Kevin McCarthy Introduces “Fair Tax” Which Would Abolish Federal Income Tax
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22% is pretty steep, my wife and I will have paid 6,600 (Aprox) this year on income of 80K (Aprox) and we have no writeoffs at all since we rent and no kids.
What pisses me off is My SS is taxed, my crap job is taxed, my wife's job is taxed. My salary was 8k over the cap of 19,500 so they will be taking 4K back from that this year. They also deduct SS and medicare from my pay.
Still even at that its less than 22% VAT tax if you spend all you earn.
The benefits are to people who are able to spend less... If you can spend only half of your income on taxable things you are at 11%