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necessities as calculated with the formula before you have to go to the store, before you u have to go to the grocery store. chris: president george w. bush had a commission in tax reform in 2005 and looked at the fair tax and said it won t work. here is why they said it won t work. they said that to create the revenue you are talking about it would have to be a 34% tax rate, not 23% and with the prebates it would benefit low and high income tax payers but would raise taxes for the entire middle class. any one making between $15,000 and $200,000. chris: , they were dead wrong. here is what happens. chris: this is president bush s tax i know this is his commission. when i heard the commission make that assessment of the fair tax, i was screaming. other people who knew something about the fair tax were screaming. we never got an opportunity to explain. what they did is they changed
necessities as calculated with the formula before you have to go to the store, before you u have to go to the grocery store. chris: president george w. bush had a commission in tax reform in 2005 and looked at the fair tax and said it won t work. here is why they said it won t work. they said that to create the revenue you are talking about it would have to be a 34% tax rate, not 23% and with the prebates it would benefit low and high income tax payers but would raise taxes for the entire middle class. any one making between $15,000 and $200,000. chris: , they were dead wrong. here is what happens. chris: this is president bush s tax i know this is his commission. when i heard the commission make that assessment of the fair tax, i was screaming. other people who knew something about the fair tax were screaming. we never got an opportunity to explain. what they did is they changed
and they looked at the fair tax and said it will not work. here s why: they said to create the revenue that you are talking about, it would have to be a 34% tax rate, not 23%. and, with the pre-bates they say it would benefit low and high income taxpayers and would raise taxes for the entire middle class, anyone making between 15 and $200,000. chris, they were dead wrong. here s what happens. chris: this is president bush i know this is his commission, when i heard the commission make that assessment of the fair tax i was screaming, other people who knew something about the fair tax were screaming. we never got an opportunity to explain. what they did is, they changed some assumptions in the actual deal. this is why they come up with these outrageous numbers. so, if you changed the assumption of what is in the bill you will come up with outrageous numbers, like that. in order to kill it and defeat
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