Carter introduces Fair Tax Act

So a property tax is fine but a tax on wealth is bad. I get it. All of us get taxed on the largest asset we have every year but if we do the same thing for the other assets of very rich people, we become communists. I get it.

 

I take it you have never been poor before living paycheck to paycheck. Unless their employer has some 401k or they have family to help them out, really no poor people are saving money. They are living paycheck to paycheck in this financial climate. It is too easy for well to do people to assume otherwise.

 

Low income doesn't mean only paycheck to paycheck. Some people will be just above that line, but they are still low income. And if you are above that line, and your employer has matching donations/payments, it might be worth it to you to go to effectively paycheck to paycheck now, to have something for the future. And that's before we consider whether they invest windfalls, such as a tax refund or EIC.

And yes I have lived paycheck to paycheck and was on food stamps as well. It might surprise you to know, at least when I was enlisted, that military pay for E-4's and below are at or under the poverty line. And while the other advantages can compensate for such as a single, for a family, even with BHA and the other "married pay" allowances, you are still living paycheck to paycheck. I only had 2 stations where military housing was available. Well it was technically available at a third, but no openings while I was stationed there. So I've been there.