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Originally Posted by Master_Shake
The rich don't pay anything, and they never will.
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lol, if that were true they wouldn't be trying so hard to shove this 'fair tax' down out throats. The fair tax not only lowers the percentage taxed on the money they spend but also reduces their tax rate to zero on money they don't spend.
Right now, a person that makes 5M and spending 1M is paying more than 30% on the entire 5M. With the fair tax, only the 1M would be taxed. Additionally, that 1M that does get taxed is taxed at a lower rate than it is right now (about 25% vs 30%). So instead of paying 1.5M/year in taxes, this person's tax rate would be reduced to about 0.25M that is an
83% reduction in taxes.
About half of the money the govt collects comes from the top 1%. How will the govt be able to survive if they give enormous tax breaks to the people who bring the most in?