You’re kicking crony capitalism in the ass.Submitted by legalizeliberty on Wed, 08/08/2012 - 13:14
.......What would be the Johnson administration tax policy?
I am advocating eliminating the income tax, corporate tax [and] the IRS and replacing all of it with a [23 percent] federal consumption tax. Ninety congressmen and -women have signed on to the “fair tax.” There are millions of followers to the fair tax. I’m not doing this in a vacuum.
So when I get a haircut, there would be a tax.
Yes…it applies to end product. A can of Coke that sells for a buck arguably has 23 percent embedded, non-transparent taxes in it. Coke has to pay tax, and they pass it on to you. You can do away with all that [with] one very transparent federal tax. Coke isn’t going to have to sell the can for $1 anymore to make the same profit. They can sell it for 80 cents. Apply the consumption tax to it, it’ll still cost you a buck.
And all federal tax subsidies—they go away?
You’re kicking crony capitalism in the ass.