Rep. Buddy Carter on 'Fair Tax Act' proposal

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[kerrybowers]

As long as there are any form of income-based taxes, then the working class will inarguably be denied the opportunities for upward social mobility that can only be offered through consumption-based taxes. Income-based means … make more money, pay more taxes, while consumption-based taxes means … make more money, save more money by buying used items, obtaining tax free education or job training, or save and invest tax free.

[thetravelingchicken]

Would this eliminate property taxes as well?

[Nareimooncatt]

"We will be charging 23% on everything you buy..."

False. The tax is only applied at the retail level on new goods and services over poverty level thresholds only.

"There is a rebate at the end of the month..."

False. The rebate is at the beginning of the month before you've spent a dime (hence the "prebate" nickname). That, combined with the above correction means the tax is naturally progressive and the poor are protected from being over burdened by a high tax until the rebate comes.

"...that [the prebate] seems pretty complex too."

What's complex about looking at the DHHS poverty threshold for a given family size, multiplying it by the 23% inclusive tax rate, and sending that amount in monthly installments to the family? You only make a yearly filing of those living with you. No expense or income tracking necessary and is automatically adjusted with inflation.

"What if someone goes to the hospital and has a $100k bill, are they going to pay $123k?"

No. Most hospital bills are paid through insurance. Because that would be a business to business transaction, no tax would be owed. You would owe the tax on insurance premiums. Any out of pocket costs would be taxed. Even though the prebate wouldn't cover the cost of the entire tax on a major medical bill, most everyone would have more disposable income, and wholesale prices would come down, which still puts those people in a better position than today to pay the bill.

[Anthony-wmof]

How about the fair government spending bill!?😊

[jordanslingluff]

We have a debt problem. Thats taxes and spending. Not just what then other side

[teebone]

Go after millionaire and Republicans attack 😂😂

[akkarthik]

Rep. Buddy worries only about the donors and not the common people 😆

[sanketkale]

Becky, we go back 3 years, for old times sake, please participate 🌹❤️

[Mr_Miles_]

He moved on fast from thoughts & prayers for 9/11… so insincere!
‘Fair tax act’ is a terrible idea for recession times. Your ‘colleagues’ do have ideas, it’s called income tax & increase top rate for capital gains & limit deductions to actually middle class families