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Old 05-17-2019, 12:21 PM   #63 (permalink)
redpoint5
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Quote:
Originally Posted by JSH View Post
Yes, a 30% sales tax would be a large cut in federal revenue (taxing the items envisioned by the authors of the "FairTax") With that you would likely be able to cover "mandatory" spending. (Social Security, Medicare, Medicaid, National Debt) Mandatory spending is roughly 70% of the budget.
Mandatory spending would probably still need to be covered by income tax, since social security is collected in proportion to earnings.
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