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<blockquote data-quote="Jones" data-source="post: 675520" data-attributes="member: 4805"><p>Only those living below the poverty line will get a "prebate". You and I will not, we will pay a 23% tax on our food, clothing, and other essential items just the same as Warren Buffet, the difference being that that 23% tax will represent a much higher percentage of our income than it does of his. That's why I said it was regressive. If you're currently a millionaire in a high tax bracket with a lot of capital gains, the Fairtax is a wonderful idea because it represents a massive tax cut for <em>you</em>. If you're a middle class guy with a mortgage and a car payment and a 401k, it's probably gonna be six of one a half dozen of the other compared to the current system.</p></blockquote><p></p>
[QUOTE="Jones, post: 675520, member: 4805"] Only those living below the poverty line will get a "prebate". You and I will not, we will pay a 23% tax on our food, clothing, and other essential items just the same as Warren Buffet, the difference being that that 23% tax will represent a much higher percentage of our income than it does of his. That's why I said it was regressive. If you're currently a millionaire in a high tax bracket with a lot of capital gains, the Fairtax is a wonderful idea because it represents a massive tax cut for [I]you[/I]. If you're a middle class guy with a mortgage and a car payment and a 401k, it's probably gonna be six of one a half dozen of the other compared to the current system. [/QUOTE]
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