The fair tax is a boondoggle that will leave the speculative markets untaxed. If you consider that much of the nations wealth, and a large part of its income is tied to these markets, the "fair tax" is a decidedly unfair shifting of the entire tax burden onto consumers. A transaction tax would be far more "fair". It would only collect money as it changes hands. No one would be taxed on what they have, only what they spend. It has been estimated that an electronic transaction tax of 0.0002%, or 2 cents on every $100 that changes hands, would generate enough revenue to replace all other taxes at all levels of government, pay off all government debt at all levels in a few years and provide huge surpluses far into the future. This was proposed some years ago by a few economists from Columbia University who had access to proprietary information on electronic transaction volumes and was widely written about at the time. The only argument against is came from and editorial in the Wall Street Journal which complained that a $200,000 tax on a $Billion bank transfer would cause the entire financial system to collapse. What is most interesting is that the idea is taking hold, the EU has proposed a tax on financial transactions as a way to recover some of the $Trillion Euros it has expended over the past few years propping up the financial markets. The participation of the US and UK is critical to preclude tax avoidance but they are opposed. It seems they have no interest in making those who were bailed out contribute to the expense of maintaining stability in the financial markets but prefer that such expense, and future bailout expenses, continue to be born by taxpayers. Not surprisingly, the Tea Party has been completely silent on this even though they are vehemently against bailouts. Occupy Wall Street seems equally ignorant. Coincidence?
Why should we have to go out and pay money for a book that might not even address our concerns? If you have read the book, just tell us what it is that is in it that 'debunks' our statements? -Meta
Ah, you expect me to quote you page after page of information on dozens of related topics from a very detailed and intensive book! But, you are too lazy, cheap and foolish to be concerned with finding out the facts for yourself. Hmm, the digital version of the book is available for 3 bucks, if that is too much to spend seeking information on what a real and valid tax system should be like, then forget it, you really are not interested in the topic at all.
