Today, I want to add to something I hinted to yesterday - the FairTax taxes the rich more!
Just think, a consumption tax includes every thing that is consumable. The rich buy expensive products and will have to pay full taxes on them. They will not be able to use a tax loophole to get out of paying taxes, unlike how they are able to use tax loopholes to skirt out of income taxes.
If you want to get at the rich, this is a better way. Senator Obama's plan will do everything to slow down our economy including sending jobs overseas. Senator MCain's plan does not do enough to stir the job growth and stimulate corporations to bring the jobs back to the United States.
By taking the pseudo corporate taxes off the corporations (corporations do not pay taxes, they just pass them on to those who purchase their products), corporations will be more willing to bring the jobs home. By putting more money in the pockets of the poor and the middle class, they will be able to spend more and stimulate job growth through the growth gained by small businesses through spending.
Just look at these two quotes from the FairTax website:
- The FairTax is the only plan that targets and taxes existing wealth, not the fruits of labor. The FairTax will tax every dollar of accumulated wealth in the most efficient way possible when it is spent.
- The FairTax promotes the American Dream. The FairTax makes home ownership more affordable because used homes are totally untaxed, and three out of four homebuyers buy used homes.
The word Democrat holds one ideal - that all of us are created equal. Shouldn't our tax code reflect that ideal?
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