OK! I have been meaning to create this thread for some time. I want this thread to be a long debate about any and all aspects the FairTax would have on our (American) lives. I would also welcome points of view and questions from people outside of the US.
Firstly, I am not an official spokesman for the FairTax, but I support the idea wholeheartedly. I believe that everyone who fully understand the FairTax loves it.
Now the Facts:
The FairTax would replace all taxes on all income.
There would be no payroll taxes, capital gains taxes, social security taxes, or corporate taxes (among others).
We would receive the entirety of our paychecks, without any withholding by the feds.
The FairTax would not be enforced on used items.
The FairTax would give a monthly rebate (here after known as the Prebate) of the taxes used on life essential products.
Debate!
