Farcical FairTax is anything but
Atlanta Journal Constitution ---- 06/02/08
You don't have to have a degree in economics to see the failings of the proposed FairTax[/b]....
New houses would be taxed; Medical care would be taxed; Food would be taxed. Even the Federal government would pay the tax to ITSELF on goods and services.
Then there's the matter of fairness. At Fairtax.org, you'll find a Calculator that purports to tell you how much you'll save in taxes under the FairTax. I can almost Guarantee that after you plug in your financial information, you will be Promised significant tax savings.
My wife and I certainly would pay a Lot less. Based on their recently released tax returns, so would George and Laura Bush. Under the FairTax, their tax bill would fall by $54,000 on an income of more than $900,000.
That's interesting, because FairTax advocates claim the tax would raise just as much money as the current system. So if a couple with a million-dollar income pays a Lot less, who pays more?
After repeated experiments with the calculator, I FINALLY found that household. A couple with two children, a Rented home and income of $40,000 would pay $860 more.
In other words, to balance out the $54,000 tax cut for someone making a Million dollars a year, we would have to Raise taxes on 62 couples trying to raise their family on $40,000 a year.
And they call it a FairTax?
But the bottom line is, none of it matters anyway.
FairTax supporters are being played for suckers by politicians
who have signed their names in support of the proposal but have no intention of enacting such a Crazy idea.
Look at the record. Linder's "Fair Tax Act" has been introduced in every Congress since 1999,
drawing scores of co-sponsors. For 8 of those years, Republicans controlled both the House and Senate. Yet with all those co-sponsors and all that time under GOP control, FairTax legislation never got so much as One subcommittee Vote on its provisions.
That's because Nobody, including its co-sponsors, takes it Seriously.
And if the idea was ignored when Republicans were in control, what does that say about its future under Democrats?[.....]