I just went over to the FairTax website and used their FairTax calculator to see how things would change for my family and myself come tax time.
Based on my family's current income with the Fair Tax, I'd get
4.79% MORE spendable income,
$1,288.77 MORE purchasing power,
$3,962.66 LESS in federal taxes.
Considering that one of my biggest pet peeves is our over taxation, this is a considerable improvement. And just for the record, my family is solid middle class.
This is certainly better than our current, bloated IRS and our ridiculous and complicated tax code.
2 comments:
I did the same and got similiar results. My son, a single parent with three kids, really comes out better. Better by so much that funding college for them would not be the potential problem it will be our the currrent tax code.
Its amazing how we benefit so much from a simplified tax code. From what I understand, the effect on government revenue would not be much. If we cut the wasteful spending we could more than offset any drop in revenues. But, of course, the politicians are not interested in helping the general public. Its about holding onto power.
Post a Comment