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Comment Re:Headline Is So Very Wrong (Score 1) 1193

The "Fair Tax"... isn't.

Of course, you have to define what "fair" means in the first place. Regardless, the "Fair Tax" and all other forms of consumption tax are pretty regressive and don't address the true problems with tax burden.

How is the Fair Tax regressive? Or you just prefer not to mention a key component, the prebate. The other point where your argument falls to pieces is that the sales tax replaces the embedded income tax. The "poor" already pay that tax. What used to cost $100 before implementation of Fair Tax would continue to cost about the same since the cost of the product would fall to $77 with about $23 in the new sales tax.

If you really want to tax the wealthy

Ah, now we get an idea of where you want to go...

a better system than the fair tax would be to have zero income tax, then tax all property (including deposit accounts) valued at more than some threshold (say, $1M, indexed to inflation of course) at some fixed rate.

Of course, your plan would work just fine and dandy too. Just depends on your goal. Fair tax will grow the total wealth in the nation. Your plan sets out to make the rich, well, less rich.

This is also much simpler to implement than the Fair Tax, which has complex bookkeeping and exemption mechanisms.

No IRS, no filing any tax forms. Yep a mountain of bookkeeping here.

Methinks you're going to vote Dem.

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