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

Author

Listed:
  • Sydney Hoffman
  • Anita Reed
  • Ramon P. Rodriguez Jr.
  • L. Murphy Smith
  • Wayne Tervo

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.

Suggested Citation

  • Sydney Hoffman & Anita Reed & Ramon P. Rodriguez Jr. & L. Murphy Smith & Wayne Tervo, 2021. "An examination of the fair tax proposal in the USA and millennials' perspectives," International Journal of Economics and Accounting, Inderscience Enterprises Ltd, vol. 10(3), pages 352-377.
  • Handle: RePEc:ids:ijecac:v:10:y:2021:i:3:p:352-377
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