Posted on 01/20/2008 6:29:07 AM PST by Man50D
During an election season, one of the first losers is the truth. The current misinformation campaign against the FairTax has been particularly virulent. Last month the FairTax was being panned by some columnists as a "crackpot scheme," even though it could be collected exactly the same way as its close cousin, the value-added tax, which is the most successful tax in the world. This month the FairTax is being vilified by various columnists as a tax increase for the middle class, even though it would provide a substantial tax cut for two-parent middle class families. Specifically, in a recent column, George Will asked, "Do you want a president (Mike Huckabee, proponent of a national sales tax of at least 30 percent) pledged to radically increase the proportion of federal taxes paid by the middle class?" Similarly, Time magazine's business and economics columnist Justin Fox wrote a blog piece entitled, "The FairTax and its big break for the $200,000-plus crowd."
The FairTax is a national sales tax that would replace the income taxes, the payroll taxes, and the gift and inheritance taxes. It would be a 30 percent sales tax on retail purchases. Since 30 cents is 23 percent of $1.30 (the amount you would pay on a $1 item), a 30 percent FairTax would cost you about 23 percent of your consumption. To help you pay the tax, you would get a prebate check or a debit card credit at the beginning of each month equivalent to the amount you would pay when buying necessities. In 2007, that amount would have been based upon $10,210 spending per adult and $3,480 spending per child.
(Excerpt) Read more at worldnetdaily.com ...
You can say that again! Oh, you already did.
I did see a ~$250B compliance cost est, which would put the benefit of not doing it at ~$700/person in the aggregate. Of course, no telling who would end up with that dough, except whatever you pay, you would save. That number may include your own time, so it could be less of a boost to GNP as measured by dollar flows.
Backwards. The FT calls for preserving the size of the federal government.
But as long as you’ll get your monthly FT welfare payment...
In fact, most people understand it quite readily when I've explained it in townhall meetings, etc. The concept is already familiar in the form of sales tax. And they grasp the differences unlike the attackers who pretend not to.
Don't see much reduction as one has to consider the net of no IRS, bigger SSA, some collection efforts foisted off on the states and still some new Fed agency to oversee the states (Let's call it the FTRS). Besides the FT is revenue neutral. Gov't will spend the saving elsewhere. Shouldn't the FT be revenue negative for the net of the above?
There you go again with them cheap sunglasses!
Let's see....I earn a paycheck, I spend my money, I get a refund of a portion of the taxes I paid and you call it welfare?
I don't hear you say a damn thing about the Feds taking money from your paycheck but you scream like a convict during his first night in prison when someone suggests that the government should give us our own money back!
I love it when your true colors come out!
I want to see every person living in America pay their fair share.
Agreed - and so do most of the FairTax supporters. And the FairTax will do that.
Those very few who presently who "pay no income tax" actually do pay taxes that are embedded in the prices of things they buy. The myth that most people pay no taxes presently is just that - a myth. Take a look at the family effective income tax rates paid presently and you'll see that even those with little income pay income tax in one form or another. Even the lowest quintile has a positive effective income tax rate.
In addition, unlike even the lowest quintile of income tax payers, those in the underground economy pay no income tax but only the relatively small amount in embedded taxes. Under the FairTax, those in the U/E will pay substantially more in tax - and those who are not citizens will pay at the full FairTax marginal tax rate (the full 23%)since they are not eligible for the prebate.
Nice!
See what I mean? No sense of humor.
“moronic” I beg to differ......I will need mine to send right back to the IRS to pay my tax bill.
“moronic” I beg to differ......I will need mine to send right back to the IRS to pay my tax bill.
Simply not true.
I find most the IRS’er-save-the-status-quo posters to be quite humorous.
But I bet you’ll never get rid of the income tax.
Read the bill (which is readily available and easy to read) and you'll quickly see that it does remove the income tax provisions from the tax code, eliminates the IRS (defunds it), and requires the destruction of the income tax records.
Also the FairTax is not a VAT at all but greatly different in that it does not tax business to business transactions causing tax to be embedded in the products involved. It is a little like a VAT (collected at point of sale) with no applications for refunds (which is an administrative nightmare and manipulation problems) and has all of the benefits of a tax free IRA with no cap on savings and any earnings not taxed.
And the FairTax has been around in written form much longer that Huckabee (and other candidates) who have begun picking up on the fact that is has many supporters and is worth supporting.
Right you are!!
You don’t need a book at all. Just read the bill which is easily done.
And the flat tax??? Which version of the “flat tax” do you like ... there are many with none garnering much congregational cosponsiorship. And keep in mind any such tax is still an income tax - with the same problems.
So in your world, everything is black or white? If a person opposes the Fair Tax, s/he is a ‘IRSer’?
That’s sophomoric.
Yep, I’m afraid we’re about at that point.
On the bright side, though, there are hundreds of thousands, if not millions, who support the existing FairTax - and the congressional sponsorship and grassroots support is growing.
LOL! GREAT point. I wish I had thought of it. No they don't like to stir the income tax puddin'. Too much danger of upsetting their little applecarts.
Thanks for your service in Iraq.
What is the advantage of being a tax haven?
Oh...talk about no sense of humor! LOL...it is ok to give labels but not ok when getting one?
Ah...you so fonny, you by my numba won, luv yu long time.
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