Posted on 09/27/2004 2:41:31 PM PDT by LowCountryJoe
you guys don't understand. The "rebate" is just a payment that goes out to everyone regardless of income. So the Kerry's will be getting it too. Sure sounds horrible that everyone will be getting a check but if you do the math it works out well.
Under the current system tax cheats pay no tax, under the fair tax everyone pays. This will help with illegal immigration. Under the current system income is often taxed multiple times. The fair tax would eliminate the IRS and replace it with I don't know, maybe 20 people? There really aren't any downsides.
... what are you talking about?????? this makes no sense, it is simply class warfare in reverse, you should want to see all tax rates reduced
Actually the statement that the drug dealers would pay is correct. They would, of course, pay on sales of legal retail items, not hard street drugs. You can say the same thing about the subterranean economy: illegal aliens, black market, etc. I've heard estimates as high as $1.5 Trillion a year in subterranean economy that goes untaxed.
It's better because it gets the government's nose out of every single transaction that you make. They still collect their money, but they don't know every single damn thing you have ever bought or sold, for profit. All those IRS examiners - gone.
The IRS employees would go to work for the states and the government would collect an additional 30% for all of it's purchases PLUS 30% on all government employee's salaries wages and benefits...no government cost/spending reductions or sales tax rate reductions there.
That is not part of the fair tax proposal. To learn more about the Fair Tax go here.
I realize that understanding satire is difficult sometimes.
fatcats aren't the problem. The great number of homeowners who claim interest and real estate taxes would scream.
Explain....
Don't you pay sales tax when you purchase goods regardless of where you got the money or do you just refuse to pay it by saying this money was earned illegally and I don't have to pay tax on it.
Statement of John G. Wilkins, Managing Director,
Barcroft Consulting Group, on behalf of National Retail Federation
Testimony Before the House Committee on Ways and Means
Hearing on Fundamental Tax ReformMr. Chairman and Members of the Committee:
I am managing director of the Barcroft Consulting Group and I am here on behalf of the National Retail Federation. My statement reports on the findings of a study undertaken by PricewaterhouseCoopers ("PWC") for the National Retail Federation Foundation. I was principal author of that study, which examines the economic impact of substituting a national retail sales tax ("NRST") for the federal income tax.
~~~SNIP~~~
Conclusion
If a NRST is enacted, the U.S. economy would lag behind for at least three years and employment would dip by more than one million jobs. Beneficial effects would not be felt for at least five years after adoption. While it is admirable to seek a fairer and simpler tax structure to replace the incredibly complex income tax code, trading an income tax in for a national sales tax is an experiment that could bring serious harm to a flourishing national economy. Uncertain long-run benefits are far insufficient to risk the short-run setbacks in virtually all sectors of the economy.
She latched on to this NRST idea and blamed the Republican's for trying to raise taxes on the working class by instituting a 30% NRST. She claims it would provide a windfall for 'Big Business' and corporations that would be paid for by middle Americans.
The big problem with her harangue was that she NEVER pointed out that this sales tax would be in lieu of a federal income tax. She went on and on trying to make it sound as scary as possible while not once revealing the other side of the equation. It was classic 'Rat smoke and mirrors.
Thank you... That was exactly my point.
Much of the drug money moves out of CONUS; to Colombia, Asia, etc.
There is no accounting or tax going on in the regions from where the drugs originate.
Cool. Let's pass the sucker in the second Bush term.
The sky is falling and there you are without your umbrella.
Suddenly used goods will be preferred.
I think this is a great idea and hope it passes but I see a few problems. Not only will IRS employees be out of work but HR block will tank, franchise owners of tax services (Jackson Hewitt, etc) will be sol, and all those independant accountants wll be left with no customers. Some effort to reintegrate them into other careers should be made and stock holders of tax prep companies better sell now. I also think there should be some exceptions such as prescription drugs.
The big problem with her harangue was that she NEVER pointed out that this sales tax would be in lieu of a federal income tax.
I hope they all come out and do that. Let them carry on. Get them all to take that stand. Think about it, exposing their deceptions would be a walk in the park compared to exposing Rathergate/memogate. And you know how seemingly easy that occurred.
Ummmm, under FairTax, the working poor would get rebates. Everyone would get rebates. And anyone working would get to take home 100% of their paycheck so it amounts to about a 12-25% raise in everyone's takehome pay.
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