Hey, if you really want a fair flat tax, eliminate all income tax. Loopholes and creative accounting and off-shore bank accounts give the wealthy endless opportunities to cheat. Instead, the government should rely entirely on sales tax.
People everywhere hate taxes. What makes the United States distinctive, I think, is our insistence on collecting so much of our tax revenue in a distinctly unpleasant way. No stealthy value-added taxes for us! We're going to do it the hard way.
Is that Mitt's fault or Congress's fault? If I had Mitt's money, I would be looking for every tax advantage that Congress has to offer. If I were a financial adviser to Mitt Romney, I would be helping him find those tax advantages. Just like any other good adviser would do.
The current tax code destroys wealth and diminishes wealth creation excessively, but it does not effectively tax wealth (in the sense of raising revenue). The FairTax would tax spending from wealth in addition to fostering more wealth creation.
By introducing new tax brackets, we insure a basic principal of fairness: those who have benefited the most from the opportunities our country provides should also invest in making those opportunities a reality for all Americans.