As most of us know, sales taxes are "regressive." That is, when sales taxes are "passed on," they fall harder on poorer customers than on richer ones.
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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.
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I speak of the "value-added tax," or "VAT." Republicans are horrified that President Obama has a secret plan to pass this tax, and are shouting from the rooftops (of the nearest Fox News building).
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