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Originally Posted by b50m:

For jimi and others who only listen to MSNBC.

 

Read it for yourself and learn.

 

http://www.fairtax.org/site/Pa...rtax_four#regressive

From the website:

"Consider, for example, your typical billionaire, of which America now has more than 400.  These fortunate few are invested primarily in equities on which they pay taxes at a 15 percent rate, whether their income comes in the form of capital gains or dividends.  In addition to having the income from their wealth taxed at a low rate, the principal of their wealth is completely untaxed either directly or indirectly.  Assuming they and their heirs spend only the income earned on the wealth each year, the tax rate today is 15 percent.  In contrast, under the FairTax, the effective tax rate is 23 percent.  Hence, the very wealthy will pay more taxes when the FairTax is enacted." [Bold type mine.]

 

Not if GE lets them borrow its tax preparation accountants! 

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