Thoughts onthe FairTax?
Should the US implement it?
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BlueVeins · 22-25
No, it's a tax that on the poor that discourages purchasing stuff. It would quickly wreck the economy. Reforming taxes is good, but we can do this in better ways like
a) closing the buy-borrow-die loophole
b) eliminating payroll tax (which is identical to income tax anyway)
c) eliminate the charity write-off (which costs more money than it garners for charities)
d) transition from a patchwork of local property taxes to a 5% federal unimproved land value tax
e) eliminate the middle class house sale capital gains exemption bc houses shouldn't be investment assets anyway
f) merge social security tax with regular income & capital gains tax
g) raise the capital gains rate, thus raising more money from the owning class
a) closing the buy-borrow-die loophole
b) eliminating payroll tax (which is identical to income tax anyway)
c) eliminate the charity write-off (which costs more money than it garners for charities)
d) transition from a patchwork of local property taxes to a 5% federal unimproved land value tax
e) eliminate the middle class house sale capital gains exemption bc houses shouldn't be investment assets anyway
f) merge social security tax with regular income & capital gains tax
g) raise the capital gains rate, thus raising more money from the owning class