Tuesday, July 10, 2007

Fair Tax

Has anyone noticed the rise of the 'Fair Tax' movement south of the border? This movement advocates for the abolishing of all income taxes and replacing them with consumption taxes. (ie. income tax rates of zero, including corporate, and sales tax rates up to 25%) The argument that the poor would have to pay a higher share of the tax burden is completely foiled with the issuance of a 'tax prebate' which would be equal to the basic tax exemption and issued to every American taxpayer on a monthly basis. Abolishing income tax would ensure that the world's money would continue to pass through the US. Money is just like water flowing downhill and flows where it is taxed the least. This tax initiative does not seem to be a flash in the pan either, with several Congressmen and Senators giving it support. The Lib Dems are natuarally against it and the only mainstream media that mentions it is the Wall Street Journal, but it is starting to be discussed on the Blogoshere.
Am I the only Canadian blogger to have picked up on this story? I would have thought there would be more discussion up here.

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