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Utterly fantastic. This is what political argument should be at all times. well documented, well researched, and tested. This is the how political activism can really make a difference.
The real flaw with the Money magazine article is that all formalized pay structures are set before taxes. The government isn't going to pay military members less because they don't have to pay social security taxes anymore and neither is wal mart, micorsoft, or any other small business owner. This argument is addressed in the book, and I doubt the two reviewers knocking this plan read/listened to this book.
11 of 11 people found this review helpful
This book is very nicely narrated and easy to understand. Bortz conveys the Fair Tax Plan with humor and clear examples. It doesn't get too dry or boring and I'd highly recommend it to any business owner or anyone sick of dealing with the IRS. Money Magazine supports the idea if you read their entire article, and the supposed flaw does not exist! Businesses do not get to save and keep the payroll tax of their employees under the Fair Tax Plan. They just no longer remit them to the government. Employees keep getting the same salaries and they get the payroll taxes that used to be remitted to Washington. One of the key arguments in the book and an economic truism is that businesses do not pay taxes, they pass them on to the consumer! Businesses will be able to cut the cost of their goods because they will not have to pay for income tax, social security tax, tax on the raw materials to produce goods, tax attorneys and planners, lobbyists, or as many accountants. Finished goods will become less expensive to produce because less tax burden will have to be passed on to the consumer. Businesses will not have to cut salaries and the tax burden is not shifted to the poor. The book and Money Magazine clearly state that the tax burden would be shifted to the rich! The rich will no longer have loopholes and shelters available to avoid paying their share. The same goes for criminals and other tax cheaters.
That said, it is not a perfect plan. My main concern is that services would be taxed, so service companies may suffer a hit as they have to submit significantly larger bills to other businesses and the public. On the other hand, it also does a lot to solve the outsourcing problem that everyone is concerned about. Read the book, do your homework and decide for yourself. If you think it would be great to have no IRS, to really know how much you are paying in taxes, and to limit the politician's ability to impose new hidden taxes on you, then check it out.
6 of 6 people found this review helpful