It eliminates the income tax so that there would only be a sales tax at the federal level. States would still be in charge their own tax plans whatever they may be.
Well right. But if i got paid 100,000 last year and was only able to get 60,000 because of taxes, then that 60,000 is already-taxed money. Fairtax bill passes tomorrow, now my taxed 60,000 in the bank is going to be taxed again at 30%. So it sucks for savers if this passes, your amassed savings accounts got taxed as income tax AND fair tax
It eliminates the income tax so that there would only be a sales tax at the federal level. States would still be in charge their own tax plans whatever they may be.
Well right. But if i got paid 100,000 last year and was only able to get 60,000 because of taxes, then that 60,000 is already-taxed money. Fairtax bill passes tomorrow, now my taxed 60,000 in the bank is going to be taxed again at 30%. So it sucks for savers if this passes, your amassed savings accounts got taxed as income tax AND fair tax
True, I don't like the fact that it doesn't go backwards but if it stops the bleed for me in the future, I'll take what I can get.
Well I would probably just spend everything before it hit to lose as little as possible