Glenn Beck with Mike Huckabee, Fair Tax (10/19/07)
One of the lesser known republican candidates talking suggesting tax reform. I like the sound of a system like this, but I'd have to hear more about it.
It's basically one flat salex tax, with no taxes taken out of your pay. You basically get as much money as you earn, can save as much of that as you want, and only pay sales tax (24%) on items you buy. Lower income people that spend money primarially on necessities aren't hit as hard, but the dude that just bought a boat that cost more than I make in a year would have to pay more for it at the point of sale.
It's basically one flat salex tax, with no taxes taken out of your pay. You basically get as much money as you earn, can save as much of that as you want, and only pay sales tax (24%) on items you buy. Lower income people that spend money primarially on necessities aren't hit as hard, but the dude that just bought a boat that cost more than I make in a year would have to pay more for it at the point of sale.