Skip to comments.FairTax.Org HR25
Posted on 02/13/2005 10:41:05 AM PST by nsmart
The FairTax is the non-partisan national sales tax proposal that would replace all federal income taxes. These include personal, estate, gift, self-employment, alternative minimum, capital gains, FICA, and corporate and death taxes.
(Excerpt) Read more at WWW.FAIRTAX.ORG ...
The FairTax is the non-partisan national sales tax proposal that would replace all federal income taxes. These include personal, estate, gift, self-employment, alternative minimum, capital gains, FICA, and corporate and death taxes. It is estimated that Americans spend in the range of $250 billion to $500 billion every year in income tax compliance costs.
Under FairTax, used items and business-to-business purchases for the production of goods and services are not taxed. Only new goods and services for personal consumption would be taxed.
An initial reaction is that the price of goods and services will increase. However, this is quite the opposite. With the current tax system, companies have to pass their tax and compliance costs on to the consumer. Dale Jorgenson, former Harvard University economics department chairman, projected an average product price reduction of 20 percent to 30 percent in the first year after adoption of the FairTax.
Most importantly the FairTax is fair. It protects the lower-income individuals and families by providing a monthly rebate on expenditures up to the poverty level. Those spending at or below the poverty level will pay no tax. If the large corporate bigwigs want to spend their multi-million dollar salaries on expensive luxuries, then they will be taxed more; but if they choose to invest their money back into the company, the employees or the community, then they will be taxed less.
I strongly urge the readers to visit the Americans For Fair Taxation Web site at www.FairTax.org to learn more about this.
Will we ever get rid of the DEATH TAX aka the Estate tax?
I think It's time for another Boston Tea Party.
This one gets rid of all income tax.. for us and corporations.. Less than 40% pay income tax anyway.. no more favors in the tax code.. no more IRS.. no more 300 billion in compliance costs..
What a nutty claim. Taking out the same amount of tax will not have a dramatic impact on prices. I hate the over the top phoney claims the Fair Tax people have been making for years. Their analysis makes global warming scientist look honest.
No more KGB/IRS troops...
More - much - $ in our pockets, businesses with much more $, translates into more jobs, no "April 15th", ...just keeps on giving
Without an income tax, the USA will become a tax haven for the richest of the rich.. imagine the growth in the economy.
Stick around everybody. You're about to see some real discussion about this.
I certainly hope we get some real discussion.
I honestly think the US would attract investments from all over the world. After all -- taxing investments is soooo dumb. Investments are in the mattress - they are building houses, they are creating jobs, they are buying new machinery.
What is nutty?
So what is your analysis?
The Democrats like the ability to make a change in the tax code and applaud themselves .. they like the engineering in the code.
In my opinion, the Patriot Act is a pussy cat next to what I have to tell the IRS.
With the FairTax, the sham of corporate taxation ends, competition drives prices down, more people in America have jobs, and retirement/pension funds see improved performance.
If you would like to be added to this ping list let me know.
John Linder in the House(HR25) & Saxby Chambliss Senate(S25), offer a comprehensive bill to kill all income and SS/Medicare payroll taxes outright, and provide a IRS free replacement in the form of a retail sales tax:
A bill to promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national retail sales tax to be administered primarily by the States.
Refer for additional information:
The Fair Tax Act, repeals all federal income, payroll, and gift/estate taxes.
If history is any guide this could be the longest thread you have ever posted. This issue needs vetting. I have been an advocate of the Fair Tax for years and the more we look at it the more I like it. It isn't perfect and it still allows way too much government revenue but it's the best proposal on the table.