Huckabee's FairTax Plan
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Huckabee's FairTax Plan
thoughts?
http://www.reuters.com/article/bonds...0080106?rpc=64
CN:
eliminate all income taxes and replace them with a flat consumption tax
http://www.reuters.com/article/bonds...0080106?rpc=64
CN:
eliminate all income taxes and replace them with a flat consumption tax
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you think it's more difficult to change our tax system than to change some middle eastern country to democracy?
i myself don't know enough about the flat tax plan and would like to learn about about it before deciding. But isn't that the same system as places like Hong Kong?
i myself don't know enough about the flat tax plan and would like to learn about about it before deciding. But isn't that the same system as places like Hong Kong?
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The 'fair tax' isn't really fair. Think about what it does for the two extremes; if you're really really rich, the % of your income you give to tax will go down drastically (since your income is large and your normal spending is a small fraction of your income). But if you're really really poor, barely making it, then this system will bankrupt you (since you spend all of your money on just getting by, and you have a small income, the amount you pay in tax as a fraction of your total income will increase). Basically it's a GREAT way to make the rich richer and the poor bankrupt. And make the middle class poor.
but there is a 'poverty line', so poor folks don't have to pay tax at all, isn't that right? I also found this... http://www.fairtax.org/site/PageServ...ame=calculator
you might be right the rich gets richer and the poor gets poorer. But I don't think I've seen enough data/math to tell me that. I just know, according to that calculator, I would be a much happier man. 
The 'fair tax' isn't really fair. Think about what it does for the two extremes; if you're really really rich, the % of your income you give to tax will go down drastically (since your income is large and your normal spending is a small fraction of your income). But if you're really really poor, barely making it, then this system will bankrupt you (since you spend all of your money on just getting by, and you have a small income, the amount you pay in tax as a fraction of your total income will increase). Basically it's a GREAT way to make the rich richer and the poor bankrupt. And make the middle class poor.
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If you want to make rich people even richer, then sure, consumption tax.
If you value reducing the disparity between rich and poor, then tax investment gains at a higher rate than gains from a person's labor.
If you value reducing the disparity between rich and poor, then tax investment gains at a higher rate than gains from a person's labor.
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FairTax isn't Huckabee's idea, BTW. its been around for years.
And correct, it CERTAINLY doesn't do anything for the income gap.
I agree with drtofu's over all plan...we should be taxing capital gains over $X at a higher rate, aswell as significantly raise the federal tax limit.
And correct, it CERTAINLY doesn't do anything for the income gap.
I agree with drtofu's over all plan...we should be taxing capital gains over $X at a higher rate, aswell as significantly raise the federal tax limit.
Last edited by mcowger; Jan 7, 2008 at 05:51 PM.
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