Last night in my presentation speaking class one student talked about the fair tax. He pointed out that some people who have a lot of money don’t pay any taxes because they have put it all in stocks. He also stated that having a fair tax would take care of this issue. I found this interesting and looked into it a little more at fairtax.org.
I found that having a fair tax set at 23% would actually provide more income for the government then the current tax system does. Now this tax would apply to retail items and the income tax would disappear. That means you would get more money in your pay check to offset the retail tax.
I like this because I then control how much I pay based on my input into the economy. This would also help with people who are paid cash for work as they too will have to pay this tax. I’m sure there is much more to it then what I have stated here, and I plan on doing more research, but I am wondering what you think of having a fair tax?
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