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People argue that it isn't fair for poor people because the tax is a larger percentage of their income but they don't understand that that doesn't matter. They pay the same as everyone else which is exactly how it should be.
Also with a system like the Fair Tax plan you would get a credit for taxes paid on a certain amount of food based on the size of your family, since that's required for life. So as long as poor people aren't trying to eat t-bone steaks every night they're not worse off and will almost assuredly have more money in their pocket year after year.
exactly how would we make up the huge hole created by not taxing most of the rich peoples money? their money is tied up in investments continuously generating money that isnt taxed... they spend modestly here, but fly to europe once a month and spend $100,000.
i'm sure the solution would be something like ditching everyone off of medicare/charging for public schools or something equally bad.
You're missing the point. It doens't matter what percentage of their income is made up their food budget; they buy what they need to buy to sustain life. They would end up with more money in their pocket at the end of the month/year with a consumption tax system than with an income tax and sales tax system because they bring home their full paycheck each pay period and only pay taxes on what they need, some of which is reimbursed because they are the "necessities of life".
Percentages don't matter. You can't pay your bills with percentages. Nominal dollars matter. That's what you buy things with.
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[–] zambeezy 1 point 1 point 2 points (+2|-1) ago
People argue that it isn't fair for poor people because the tax is a larger percentage of their income but they don't understand that that doesn't matter. They pay the same as everyone else which is exactly how it should be.
Also with a system like the Fair Tax plan you would get a credit for taxes paid on a certain amount of food based on the size of your family, since that's required for life. So as long as poor people aren't trying to eat t-bone steaks every night they're not worse off and will almost assuredly have more money in their pocket year after year.
[–] 9-11 0 points 3 points 3 points (+3|-0) ago
exactly how would we make up the huge hole created by not taxing most of the rich peoples money? their money is tied up in investments continuously generating money that isnt taxed... they spend modestly here, but fly to europe once a month and spend $100,000.
i'm sure the solution would be something like ditching everyone off of medicare/charging for public schools or something equally bad.
[–] joethebob 0 points 2 points 2 points (+2|-0) ago
When the basic necessities of life exceed income you may find that it in fact does matter quite a lot.
[–] zambeezy ago
You're missing the point. It doens't matter what percentage of their income is made up their food budget; they buy what they need to buy to sustain life. They would end up with more money in their pocket at the end of the month/year with a consumption tax system than with an income tax and sales tax system because they bring home their full paycheck each pay period and only pay taxes on what they need, some of which is reimbursed because they are the "necessities of life".
Percentages don't matter. You can't pay your bills with percentages. Nominal dollars matter. That's what you buy things with.