Anything that creates a NEW way for the feds to tax us is stupid. Yea, yea, abolish the IRS. Repeal the 16th. I’m holding my breath.
Read, agreed, shame on Bartlett
Nothing new here. Boortz spends 75% of the article refuting a non-point about CATS. It makes no difference to the debate. Boortz spends the next 25% of the article displaying his ignorance on what embedded taxes are. Bartlet does not get it right either. Boortz is wrong in that all of the embedded taxes will not be removed from the product and Bartlet is wrong to assume that none of them are removed. Out of the 18-23% embedded taxes, at most 8% can be removed without lowering wages and owners profits. Most likely it will be closer to a 5% reduction in costs, but then a 30% tax added on top.
The bigger your income, the bigger your tax and your life insurance.
The bigger your house, the bigger your tax and your house insurance.
Size matters. What’s unfair about that?
All I read by Boortz assumes that the vendor will be forced by “the market” to reduce his prices by the amount of income and other fed taxes; this is fantasy.
I haven’t seen a Thompson position on the “Fair Tax”.
Read later. It’s gonna be a rough thread!
I still lean towards the Flat Tax idea and keep it at 10%. From everything I’ve seen, a flat tax of 10% will give the government more money than they will ever need. If this is true and the government doesn’t like it, this means they just want more of your money to keep you broke and powerless.
Thanks. I had not studied the Fair Tax before. This simplified and helped me to understand what we need to work for.
I REALLY want the government out of my daily life!
The Fair Tax is still deeply flawed.
The most basic flaw is that it will re-tax money that has already been taxed. Virtually all of my savings was saved after-tax (with the exception of my 401K) and when I go to spend any of it I’ll be taxed again on that same money.
Unless that flaw is corrected then the Fair Tax is doomed. There are too many people in my situation who stand to be royally screwed by this fix.
Ping. It looks like Boortz is up to his old tricks.
NUFF SAID!!
“That is, they have created exemptions. For instance, they assume that congress would never agree to tax food and medicines, therefore the tax would have to be XX percent, or that congress wouldn’t tax transportation and housing, therefore the tax would have to be XX percent. Again .. the fact that the taxes are already there in the form of embedded taxes – embedded taxes to be replaced by the fair tax – is ignored.”
Therein lies the crux of the problem with the Fair Tax. Does anyone really think that Washington pols and K Street are going leave an implemented fair tax unadulterated by exemptions? Even if the Fair Tax was passed without exemptions, it wouldn’t be long before exemptions were added. Then we are back on the same old merry go round.
Most criminals are tax evaders. They do this by not reporting income. A consumption tax is applied to everything you buy, and requires one to make every purchase from alternate (illegal) sources in order to evade it. This is much harder to do.
We can try this when ya’ll can muster enough support to pass a new constitutional amendment to get rid of the income tax. Otherwise, we’ll just end up with an income tax AND a “fair” tax, eventually. :p
Bruce Bartlett is just another “protect the status quo no matter what” shyster and what he writes these days isn’t worth the effort to read.
Fair Tax is spin and will only see the life if it can be used to screw the public in new ways.
It hoses all those who have Roth Ira or have set up tax exempt planning.
IOW no thanks unless current estate and financial planning is factored in.