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Fair Tax? No thanks
Coach is Right ^ | JANUARY 23RD, 2011 | Suzanne Eovaldi, staff writer

Posted on 01/23/2011 7:27:20 AM PST by jmaroneps37

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To: ziravan
A vat tax is a hidden tax on profits.

A tax on profits would be a corporate income tax.

21 posted on 01/23/2011 8:04:28 AM PST by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Proud2BeRight; plangent
ow some people have the idea they want to tax me again when I use the money in retirement that I was already paid taxes on?

Actually, you wouldn't let that happen, you would expatriate and take all of your wealth with you and spend it in another economy. The Fair Tax is the most efficient way to motivate wealth to flee the country.

22 posted on 01/23/2011 8:08:09 AM PST by The Theophilus
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To: EGPWS

It eases my mind quite a bit that my congressman supports it. His record is second to none when it comes to taxes.

He was the founder of Michigan’s “NO” caucus and never once voted for a new tax or tax increase in his 14 years in the state senate.


23 posted on 01/23/2011 8:10:07 AM PST by cripplecreek (Remember the River Raisin! (look it up))
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To: jmaroneps37

Since a VAT doesn’t have anything in common with the FAIR Tax, I have to agree.

The Fair Tax is more like a national sales tax that replaces all other federal taxes (personal and corporate income taxes, capital gains, social security, etc.). And, unlike a VAT, the Fair Tax is visible and above board, right there on the receipt.


24 posted on 01/23/2011 8:10:15 AM PST by Little Ray (The Gods of the Copybook Heading, with terror and slaughter return!)
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To: jmaroneps37

I don’t trust congress to implement the Fair Tax as written and the 7 yr sunset is too long.

Nothing stops them from a repeal and replace bill that substitutes a VAT for the Fair Tax once everyone has gotten used to it that pulls the rug out from under the repeal of the 16th ammendment.

As a small business person, I don’t care to be the government tax collector. People should be doing their own tax forms and paying their own taxes. The Fair Tax is another burden on small business, especially start ups.

I’d rather have a flattish tiered income tax of 5, 10 and 15 percent with a personal exemption of 50K and absolutely NO other deductions.


25 posted on 01/23/2011 8:10:35 AM PST by Valpal1 ("The two enemies of the people are criminals and government..." Thomas Jefferson)
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To: EGPWS
Politicians thrive on "picking away" at things until they are no longer recognizable for what they are meant to be.

In fairness, I've seen engineers, managers, educators, etc., do the same thing. I think it let's them believe that they are not just technicians. How it impacts the result is often immaterial.

26 posted on 01/23/2011 8:12:44 AM PST by TN4Liberty (My tagline disappeared so this is my new one.)
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To: cripplecreek
My congressman too.

I have the best, most conservative with conviction congressman that anyone could ask for.

Michele Bachmann

27 posted on 01/23/2011 8:13:49 AM PST by EGPWS (Trust in God, question everyone else)
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To: EGPWS

Mine is Tim Walberg 2 time freshman congressman.

In 08 the local paper wouldn’t endorse him because he wasn’t bringing enough money into the district. In 2010 the same paper endorsed him because he wasn’t promising to bring money to the district.

It took less than 2 years for people in Michigan’s 7th district to get fed up with the marxism of Mark Schauer.


28 posted on 01/23/2011 8:18:11 AM PST by cripplecreek (Remember the River Raisin! (look it up))
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To: ziravan

“It is a tax system DESIGNED for savers.”

But it screws those who have been savers for decades and now want to live off that savings. The tax man took money from me as I saved and now a new crop of tax men want to take it from me a second time. It was NOT “DESIGNED for savers”.


29 posted on 01/23/2011 8:25:46 AM PST by Proud2BeRight
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To: cripplecreek
In 08 the local paper wouldn’t endorse him because he wasn’t bringing enough money into the district.

In 2010 the same paper endorsed him because he wasn’t promising to bring money to the district.

