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Congress Must Pass the Fair Tax Act
CNSNews.com ^
| February 27, 2004
| Mac Collins (R-GA)
Posted on 03/02/2004 10:23:45 PM PST by esarlls3
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To: esarlls3
I am all for that!
I hope that maybe in Bush's second term they can seriously address this.
I totally agree that the sales tax is the only fair tax -- and think of all the time we wouldn't have to spend working on the income tax, and all the bureaucrats we wouldn't have to pay.
21
posted on
03/02/2004 11:01:02 PM PST
by
FairOpinion
("It's the judges, stupid." Re-elect Bush, send more Republicans to Congress.)
To: ancient_geezer
BINGO! But power is a very seductive drug...
22
posted on
03/02/2004 11:02:25 PM PST
by
null and void
(Pay no attention to the ones and zeros behind the curtain, and they'll return the favor...)
To: ancient_geezer
Please add me to your taxreform ping list.
Thanks. I appreciate it.
23
posted on
03/02/2004 11:02:42 PM PST
by
FairOpinion
("It's the judges, stupid." Re-elect Bush, send more Republicans to Congress.)
To: null and void
Oh, but I do. I've never missed an election in 32 years. I have yet to vote for anyone who won, though...
Course one can continue to pick for perfection and get nothing.
But power is a very seductive drug...
LOL, I don't think you are in much danger yet.
24
posted on
03/02/2004 11:07:31 PM PST
by
ancient_geezer
(Equality, the French disease: Everyone is equal beneath the guillotine.)
To: ancient_geezer
Hmmmmm. I guess not...
25
posted on
03/02/2004 11:08:55 PM PST
by
null and void
(Pay no attention to the 1's and 0's behind the voting booth curtain, and they'll return the favor...)
To: esarlls3
This will help stop the OUTSOURCING of AMerican jobs THAT IS BLEEDING THE COUNTRY TO DEATH! BUSH PAY ATTENTION!!!
To: 31R1O
What can I do to get the message out?
FR's a good place to start and to learn, followed up by informing family, friends, associates, anyone who will listen.
Check out these folks,
http://www.fairtax.org or http://www.salestax.org
Either will be more than happy to have you participate at any level suits you, they have materials, congressional mailing lists, phone numbers etc.
27
posted on
03/02/2004 11:13:45 PM PST
by
ancient_geezer
(Equality, the French disease: Everyone is equal beneath the guillotine.)
To: FairOpinion
You're added to it :O)
28
posted on
03/02/2004 11:15:38 PM PST
by
ancient_geezer
(Equality, the French disease: Everyone is equal beneath the guillotine.)
To: esarlls3
I wish, I wish , I wish..........
29
posted on
03/02/2004 11:18:11 PM PST
by
SeeRushToldU_So
(Don't expect much from people and you won't be disappointed. Sometimes you will be pleasantly surpri)
To: ancient_geezer
Thanks!
I think the time is becoming ripe for some major overhaul of the tax system, and I personally think the best system is indeed the "fair tax" sales tax system.
30
posted on
03/02/2004 11:19:57 PM PST
by
FairOpinion
("It's the judges, stupid." Re-elect Bush, send more Republicans to Congress.)
To: esarlls3
The Fair Tax will reduce the costs of goods and services by 20 to 30 percent.Bullshit, it's a lie and it's mathematically impossible.Taxes are imposed on gains and profits. Anyone still in business knows they aren't paying 20 to 30 percent of their gross in federal income tax.
Service employee's will get 100% of their paycheck(s) too, which part of a service will be reduced 20 to 30 percent?
What we do know is prices would go UP 30%..
"The federal government will continue to be fully funded, including Social Security and Medicare." and you'll be able to save your money like never before, prices will be reduced 20 to 30%, AND, in addition to all that pie in the sky BS, every household will get a magic check in the mail every month from the government to boot...right.
31
posted on
03/03/2004 12:03:49 AM PST
by
lewislynn
(The successful globalist employee will be the best educated, working for the lowest possible wage.)
To: PurVirgo
I, for one, like it. If the tax incentive of moving a business overseas disappears, maybe we can keep more jobs hereWhy would the same administration praising the exodus of jobs as good for America want to stop them with a radical change in the tax system?
Don't you know the exodus of jobs will raise the standard of living for all Americans?...We're all gonna be CEO's soon...Let the little people worry about THEIR taxes.
32
posted on
03/03/2004 12:08:27 AM PST
by
lewislynn
(The successful globalist employee will be the best educated, working for the lowest possible wage.)
To: lewislynn
Ghod I wish you were wrong, and an a-hole...
33
posted on
03/03/2004 12:16:04 AM PST
by
null and void
(Pay no attention to the 1's and 0's behind the voting booth curtain, and they'll return the favor...)
To: lewislynn
Bullshit, it's a lie and it's mathematically impossible.Taxes are imposed on gains and profits. Anyone still in business knows they aren't paying 20 to 30 percent of their gross in federal income tax.
You overlook payroll taxes lewislynn, which are also repealed under the NRST. The combination of repeal of both income and payroll taxes along with the reductions of the costs complying with those taxes make up the reductions in producer goods that make reduction in retail prices possible.
The following article covers the mechanism on how the current Federal tax system propagates and is embedded into consumption expenditure.
DO YOU PAY YOUR INCOME TAX
AT THE SUPERMARKET?
by D. Sherman Cox J.D. L.L.M. Taxation
The 24% in the article considers only those factors actually paid to government out of imposititions on business in complying with the income, payroll, excise & tariff tax laws.
