FairTax facts from CNN's Your Money

Money Magazine's senior editor, Pat Regnier, explains "Fair Tax," a national retail sales tax based on consumption instead of income. Recorded November 30, 2007.

Category:

News & Politics

Tags:

• tax
• reform
• FairTax
• Money
• Magazine
• abolish
• income

[Maxlorad]

It is not a thirty percent markup on everything you buy. Whoever watches this video do not let that comment confuse you. There are hidden taxes in the items we already buy that will be removed and then the twenty three percent will be added afterwards. READ THE BOOK FAIRTAX

[somedudeinva]

I love the FairTax.

I fear we'll never see it because politicians give up way too much power by passing it.

[brazzini]

He also misses the point about bringing jobs back here because USA would have the best plan for business.

[brazzini]

It is not a mark up! READ THE BOOK, don't be a boob! It CAN work.



[1969was1969]

@1969was1969 (cont) Think -- if you currently get a refund of some of the money deducted from your check, you will not get that money under the FT, your employer has to keep it in the "prices remain the same" scenario, it is still a cost to him otherwise. If you currently pay in an amount from your wages-- your employer would have to LOWER your wages by that amount under the "Fair" Tax, so the amount you have in the end would still be the same-- again, it is STILL a cost to him otherwise.

[sucracristo]

you currently pay the cost of the current system (employer side of fica=7.65% of all wages paid, corporate=15-35% of all profit, compliance costs with both sides of fica and corporate) embedded throughout the supply chain in the price of everything buy NOW (average 14%+ of price). you are not ADDING TO this price. you ELIMINATE this and replace it. consumers KEEP their whole paycheck (even poor pay 7.65% fica) + $209/month prebate for single adult. untax productivity and investment and... BOOM

[Niftytax]

The 999 or "Fair Tax" are not the answer to our economic problems. A "Flat Tax" of 15%-20% on AGI where everyone pays will simplify tax filing.

My 787 Flat tax plan at NoTaxUntilDeath [dot] com will fix and save Social Security retirement because everyone will either opt out of the retirement part of SS or contribute to their private retirement account.

7% of 1st, $150K to Social Security or private retirement account

8% of AGI over $150K to personel Income Tax

7% Net Business Tax

[Thatmakessense356]

@hlhronec Using that logic, no one would have a job if they have to pay about 23% of their earnings from their job to the Federal Government. Don't you hate having money taken away from your paycheck every time you see it?

[TROBTLA]

@hlhronec Not true! Read the plan for yourself instead of listening to what others say. Google it!!!

[hlhronec]

No one would buy anything! Do they really want to turn the consumer economy into a non-consumer economy? How ridiculous can they get? Incredulous! I hate paying 7% tax on what I buy now!