the more you're taxed. There would be drawbacks, but it would be fun to implement and see the consequences. Your thoughts?

Answer 1

I like the Flat Tax better but the Fair Tax would be much preferable to the fiasco we have right now.

Answer 2

Europe has no Income taxes.  They have been functioning very well on their VAT (fair tax) for many years.  Of course the government would have to give up its control of the money trough and they will fight a massive battle before the special interests allow them to do that.

Answer 3

Every tax plan proposed by every politician is called a "Fair Tax".  They never are.

Answer 4

When I first heard about it being a consumption tax I was leery, because consumption taxes are regressive, but after extensive researching I have to say I'm a big supporter of it.

It's not regressive because of monthly prebate allowances.

As a Libertarian I'd love it if there were absolutely no taxes on income, whether it be from work or capital gain, but at this point in time, with our deficit being so high it would ruin us to get rid of the income tax.

I do favor this over the flat tax, but the margin is not very big.

It's a great thing!

Answer 5

makes good sense to me.