Posted: 22 May 2008 07:50 pm
Post Subject: Re: Not good idea Read Article
Consider the following situation.
A person works for four years writing a book. They make no money for years one, two and three. In the fourth year they make $100,000. Another person works for four years and makes $25,000 every year. In four years how much has each person made total? Answer: $100,000. How much tax does each person pay? Current system answer: The steady income earner is taxed at a lower rate because the money is earned over time, also, it depends on the nature of the income; passive or non-passive income, how much interest they paid on their mortgage, etc. Faitax answer: 23% of the money they spend. Why should one person, with the exact same income over time, pay a different amount of tax than another person over the some time period; with all else equal.
I have read quite a bit of information from fairtax opponents saying what is wrong with the fairtax. I would like for someone to tell me what is right with the current system.
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