Will the FairTax hurt home ownership with no mortgage interest deduction?
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2:32
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What Bill thinks of the FAIR Taxby billoreilly20,989 views
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He's just saying since you get your whole paycheck, and there is no income tax, you don't have to go through that convoluted kabooki dance toget yor money back, because there are no incom taxes to pay, so you don't worry about a deduction...to make the poin he is saying it would be equivelent to being able to deduct your princple and interest payment because you would have zero income taxes to pay now.....how hard is that to comprehend
Fedupwitliberaliars 7 months ago
I'm sorry, he is saying interest rate and principle are deducted from the "income taxes" in FairTax. Hmm... I thought there is NO income taxes and all was sales taxes at 23%!!! Then at 0:40, he says that since your income goes down to "zero" (since the income tax is eliminated), now you pay less!!! How on earth did you reach that conclusion?
The point is, if your income tax bracket is less than 23%, you might save a few, but for majority of people, you even get more taxed.
ninuxy 7 months ago