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 ...
What will all the accountants and tax lawyers do for livings? ;^)
There is still plenty of accounting to do and there is still tax compliance. Tax compliance is just a small aspect.
Do you know how to translate from inclusive to exclusive? Did you know there was a difference?
My point exatly. with the corporat income taxes eliminated the market will force the prices down.
Chris
Me thinks we have a contrarian in our midst.
20-30 is not 30-40. check yer posts.
Not to mention corporations coming back to America. And stripping the products of all the built in taxes will mean our products will once again be able to compete overseas.
It is still fantasy bullshit, either way. We will be lucky if prices stay the same.
That is not what he said or how the statement was presented.
The tax attorneys will be forced to "produce" something. They will contribute to the economy!!! Their human capital will not be lost down a rat hole.
Stong argument.
Ditto, forgot that one. Thanks.
Chris
Most will simply work in financial planning - helping folks sae for the future - rather than record the past. JMHO
That's true. And investments create jobs.. whoever the hell decided to tax investments was a dim-bulb.
And we haven't even heard from Your Nightmare or lewislynn yet.
Regarding the consumer price issue. I don't think the disappearance of embedded taxes will result in the level of price depreciation that some of the Fair Taxers do. I think the number can be show to be 10-15% lower. A large part of embedded prices is labor and I believe (some will disagree) that any further lessening of prices would have to come from decreased wages.
However, by freeing up corporations from income taxes and payroll taxes and by taxing the underground economy as well as foreign tourists and goods American companies would be unleashed to pursue explosive growth. America would become the world's largest tax haven and internationals would beat a path to our door to build production facilities here. Jobs? We'll have them.
The sheer boom factor would create so much prospertity and competition that these arguments would seem moot.
...and we haven't even gotten to illegal immigrants.
To receive the pre-bate, you must have a VALID SS#. Even illegals have to buy food, etc. so they will be paying the sales tax but not receiving the pre-bate. This will create a HUGE incentive to become legal.
I work in conjunction with a large CPA firm. Tax is only one part of their practice and they aren't even doing most of the returns anymore, they send them to India. Under a NRST they would be retained by businesses collecting the tax to keep the books straight but undoubtedly that would be a less lucrative venture since it doesn't require so much interpretation and consulting. They aren't worried. They will still have auditing, forensics, financial planning, etc.
Excellent point.
This NRST really galls the leftists. How can they 'soak' the rich with a scheme like this? Its not 'progressive' enough for them. Even though the rich buy the high cost items and will pay the bulk of the taxes.. with NO POSSIBLITY OF LOOPHOLE. LOL
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