Answers for the FairTax Faction (Why It's More Complicated than Simple)

Townhall ^ | 01/11/2008 | Jerry Bowyer

[elkfersupper]

I asked you first, but....

Degrees in finance, accounting and economics; CPA (non-practicing since 1990); 30+ years in commercial banking, public and structured finance; MAI.

I also know that nobody has enough shelf space to store the Internal Revenue Code and that neither the IRS nor $800 / hour tax attorneys can tell you how to comply with it.

[lucysmom]

Credentials are education, experience and professional designations.

What are your tax credentials?

My tax credentials are that I've been paying taxes since I was 17 and I'm now over the hill and half way down the other side.

Now impress me with yours.

[lucysmom]

I asked you first, but....

Because you posted this to yourself, is missed it.

Degrees in finance, accounting and economics; CPA (non-practicing since 1990); 30+ years in commercial banking, public and structured finance; MAI.

and that proves what?

I also know that nobody has enough shelf space to store the Internal Revenue Code and that neither the IRS nor $800 / hour tax attorneys can tell you how to comply with it.

And yet there are so many of us walking around rather than in the slammer.

How many of us need to concern ourselves with the entire tax code? That isn't to say that it couldn't do with a bit of simplification, or that the FairTax wouldn't become just as complex given a little time. Throwing the baby (economy) out with the bathwater (IRS) isn't the answer.

The IRS once challenged me, and I took care of it (and prevailed) myself.

[elkfersupper]

and that proves what?

It proves that folks like you are afraid of change and afraid of liberty.

We are done.

[lucysmom]

It proves that folks like you are afraid of change and afraid of liberty.

Why, because I'm not impressed with your credentials? That's a bit of a stretch, don't you think?

I don't care how well you do numbers, that doesn't make you an authority on human behavior. Human behavior is central to the functioning of any tax system, something FairTaxers only understand in a limited way.

[cappy26]

Means if the Fed prime rate is 4% and my mortgage interest is 7%,the Fair Tax would be 30% on the excess of 3% or .009 added to my interest cost each month

How about the guy that has 18% credit card rates

He would be paying 30% on excess of the prime rate of 4% or 30% on 14% or an additional 4.2% added to his 18% monthly payment

[lewislynn]

Means if the Fed prime rate is 4% and my mortgage interest is 7%,the Fair Tax would be 30% on the excess of 3% or .009 added to my interest cost each month

Actually 0.9 added, but yes, you got it.