Quote:
Originally Posted by GatorB
You are so off. People will have LESS money to spend. Do the math. This only helps those that are rich. A guy with a wife and 2 kids making $10 an hour already gets ZERO $$$ taken out of his check in federal income taxes if fills in his w-4 form correctly. How does adding 23% to everything he buys give him more money.
The same guy making $50K a year would have to spend less than 11% of his income on items subject to this tax to come out ahead. I'm 100% positive it would be higher than 11%.
If this pased the economy would TANK.
FACT: # of low middle income voters > # of higher income voters. No one is going to vote for more taxes.
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It's called the "Fair Tax" and it would hurt the lower incomes. I don't think it's a horrible idea though. You say it only helps the rich. But is it fair that someone making under 50k with a wife and kids doesn't pay any taxes, while I pay over 30% of my income to taxes? Just doesn't seem fair to penalize people for making money and forcing a small percent of the population to support the entire country.