Quote:
Originally Posted by WormChancellor
Please, can someone--hopefully Java or someone equally articulate--explain to me his objections to the FairTax? I've looked it over and think it a very solid idea; I'm just curious as to the objections. Thanks.
|
I object because it's unnecessary. We don't need any type of new tax. Excise taxes will sufficiently fund the government if the income tax is repealed.
We had no income tax in this country for over 150 years, and we became the richest, most prosperous nation on earth.
The roads and highway systems are funded by the gasoline excise tax.
Entitlements are funded by their own taxes (FICA, etc.)
The military budget is roughly equal to the corporate income tax revenue.
We don't need an income tax to the fund the government. If we repeal it, we instantly become the largest tax haven on the planet. Foreign money would pour into the banks of this country.
Other countries without income taxes have very high economic growth rates.