Ask the Piggy Pank: Fair Tax v. Flat Tax

I recently received the following from a reader: What is the difference between fair tax and flat tax?
With tax season coming up, and with presidential candidates talking about tax plans (Mike Huckabee is especially vocal about fair tax), this is an exceptionally timely and relevant question. Here are the basic differences:
Fair Tax
This is a term that indicates an end to all taxes collected by the government, save a national sales tax of sorts. This national sales tax would be collected on every new purchase made. As of now, there are “prebates” offered to those with less money, since sales tax …read more