An examination of the fair tax proposal in the USA and millennials' perspectives

Sydney Hoffman, Anita Reed, Ramon P. Rodriguez Jr., L. Murphy Smith and Wayne Tervo

International Journal of Economics and Accounting, 2021, vol. 10, issue 3, 352-377

Abstract: A major public policy in most countries is the national tax system, often heavily debated. A citizen's moral responsibility to pay taxes was well established in the First Century AD with Jesus' famous statement: “Render to Caesar the things that are Caesar's, and to God the things that are God's”. Thus, while a citizen's duty is clear, there are still questions about the way taxes are designed and administered. In the USA, many citizens complain that taxes are overly complicated, burdensome and unfair. A potential replacement to the current federal tax system is the consumption-based 'FairTax'. This study examines millennials' perspectives regarding income-based and consumption-based tax systems, thereby ascertaining the level of openness to switch from the current income-based system to the FairTax, a consumption-based system. Findings have ramifications for all countries, if they are considering switching all or part of an income-based system to a consumption-based system.

Keywords: public policy; taxation; income tax; FairTax; flat tax; USA. (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijecac:v:10:y:2021:i:3:p:352-377

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