I had to do a double take on THAT one. : )

30 posted on 01/23/2011 8:30:05 AM PST by EGPWS (Trust in God, question everyone else)
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To: Proud2BeRight

Your decades of saving will be worth far more in a system that rewards investment - and therefore increases the measure of your savings. The increases in return on investment created by the resulting economic boom will more than offset taxation that targets consumption.

Besides, the resulting change to rewarding investment could very well save this economy, and your savings with it. If we remain under the present system, how long will it take before the current gov’t confiscates your savings ‘in the national interest’?

How “fair” will that be to you?


31 posted on 01/23/2011 8:34:33 AM PST by ziravan (Are you better off now than you were 7 Trillion Dollars ago?)
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To: ziravan
If you are a saver, the downside of the Fair Tax is minimal. The upside is huge.

That would be true for those still working. But if you are already retired, were a saver and now have little-to-no increasing earning potential, it's not such a great deal.

Now I'm not saying that the Fair Tax is a bad thing.... only that it is not a boon to those who are no longer able to save but did so when they were young enough.

32 posted on 01/23/2011 8:36:20 AM PST by Roccus
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To: Proud2BeRight
Most of the money ‘saved’ for the future has been sheltered in tax free pensions or 401k’s.

Under the current system, when you take money out of your pension or 401K it is taxed as income. Therefore you will not get dollar out for dollar in.

There will be a tax credit for the basic cost living in the Fair Tax.

You will now be taxed on what you spend, not what you invest or gift.

33 posted on 01/23/2011 8:36:30 AM PST by BillM
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To: EGPWS

Asking for more money than revenue we produce is called taking from someone else.

Better to tax less, produce more, and decide for ourselves how money is spent in our homes and the district.


34 posted on 01/23/2011 8:38:29 AM PST by cripplecreek (Remember the River Raisin! (look it up))
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To: ziravan

This is the upside of the Fair Tax to me. It is tax free to save. However, my concern is the rebates to households. If the IRS is abolished, then how do they administrate sending checks to all households on a monthly basis when there a a large number of errors in the distribution of SS? I don’t like the dependence on government to send all households checks. Why collect money and then pay to give it back?


35 posted on 01/23/2011 8:43:11 AM PST by CIDKauf (No man has a good enough memory to be a successful liar.)
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To: BillM

A couple buys a house, raises a family, retires, and decides to downsize. Today, a $500k capital gain from that sale is exempt from tax. With the new unfair tax tax man at the door, that couple has to pay taxes on all that gain throughout retirement.


36 posted on 01/23/2011 8:44:17 AM PST by Proud2BeRight
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To: cripplecreek
Better to tax less, produce more, and decide for ourselves how money is spent in our homes and the district.

Yep!

Keep it close to home when possible and everyone comes out ahead.

Me thinks that was the original idea with the founders.

37 posted on 01/23/2011 8:44:20 AM PST by EGPWS (Trust in God, question everyone else)
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To: jmaroneps37

The only people who are against the Fair Tax are the ones who are living off the present system.

If things dont change, and they stop spending and the printing of money, in one year ALL YOUR ASSETS will be confiscated by the federal government to continue operating and giving perks to the gimme class. That means all your savings, all your retirements and every single bit of savings you managed to save.

It will be for the greater good dont you know!


38 posted on 01/23/2011 8:44:30 AM PST by crz
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To: unixfox

With extra high unemployment many will not be paying any income tax, the so revenue for the gov’t. So whatever money they do get, from savings I.E. they will pay the fair tax on it and get a refund of so much a yr.


39 posted on 01/23/2011 8:46:03 AM PST by Waco (From Seward to Sarah.)
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To: jmaroneps37

Face it, the issue is uncontrolled spending. This fairtax/unfair tax is just shifting the burden around. Those who want it will benefit from it. Those who will get screwed by it will oppose it.
CUT SPENDING!


40 posted on 01/23/2011 8:50:22 AM PST by Proud2BeRight
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