08-10-2016, 08:46 PM
(08-10-2016, 07:44 PM)Aquapod770 Wrote: "A little more"For simplicity if they file jointly there is a $12,600 standard deduction... Ill let you do the math.
Let's use your example of a jet. A low end private jet costs about 4 million dollars. (http://www.privatejetcosts.net)
4 million means this fictional evil 1%'er will be paying $920,000 alone in taxes on that jet.
Now let's say Joe is buying a new car for $15,000. His price just went up $3,450 because of this huge tax cut for the rich.
If you're bad with your money and buy a lot of pointless things, sure you'll end up paying a lot in taxes. I would hope most middle class Americans aren't spending 100% of their income each year.
Let's do another example: Joe and his wife make $100,000 a year, so when they file their taxes currently their income is taxed at 25%. That's $25,000 in income taxes alone (ignoring deductions for the sake of time and simplicity). Let's say they spend all $75,000 they have left. If they made and spent that same amount under the Fairtax plan they'd pay $17,250 in taxes, or $7,750 less in taxes then they currently do.
If the average Joe buys a new car at the real average cost of over $33,000 that $7,000+ cost increase seems kinda crazy. Especially if you dont get a 0% interest rate.
No income tax and no capital gains tax is like a millionaire or billionaires dream.