I refer you to the section of the following article about the Income/Payroll tax system and its impact on our economy "A. Hidden Upstream Taxes. " paragraph 39.
"[39] Dr. Dale Jorgenson, Chairman of Harvard University's Economics Department, believes that the price of goods and services are inflated by about 20 percent or more by upstream taxes consumers ultimately bear. In a recent paper Dr. Jorgenson estimated the built-in taxes contained in the price of goods and services. /22/ In the chart above, he quantified the hidden component of tax, estimating that producer prices would fall on repeal of upstream taxes an average of about 22 percent."
Looking at the accompanying chart, the range of values from industry to industry appears to be about 12-25%.
Economists Gary and Aldonna Robbins of the Texas-based Institute for Public Policy examined the case of dry cleaning a shirt, with a particular eye toward uncovering the hidden costs of taxes in price.
The Robbin's attributed over 33.6% of "consumer prices" to be due to federal taxation passed on to the customer.
The Federal Tax System
http://www.cbo.gov/showdoc.cfm?index=2125&sequence=0&from=1#pt1
From the Table 1 we may extract the proportionate contributions of each sector of taxes as they contribute to consumer price for the year 2000.
- Total revenues collected by Feds in '00 = $1945billion ( 33.6% of consumer price)
Those tax components which will not change prices as a consequence of enactment of HR25
- Individual Income Tax(Labor) = 945billions,
- Employee half of Social Insurance = 653/2 = 326.5billions,
- Excises = $68billion
- Customs Duties = $19Billion
- Miscellaneous = $40Billion
============================
- Total constant price factors = $1358.5 billion
- Remainder federal tax components affecting price = (1945-1358.5) = $586.5billions
Adjust for the approximate reduction of interest & cost of tax compliance (
Adjust for a conservative $800 billion cost of tax compliance, Payne '95 estimates 65cents for each dollar of revenue collected, $1264billion) reductions .
- Total tax related factors affecting consumption price = (800 + 586.5) = $1386.5billions
Estimated change in consumption prices as consequence of enactment of a National Retail Sales Tax, repealing all business income and payroll taxes:
33.6*(1386.5/1945) = 23.9% reduction in consumption prices
Which more than verifies the Jorgenson empirical study of 22% fall in producer prices.
The two sources are in reasonable agreement, and I see 20-25% a reasonable value to expect retail prices to fall, not only for customers here in the United States, but in our exports as well making them far more competitive on international markets.
34
posted on
03/03/2004 12:17:14 AM PST
by
ancient_geezer
(Equality, the French disease: Everyone is equal beneath the guillotine.)
To: esarlls3
Bad idea. If you think the income tax code is long and complex, just wait until politicians get a hold of a national sales tax code!
Don't believe me? Just look at the one in your state if you have a sales tax. The code is so full of meddling and special amendments it's not funny.
Does anyone really want Congress to decide what can and cannot be taxed as a product? Do you even understand the questions that would arise?
Do you tax food? Medicine? Women's monthly hygiene products? Hair care products for blacks?
All of those and even thousands more would be in play for changes in the rate, what should or not should be taxed, etc.
Then the Dems would want a "progressive rate" on "luxury items" and charge more sales tax for buying a BMW over a simple Chevy.
Believe me, you don't want 435 members of Congress making policy on this. It would make the income tax code look lame in comparison.
35
posted on
03/03/2004 12:21:23 AM PST
by
Fledermaus
(John Kerry is simply a liar. The man can't differentiate campaign rhetoric with facts!)
To: bolobaby
Actually, I could see this having a real chance of passing. Why? Because as incomes have dropped like a rock in this great economy, tax receipts have dropped as well. Meanwhile, people keep getting into debt and consuming like crazy. Since so many people don't have much of an income to tax any longer, the government will do what any robber does, and "go where the money is".
The government thinks just like Willie Sutton did, when asked why he robbed banks he replied "because that's where the money is".
36
posted on
03/03/2004 12:21:23 AM PST
by
Elliott Jackalope
(We send our kids to Iraq to fight for them, and they send our jobs to India. Now THAT'S gratitude!)
To: ancient_geezer
His second post OTOH...
37
posted on
03/03/2004 12:21:56 AM PST
by
null and void
(Pay no attention to the 1's and 0's behind the voting booth curtain, and they'll return the favor...)
To: Fledermaus
Believe me, you don't want 435 members of Congress making policy on this. It would make the income tax code look lame in comparison. Yes, but it would be much fairer for decades. When it gets too bad we replace it with a simpler flat income tax...
38
posted on
03/03/2004 12:24:50 AM PST
by
null and void
(Pay no attention to the 1's and 0's behind the voting booth curtain, and they'll return the favor...)
To: null and void
Sorry, I disagree. As I said, just go read your state's sales tax code.
It's not even close to "fair".
39
posted on
03/03/2004 12:25:52 AM PST
by
Fledermaus
(John Kerry is simply a liar. The man can't differentiate campaign rhetoric with facts!)
To: Fledermaus
Yes, but the sales tax code has had decades of meddling on an originally simple and fair system.
Time to burn the system down and rebuild a new one from the ashes.
Any new system will start out simple, and stay that way for a while, before it, in it's turn, needs to be razed...
40
posted on
03/03/2004 12:37:33 AM PST
by
null and void
(Pay no attention to the 1's and 0's behind the voting booth curtain, and they'll return the favor...)
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