Posted on 04/17/2006 12:38:25 PM PDT by Tolerance Sucks Rocks
the "necessity clause" would have to be absolutely iron-clad, so that no enterprising asshat could ever modify it to endorse "progressive" sales taxation.
and, given how tricky lawyers/politicos are, I honestly don't know how/whether that can be accomplished.
I think you are - the current federal budget for just national defense (we're not even talking your "internal" police force) is over $500 billion per year - how do you raise even that with 2% and 5% tax brackets?!
Read the book.
Once again and reaaaal slow, read the book.
A graduated tax? Tax the rich, they deserve it?
I would prefer a tax for those things that protect us, as you proposed, but I prefer a flat tax, instead of a graduated tax. Also, taxes should be voted for each year, individually, so that we can readily see who is voting to increase or continue the taxes.
Good question. When taxes are down to 3% flat (across the board for fairness sake)the GDP is going to increase so significantly that 3% should cover it comfortably ! :)
You are kidding, right? If 2005 GDP was $12.5 trillion, you realize that 500 billion is ALREADY 4% of that - not including your "internal" police spending - how much do you think GDP is going to increase in year 1, for instance?
Even after you read the book, there are lots of people who pay less than 23% under the current system even taking into account all of those "hidden" taxes. What part of that don't you understand?
There are lots of people paying less than 23%...and that would be the roughly 50% of the country that pays NO INCOME TAX...some collect the mis-named "Earned Income Tax Credit" and the "Child Tax Credit", resulting in a NEGATIVE effective tax rate. Is that "fair"? NO!!!!!!!!! I've just about had it with this new welfare class....all clamoring at me to file their returns so that they can get "Their checks." Wretch. It's money that they never paid into the system and they have no rightful claim to it....but they get it.
Everyone living above the poverty level should pay SOMETHING. Everyone enjoys the benefits of a common defense...and they should pay for it. Furthermore, by taxing all of those people who currently pay no income tax....we'll stop the growth of the welfare state, because they will feel the pain associated with the next government do-gooder program, and the next, and the next.
Furthermore, the FairTax will tax all of the illegals.
If you work, and earn less than the current FICA ceiling, you're already paying 15.3% of your wage in FICA/Medicare tax, in addition to the amount of Federal Income Tax withheld. No, your employer doesn't pay half. He just reduces your wage by that amount and remits it to the government on your behalf. It's just ONE of the lies perpetuated by the government to keep the masses pacified.
Now consider just how much tax you are paying in hidden, embedded costs....add that to 15.3% of your wage, and your FIT.......there's the rough justice look at whether you'll be better off, or worse off under the Fair Tax. Don't forget to add the amount of the Prebate....that will reduce your effective tax burden as well.
Signed, FED UP tax preparer.
Whew! I would not want to be a tax preparer today - you deserve a long vacation : )
If anyone 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 (including capital gains and AMT) as well as SS/Medicare payroll taxes outright and replace them with with a national retail sales tax administered by the states.
H.R.25,S.25
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:
free dixie,sw
Pay Go, please.
Why? So Congress can do more the same old thing they have in the past?
PayGo ended up merely a pretext for expansion of government rather than the restraint is was sold as.
Straight from one of the framers of the original Budget Enforcement Acts and PayGo rules.
Ersatz Congressional Budgeting
Paygo rule leads to government growth.
Jack Kemp, June 2004
http://www.cse.org/informed/issues_template.php?issue_id=1899
Sure we could, but why bother? The Federal Reserve hates all those things and would do whatever it takes to stop it.
You purchase a stock. The company does well, increasing revenue or reducing costs, or both. You sell the stock. Capital gains is the result of increased corporate profits.
Those profits are already taxed at 35% at the corporate level -- otherwise profits would have been higher and the stock worth even more when you sold it. So the capital gains that an individual receives has already been reduced. Taxing it a second time at the individual level means that money was taxed twice while labor-income was taxed only once.
You want to employee everybody, you create investment. You want to create investment, don't punish it by taxing capital gains and marginally allow deductions for capital losses.
Besides, how much of capital gains are merely inflationary increases. Taxpayers have historically paid billions of dollars of gains that are nothing more than artificially inflated values with the same buying power as the initial investment. THAT is pure government stealing.
Glad to see you on a tax thread. We need a little pizzazz around here.
since we started the new company in AUG '05, i don't have MUCH time to spare. ( i try to "make time" to BEAT-ON the DAMNyankee haters/hypocrites, over on TWBTS threads!)
free dixie,sw
Ping.
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