I may have missed something so feel free to correct me if I misunderstood but here is how I see it.
The main problem I have with any sales tax system such as this one is the fact that the rich don't spend all of their income but the poor HAVE to... just to get by.
This means that the poor guy making $30k working working in the mailroom at Morgan Stanley pays $.23 on 100% of every dollar he earns but the trader who makes a million but only spends $200k pays $.23 on only 20% of his earnings.
Seems pretty unfair to me and will also limit mail room guys ability to save for his kids, education etc, while putting more money in the traders hands. I think in the end it hurts the worker and helps the rich.
Tich
