One of the hot topics from time to time in this election relates to the “Fair Tax” – a plan to eliminate the IRS and replace it with a flat national sales tax.
To take the issue from the level of abstract babble to “money in your pocket” FairTax.org has created an online fair tax calculator so you can see for yourself if this actually puts more money in your pocket or not.
It’s interesting. Depending on whether you’re self employed or not will make a big difference in the out come. If you buy a lot of used goods annually which would not be taxed under the Fair Tax plan, that makes a big difference too.
I suspect most of us – unless our tax return for last year is handy as we fill this out - won’t have the numbers handy to make a true comparison.
The first time I input the numbers, it was no big deal. The second time after refining them a bit upon further reflection, the savings started to get interesting.
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