Subject: FairTax Comment: I’ve just completed a 1040 for a couple, earning $70,000 with 2 kids and standard deductions. The question arose as to how much cash would they have to earn to buy a new auto priced at $10,000? With the current income tax system they would have to earn $11,971 before they could give the Dealer the necessary $10,000. Compared to FairTax $11,457 there is a nice little savings $514. And that doesn’t take into account any compliance saving. So FairTax is the most favorable system and the taxpayer wouldn’t have to pay a tax preparer which would probably save another $150+. ( Flat Tax $11,864 still $407 more than FairTax) If you wished to buy a $30,000, just multiply the savings by 3. This is good reason for you to support FairTax. |