Here’s a great debate that I am having on Facebook about FairTax and why personalization of retirement planning is a good thing. What do you think?

“Some ASPECTS of the plan (FairTax) would be beneficial to young investors (the un-taxing of capital gains). Hell, some aspects of the plan will be good for crack heads too (they’ll get 200 bucks a month to buy crack with)

But overall, the main beneficiaries will be those who currently shoulder the vast majority of the tax burden. I don’t have to tell you who that is.”

Me- Extremely true, but lets just pretend you want to be rich in life and you have two options in getting there. One: thru a tax deferred account, or second: a tax free growth account?

If everything was like one big Roth IRA, without the parameters, there would be a lot more investors and a ton more rich people.

I believe in the youth becoming rich, not staying in Mediocreville. With an establishment of tax free earnings potential I could care less if they increased the tax to 30%; which I believe they should increase it by that figure to kick down the deficit that Bush and posse put us in.

“It IS effectively 30%, a 30% price increase to the consumer anyway

you may be willing to shoulder that burden because you can see how to make more money off of it. I’m worried about the millions of middle class families working two jobs just to get by that don’t know jack about investing but sure know they’ll have to pay $2.60 instead of 2.00 every time they buy a gallon of milk…. and everything else”

Me- One reason why our tax system is so flawed is because we worry too much what is happening now and not later. If people started to worry about our generation and did a long term reform tax bill it would be fine. I believe that the fair tax is that kind of reform. Bringing things to a simple way to get things done.

Middle class families working 2 jobs…. well extremely easy thing to resolve that. Most families are in debt. Why is that? Because they spend way more money then they earn. They’ve usually done poor decision without consulting professionals before hand. I’ve been relying on myself for a long time and I have suffered some financial hardships, but I usually mold my life around those hardships; while most of the middle class keep on buying more and more stuff instead of saving and decrease their spending.

What do you think?