jv103 on 28 October 2008
Whoa annual income does not equal annual spending. I imagine, i don't have a source, that someone making 60,000 a year probably spends close to all their income as opposed to someone making 1 million a year. Unless we are talking about taxing investment purchases, like stock as well. Everyone on the forbes 400 would love this because it would lower their taxation. There is no fair tax, just illusions. Flat tax seems fair, but then we would have to raise taxation on social security and medicare above 95k because then someone making 95k or less would be paying a higher percent of total income to federal taxes than someone making 200k.
