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They did an analysis in Arkansas showing everyone who made $15,000-$200,000 came out a Loser on 'Fairtax'.Actually, under the fair tax plan people who make less than the poverty level would actually get MORE from the prebate that they pay in sale tax. Only people who happen to make exactly the poverty level (to the penny) would have their total sales tax exactly offset by the prebate. So for all practical purposes, the prebate is an extention of or addition to any welfare that they may be recieving.
and adding in state sales tax/income tax rates.
Using the independently scored/REAL rates of 56%/57% I imagine that everyone under $300,000 would be a loser as those rates would wipe out the prebate with the necessary spending of the under 15k crowd... and raise the threshold on the over 200k crowd.
The whole point of Fairytax is to as stealthily as possible (ie, added prebate so as not to make it a laugher to even morons), lower the taxes of the two billionaies who designed it.Image P said:The only people who would benefit by the prebate are those who spend only a small fraction of their income, which are primarally the rich. While I understand that people in any income bracket would want the tax code to favor their particular income bracket (regardless of what that may be), I don't understand why it is preferable to only tax income that is neccessary to support our lifestyle than to tax all income.
If you have any financial acumen, or even economic common sense.. you laugh this one off after about 30 seconds.
Yet some follow it like a Cult because they think they'll save money and it's this incredibly-easy-for-everbody solution.
Yeah! Let's all just pay 23% of what we spend.. everyone will pay less taxes. (try the ft calc)
BUT wait a minute.. how does EVERYONE pay less taxes?????
It's a Comical fraud.
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