2008-01-25 E-mail to: Michael Medvid:
'Heard you on Friday talking to a 'tax expert.' I was disappointed that neither you nor he seem to be aware of the 'FairTax' principle that nearly all INCOME TAXES plus PAYROLL TAXES are paid by everybody who makes a RETAIL PURCHASE. The only POSSIBLE source of any INCOME TAX or PAYROLL TAX, is the EMBEDDED TAX (23% if figured inclusively, 29% if figured exclusively) necessarily included in the price of everything we buy.
Turns out that if we are paying INCOME TAX, we're actually paying it twice. As for the PAYROLL TAXES, we just plain are paying it twice! Once when it's deducted from our pay-check, and again as the insidious, hidden embedded tax any time we make a purchase. What may be worse, is that we are also paying ALL the taxes of EVERYONE,including the 'fat cats' on up the tax food-chain.
I find it hard to believe that you are not already aware of this duplicity. It's smoke and mirrors, and I hate to see YOU giving it any credence.'
So, gang, do I have it correct?