Kevin McCarthy Introduces “Fair Tax” Which Would Abolish Federal Income Tax
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Seeing how I pay at least 40% income tax, this would be a win for me. But I strongly suspect low and average income citizens would find their taxes go up.
Might encourage investment and lower consumption though. That could help many.
All said and done I probably pay ~35% in taxes and social security. With this in place I'd still be paying ~20% in taxes and would now have to deal with a whopping 30% sales tax. It's a loss for me and I'm decently well off. I can't imagine how lower incomes (read:lower tax brackets) are supposed to be able to deal with this.