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Financial Planning / Tax Strategies


Subject:  Re: FairTax Date:  9/29/2012  11:07 AM
Author:  brucedoe Number:  116719 of 127543

Of course the Fair Tax sounds good, but can it really be implemented? As The wealthy spend more dollars in a year than the poor so they would pay more tax (unless they are misers). But there is a significant amount of the voting public that feels the wealthy pay a higher rate than the poor so it will be hard to get such a tax approved.

Some thoughts:

I wonder if a flat tax would stimulate a black market?

A flat tax is regressive in that a higher percentage of the income of the poor would be taxed than for the wealthy.

He who has the gold rules which is why we have such a complicated tax system to start with. As soon as one segment of the populace gets a break we start the slope towards a more complex tax system.

Would it be fair for someone who earns a million dollars a year but chooses to live like the poor pay very little tax?

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