Warren Buffett does it again

[WestchesterFrugal]

snip

[Iron Mike Sharpe]

Eliminate the income tax altogether, businesses don't pay it to begin with - they just pass it along to consumers.

Move to the consumption-based Fair Tax instead.

[rocksinmyhead]

We need an end to corporate tax loopholes and the tit for tat between politicians and corporations - this is what is really driving the inequality in society.

preach, brother!

I didn't want to register, though, so I didn't actually read the article.

Move to the consumption-based Fair Tax instead.

I am torn on this. on one level it makes a lot of sense, but I don't like how harsh it is on people at the lowest end of the income spectrum. plus, I am automatically skeptical of anyone who labels their tax the only "fair" tax since I think what is considered a "fair" system of taxation is pretty subjective :)

I did just go read this though: http://www.fairtax.org/site/PageServer?pagename=FAQs#3 and it sounded pretty good.

[soccerluvof4]

Lets just start by simplifying the damn tax code. Both at corporate and personal levels.

[Iron Mike Sharpe]

Yeah, the prebate takes care of the poor, it essentially eliminates taxes from their lives.

Income tax evaders like drug dealers, and illegals aliens now will pay into the system too.

[warfreak2]

Main problem I see is how to define the difference between personal consumption and business-to-business transactions. A business paying a catering company to provide a buffet? A business paying a housing association for temporary employee accommodation? A business buying a laptop for an employee to work at home? Now imagine all of these where the business is just one person and has no clients.