Friday, July 23, 2010
© Copyright 2014
Gwinnett Daily Post
Voters planning to cast their vote for one of the successors to John Linder, now or in November, should think twice about the bottom line — their pocket.
All these candidates seem to endorse Linder’s change of the federal income tax to a “fair” sales tax (“FairTax becomes GOP dogma in GA election,” Gwinnett Daily Post’s Community section last Sunday). Older voters, retirees, or anybody who has accumulated savings in CDs, Roth IRAs and similar investments, have already paid hefty income taxes on their earnings. Linder and any of his possible successors want to add another 23 percent sales tax on consumption when they cash those savings for everyday living.
They’ll tell you that their system can address those situations with exceptions and other special treatments, if that’s possible, but that would create all sorts of complex paper work which would defeat the need to simplify the present system. Younger workers with low wages, who may not have yet accumulated much savings, nevertheless would perhaps trade a 10 percent or 15 percent income tax for the 23 percent sales tax. And of course, there are the rich fat cats who will go abroad to purchase yachts, luxury automobiles and the like to avoid paying the so-called FairTax.
— Robert Kriete