The FairTax, Join in!

[CrashMan]

Just did my taxes. So, rather than pay what was an effective tax rate of probably around 15%, I would be paying 30% on everything I buy. So IF I spend my money (which I have to do with my current living situation, and any way, whats the point of having money if I don't spend it) I am paying twice as much as I was under the IRS. Sounds terrible. I don't care if it comes out before I get my money or comes out after I get my money, it still comes out.

I'm not sure if the people arguing for the Fair Tax fully understand the current taxation system.

Say I make 65,000/year and have 10,000 in deductions (but would probably be a lot more, but I will be conservative), my net income is 55,000 dollars.

Now, I would pay 10% of my income up to 7,825 dollars, I would pay 15% from 7,825 to 31850, and pay 25% from 31851-55000

so it breaks down like this:

782.50 + 3603.75 + 5787.25 = 10,173.50 in tax paid total
which equates to 15.65% effective tax rate.

This doesn't include social security, but I think the VERY LOW estimate of 10,000 in deductions cancels that out (not to mention, you will COLLECT on social security later)

This would be a disaster for the middle class and completely destroy our economy.