Congressman King is an outspoken supporter of the Fair Tax – a national 23 percent sales tax on everything you buy – that raises taxes on middle class Iowa families, while giving a tax break to the rich. Under the Fair Tax, everything you buy will be more expensive. Whether it’s gas, groceries, or prescription drugs, there will be a new 23 percent sales tax that goes to the federal government.
Of course, this means school supplies would also be subject to a new 23 percent tax, making back-to-school more expensive for parents and students across Iowa. From crayons and colored pencils to laptops and textbooks for college students, the Fair Tax is an irresponsible tax hike on middle class families.
For example, here’s what the Fair Tax would mean for a college freshman’s shopping list:
Unfortunately, the Fair Tax doesn’t just force middle class families to pay more around back-to-school. It’s a 23 percent sales tax that squeezes middle class families every day. Even independent sources agree that this plan will actually increase the amount that middle class families pay, while giving a tax break to the rich:
“Compared with the current system, the Fair Tax would be a boon to the highest earners, who spend a relatively low share of their income each year and would no longer have to pay taxes on capital gains.” [Businessweek, 4/7/11]
In an analysis of the plan, FactCheck.org wrote, “It will collect more money from those earning between $15,000 and $200,000 per year and less from those earning more than $200,000 per year.” [FactCheck.org, 5/31/07]
Iowans deserve a member of Congress who won’t vote to increase taxes on middle class families, as Congressman King has spent decades trying to do. The Fair Tax is unaffordable, irresponsible, and makes back-to-school more expensive.