The Fair Tax?
Heard a guy on Coast last night pushing the fair tax. I'm 100% against it. Why?
Because the problem in this world isn't the distribution of the money but the length of the food chain. If a person only pay a tax on new purchases exactly how will this shorten the food chain? So zillions of poor people get what amounts to more welfare. Big deal. If they pay a 36% sales tax on every cent of it how will this shorten the food chain? The poor and the working poor spend most every cent they can get their hands on and that is why they are poor. I suppose state lottery tickets will be exempt from the tax?
The stinking rich, on the other hand, don't know how to spend even 20% of their net increase on new consumer items. They buy companies and hard assets thus more power over the poor and the working poor.
Under the fair tax would a used car to be more valuable than a used car? This should drive down the cost of a rental car. And a used house more valuable than a new house? Just asking. Then there are the gold bugs. Will used gold be more valuable than new production gold bars?