Fair Tax ping!
Would you say "That sounds fair, you're a very trustworthy fellow"?
One man, one vote, one tax bill. Everyone equal under the law.
In a piece published on January 9th for Townhall, economics writer Jerry Bowyer posed some common questions about the FairTax.
I cannot find anything on Townhall.com by Bowyer for that date. Am I missing something?
skip the BS sales pro sales tax propaganda
go to http://www.thomas.gov type in “fair tax” and read HR 25
Read the prebate rules,
REGISTRATION WITH THE GOVERNMENT for all people who buy or sell anything,
the draconian record keeping,
the criminal penalties for not giving or havin a reciept (ala europe)
The TAXABLE interest
the more you read of the actual proposal the more insane it becomes.
The IRS must go/change, this is not the way to do it. It only grows the government bureacracy.
The hundreds of existing sales taxes in America use honestly stated "exclusive" rates. Apples to apples.
Fair Taxers and honesty don't mix.
For me the purpose of federal tax reform is to reduce the power the federal government wields over our economy and our lives. Their power stems largely from how much money overall they take away from people through taxes and how they spend that money and this is the factor that is specifically not reformed through the fair tax "revenue neutrality" assumption. Yes I know they also wield power through tax incentives, etc but I believe that is insignificant compared to what they spend on entitlements and everything else. To me, any reform that does not reduce overall revenue to the federal government as part of its primary aim is not reform.
Second, I fear that the federal bureaucracy that would be needed to calculate, disburse and adminster a monthly "prebate" of sales taxes to citizens could well dwarf the IRS in intrusiveness, size and control. It seems to me, to be fair, the government would have to have detailed information about people's incomes and purchases and life circumstances such as illnesses to correctly figure out how much each citizen deserved to be prebated. Such intensive and personal monitoring of individuals would be no improvement over the IRS which most people now only deal with once a year. Any reform needs to simplify and reduce the need for government to have detailed, personal information about each of us and it needs to reduce the government's monitoring of our lives. I do not see how the fair tax meets that test.
I noticed in the article the question and answer pair:
Q. How do we determine the interest portion of mortgage payment?A. Interest above the rate on 10-year Treasury bonds is subject to the FairTax. This will prevent suppliers from discounting prices and making it up with high interest rates on financing. The 10-year Treasury rate is a market-determined interest rate that is not targeted by the Federal Reserve.
Where exactly on the FairTax website is that explained? I have looked at the FAQs, and I don't see any mention of this provision under section 801 of HR 25.
I also read through the document Promoting Home Ownership: How the FairTax's Benefits For Homeowners Exceed the Mortgage Interest Deduction. It nowhere mentions this FairTaxation of mortgage interest paid --- in fact, it shows a computation putatively comparing the cost of home ownership under the income tax versus the FairTax, and nowhere does it mention that FairTax will be assessed on mortgage interest in excess of the section 805 "basic interest rate."
BWAHAHAHAHA!
Plus another 100 miilion individuals who will legitimately start up their own side business in order to purchase tax-free goods and services.
That new Mercedes and computer and iPhone and HDTV will be for "business" purposes, resulting in a savings of close to 40% (Fair Tax plus state and local taxes).
Right now what is it -- only 1% of taxpayers are eligible for the 35% top rate? And you know that 1% is doing their damnest to avoid it.
Compare that to 100% of the taxpayers eligible for 30% of every purchase. And the author claims there will be less avoidance!?
I am retired and pay no income tax. A 23% consumption tax is a deal breaker for me. I will vote Democrat for the first time in my life rather than vote for a tax increase for me.
read
oh joy, another pro-tax scam article from a nowhere site.
should this not still be in chat and NOT in news.
The real bill and not the BS propaganda on this entitlement program scam is at http://www.thomas.gov by searching “fair tax”
The Fair Flat Tax popus up but the one to look at is H.R. 25. That has the unspun, uncessored bill with all its incidiousness.
here they go again...