Do you understand the FairTax reform?
Reports are out that so far 5 Presidential candidates have joined in supporting the FairTax bill. Not everyone may be familiar with this bill, but it has been gaining strength and currently has 250,000 members behind it.
Presidential candidates Senator McCain, Tommy Thompson, Tom Tancredo, Duncan Hunter, and Mike Huckabee have all stated that they support this bill, but do you know what it entails? So far I am unaware of any Democratic candidates that are interested in this bill, or similar ones to reform the income tax code. Yet there is great interest to improve the tax system, creating something that is equitable and affordable, while providing the government the funds it needs to operate.
I cannot say that I fully understand this proposal. I’ve spent at least a half hour on the overview and it did not ‘click’. Perhaps I am too distracted, or I have not read enough. Still I find it important. I am not in love with the current tax system, and its loopholes. At the same time the 23% tax on all non-essential goods seems high. Even moreso when adjustments for income above the poverty line are factored in.
Perhaps others may understand this better, and can explain it more. Considering that at least one of the political parties seems to strongly consider this important more discussion should be had on it. I plan to follow up on this but what do you think?
Is the tax system a factor in your decision of President? Does the economy play a large part in your decision? Would you want to pay a progressive tax that starts at 23%?
admin @ July 31, 2007