Fair Tax not so fair

For once I wholeheartedly agree with my good friend Keith Crosby, at least on one thing – that everyone should "Read up on the Fair Tax." Information is easy to find on the Internet – both pro and con. The fact that the law is supported by "successful business professionals" speaks volumes.

The so-called 23 percent tax is only for the first year and would be readjusted every year. It is also an embedded tax, not an add-on tax. For example, a retailer would charge a consumer $100 for a good or service. A "Fair Tax" of $23 would be paid to the government, leaving $77 for the retailer. However, the consumer is actually paying a tax of 30 percent (.23/.77=.2987).

This "Fair Tax" would be on everything! Most services today are not taxed but would be under this plan. In my opinion this tax is very "unfair,” with the middle and working classes bearing the greatest burden. The poor would get a monthly Family Consumption Allowance (FCA) and the very rich could live offshore in their mansions and buy and register their airplanes and yachts in foreign countries.

Those hurt the worst would be young middle and working class families just getting started; a $200,000 home would cost $260,000, and a $30,000 car would cost $39,000, etc. Keith and I already have our homes, as do my children, but my grandchildren do not.

Many retirees would also be hurt because many who have worked and paid taxes all their lives are now paying little or no income taxes due to tax laws regarding Social Security, IRAs, and 401Ks. Except for living a "little higher on the hog," the very rich pay about the same as we do for their medicine, gas, milk, eggs, bread, and toilet paper.

Read up on the "Fair Tax," and whether you are Republican or Democrat, Conservative or Liberal, Libertarian or Socialist, if you are retired or draw a paycheck, I believe you will find that this plan is not in your best interest.

Dennis Thompson

Newnan



More Opinion

It’s show time, er, fair time

With cooler weather starting to move in, you know it’s time for the Coweta County Fair. The annual event kicked off yesterday and will ... Read More


Enough with domestic violence

It started with a clip of a football player pulling his unconscious fiancee out of an elevator. Recently released additional video shows the ... Read More


Rants, Raves & Really?!?

A look back at last week’s highs, lows and whatevers: REALLY?!? Some members of the East Coweta High School Marching Band were burned ... Read More


Georgia Says

The Augusta (Georgia) Chronicle on unswerving ideals: He epitomized the expression "doing well by doing good." His chicken sandwiches made ... Read More


The president and ISIS

The greatest threat facing America is terrorism. Today, that terrorism shows its face through ISIS. They rape, torture and kill men, women a ... Read More

Take a moment

On this day in 2001, at 8:46 a.m. Eastern time, American Airlines Flight 11 crashed into floors 93-99 of the North Tower of the World Trade ... Read More