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→Supporters and Opponents
[[Mitt Romney]] wrote in his 2010 book, ''No Apology: The Case for American Greatness'', "One challenge with the fair tax is that the very rich would see their taxes go down--a lot. If Bill Gates makes about a billion dollars a year on his investments, for example, his current taxes would be at least $200 million. Let’s say he spends $50 million on himself and his family every year--which is a huge sum and I doubt he spends that much, but let’s use it for illustration: Under the fair tax, Bill Gates would pay “only” about $17 million in taxes--his tax bill would thus drop from $200 million to $17 million. The Wall Street Journal found that the enormous amount saved by the wealthiest under the fair tax would be made up by a higher tax burden on the middle class."
[[Mitt Romney]] wrote in his 2010 book, ''No Apology: The Case for American Greatness'', "One challenge with the fair tax is that the very rich would see their taxes go down--a lot. If Bill Gates makes about a billion dollars a year on his investments, for example, his current taxes would be at least $200 million. Let’s say he spends $50 million on himself and his family every year--which is a huge sum and I doubt he spends that much, but let’s use it for illustration: Under the fair tax, Bill Gates would pay “only” about $17 million in taxes--his tax bill would thus drop from $200 million to $17 million. The Wall Street Journal found that the enormous amount saved by the wealthiest under the fair tax would be made up by a higher tax burden on the middle class."
William Gale, of the Urban-Brookings Tax Policy Center, has suggested that a pseudo-consumption tax could be implemented under the current American income tax system. In this, all citizens would have an [[Individual Retirement Account]], but one with no restrictions and limitations, into which all income is deposited. A citizen would essentially use this is a check-writing bank account, with funds only being taxed when they are withdrawn (consumed) to make purchases. This system would approximate the FairTax, but without rebates. [[User:EricAlstrom|EricAlstrom]] 14:08, 29 June 2012 (EDT)
==Criticism==
==Criticism==