Thursday, March 5, 2009

Fair Tax - One State Is Trying To Get It Done

The Fair Tax, which is a simple tax system that taxes people based on what they spend. The theory behind it is the more you make, the more you spend - AND NO LOOPHOLES! One wonderful side effect, reducing (or eliminating) the IRS! Not to mention the inefficiencies our current tax system places on us and our economy. How much unproductive time and money is spent preparing taxes or finding ways to avoid them? It looks like a few politicians are trying to get it passed in Missouri. Maybe that is what this tax needs, a place to "test" it before rolling it out nationally. Read the complete story here.

1 comment:

  1. It's an attractive idea in its simplicity, Joe, (I'm a fan of parsimony) but my concern with a consumption tax is regressivity. What are your thoughts on that point?