The Fair Tax should concern everyone of any age who has managed to save any of their earnings. We already paid income tax on the money we earned. Now they want to tax those earnings again when we spend it.
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
The Fair Tax should concern everyone of any age who has managed to save any of their earnings. We already paid income tax on the money we earned. Now they want to tax those earnings again when we spend it.
fair tax is instead of income tax.
But what we have in savings account has already been income taxed. If it's Fair-taxed when spent it got double taxed
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