The FairTax, Join in!

[Andir]

Final-Fan said:

DKII said:
I think the main idea behind the 28% income tax changing to the 23% "Fair"Tax and still being revenue neutral is a little misleading, since revenue would go down but that the costs of administering the tax code would go down as well to offset that. Regardless if the number were 28% sales tax would that really suddenly eliminate your opposition to it?

But 28% might be a more accurate reflection of the necessary amount to be revenue-neutral.  (A different topic.)

That would actually be way too much in taxes.  As it is now, people recoup some of the taxes paid every year in tax returns.  The IRS mails you a check for the amount you overpaid (and is a huge chunk of the Treasury's mandatory funding... it's some 200 billion a year if I read it right.)  This is probably the easiest way to see if you will be paying more in taxes.  Take your tax bracket percentage, figure out how much you get back, subtract that from taxes paid and you determine how much in general tax you paid.  Compare that to an estimate of how much in taxes you would pay throughout the year in a sales tax of 23% and you have your answer.