Kevin McCarthy Introduces “Fair Tax” Which Would Abolish Federal Income Tax
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This is the perfect plan. Yes, things will cost more.. but in the long run, the markets will adjust. What will really happen is that the ultra rich will now be paying a LOT more for their 'Toys' For example, buying a $10k eyeglass case will now put an additional $2,300 in the 'coffers' Dining out for the super wealthy will cost them more, but they won't even notice it since spending $500 on lunch is already no big deal to them. And on and on and on..
The only objection I have would be for regular groceries, like bread, milk, meat. They should have some essentials that would be exempt. Make it a 'Luxury Tax'. No matter what, it will be a boon for small businesses who get taxed to death at every turn. A small business comeback is what will save America.
"This is the perfect plan. Yes, things will cost more.. but in the long run, the markets will adjust."
Sorry, I don't share your rosy faith.
as is your right as a free citizen :)