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How does that equal to no contribution which was what your previous claim was?Not entirely true, the tax rates for middle and lower income brackets are less than for higher earners.
Not to mention a lot of the deductions and refundable credits they get.
You'd be 100% right in comparison to the rich that earn all their money from long term capital gains though.
One is on Income and the other is on consumption, the fair tax isn't good in my mind because there is still a lot of bureaucracy involved.
The FairTax is a consumption tax in the form of a national retail sales tax on new goods and services.
An income tax and a consumption tax can have different effects.
Exactly, consumption tax would be less onerous on the wealthy and more onerous on the middle class.
Not entirely no, Medicare which is underfunded....
That is one of the things the health care reform will address by reducing Medicare/Medicaid waste and fraud.
And don't forget about the taxpayers trillion dollar transfer of wealth to the rich during the bailouts.
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