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If you eliminate the tax on those things, then the tax on other things will have to be increased. Currently, the feds are getting around 17% of the GDP, and spending maybe 25% or so. Even if spending were cut to match income before changing the tax code, the sales tax on everything not exempt would have to go up to what? Maybe 30, or40%? What about real estate? Would we tax all real estate sales? Only the sales of new houses? Only non commercial? It seems to me that there are a lot of unanswered questions, and would be a lot of unforeseen consequences to going to the fair tax.
If you eliminate the tax on those things, then the tax on other things will have to be increased. Currently, the feds are getting around 17% of the GDP, and spending maybe 25% or so. Even if spending were cut to match income before changing the tax code, the sales tax on everything not exempt would have to go up to what? Maybe 30, or40%?
What about real estate? Would we tax all real estate sales? Only the sales of new houses? Only non commercial? It seems to me that there are a lot of unanswered questions, and would be a lot of unforeseen consequences to going to the fair tax.
