a cool concept - Fair Tax

[Andrew]

I'm not sure if this is similar to UK's VAT or not (as I don't know UKs tax code) but this does seem like a worth goal. I'd love to stop doing heaps of paper work at the beginning of each year.

www.fairtax.org

[marcw]

If you actually think our senators and congresspeople really want to scrap the current tax code for something simple(and accountable), then you sir are mistaken.

The current tax code is there for the benefit our representatives who need a way to show their gratification to corporations by "tweaking" the tax code. It's a systemic problem that won't go away easily.

Actually I think it's a great idea. Since I'm way over the top tax bracket, anything like this will be a huge windfall to me.

I think this would also create a huge increase in gray market goods.

In a nutshell, I'm all for it!

Marc

[Andrew]

That is true, I hadn't thought about the gray goods.

It would certainly make business more efficient, and what I mean by that is all the money each year spent on accounting alone for the purpose of filing taxes.

It will never happen, but hey I can dream.

[nomorejags]

But what is the highest US tax bracket and what % is being taxed. Just curious, I'm not there yet BUt I might as well set a goal,lol.

[sjp3003]

Well, while the Fair tax is conceptually appealing, it seems that we now have the Anti Fair Tax for 2004 & 2005! Check out:

http://www.bankrate.com/brm/itax/20041012b1.asp

Living in Florida, this is fantastic since we don't have a state sales tax (just a big property tax). We now get to deduct the sales tax we pay on items we buy for consumption (like the Maserati!). Those who spend the most save the most-- another way to stimulate consumption in a muddling economy which I really can't complain about!