#440 What Is Income?

What is income? It sounds like a simple question, but when the Internal Revenue Code enters the picture, it gets really complicated really fast.

In their weekly look at proposed changes to the tax code, the FAIRtax Guys have run across hundreds of bills that would exempt certain income from taxation or remove that exemption from other kinds of income. With the FAIRtax, it’s simple. The FAIRtax applies to the retail purchase of all new goods and services.