Well, you may not have "overpaid", but as hard as I get hammered every year for taxes, both for my business and personally, even with all of the deductions, I'll take what I can get! The thing I like the most about the FairTax is that, for all intents and purposes, it eliminates the IRS. No more income tax, no more Social Security tax, no more Medicare tax, no more corporate tax, no more capital gains tax, no more gift taxes, no more estate taxes, no more national federal sales tax (like on gasoline), NO MORE!
As far as any "redistribution of wealth", if by that you mean any and all Social Programs, the FairTax isn't a government reform Bill, it's a tax reform Bill, so it doesn't address those.
Election year pandering? What about the stimulus checks that went out a couple of years ago, when it wasn't an election year? No, it's not "pandering", the stimulus checks were exactly what they said they were, a way to get more money into the public to stimulate the economy.
My biggest concerns about the FairTax are that even should it go into effect, including the receipts from the untapped underground economy, that the rate will not be reduced in order to make it truly "revenue neutral", but that's not a failing of the Legislation, that would be a failing of the Congress. The only disadvantage I forsee, again, from Congress and not from the Legislation, is that Congress can raise the tax rate just as they do now, so there's no guarantee that it'll remain at 23%. The fact is, any arguments I've seen against it are far outweighed by it's advantages, and in fact the biggest arguments against it seem to be from the Hamiltonians who want to keep the IRS instead of getting rid of it.
Thank you.
The only way I know of for deflation to occur would be for the supply to outstrip demand, and no company is going to do that any more than they have to in order to remain competitive. At the present time, the biggest "deflater" I can forsee would be if Congress would stop restricting drilling, and not only allow, but mandate the immediate construction of new nuclear power plants, and new refineries to bolster our energy supply. In the past 2 years, I've seen costs go up over 20%, with no corresponding raise in wages or salaries, due strictly to energy costs, and the only reason this has happened is because Congress is too busy kissing the butts of the bunny-lovers and tree huggers, and restricting energy production.
Of course it would, but until Congress gets out of the way, and lets the market do what it does best, it's not going to happen. This all gets back to one of our original discussions, Congress hasn't restricted themselves to Article 1 Section VIII, and as a result, look where we are.
