Posted on 09/14/2005 1:22:09 PM PDT by ancient_geezer
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John Linder in the House(HR25) & Saxby Chambliss Senate(S25) offer a comprehensive bill to kill all income and 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:
Still see Neal has yet to 'correct' his little $1.3 Trillion lie.
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John Linder in the House(HR25) & Saxby Chambliss Senate(S25) offer a comprehensive bill to kill all income and 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:
It may be that some of the opponents for the FairTax are getting "twitchy" since it is causing such a stir.
FT Bump!
The more they opponents squeal, the more attention the FairTax legislation gets and the more people look into what it is really about.
Any news that raises awareness and debate is good news for ultimate success of the FairTax Act.
From Money Magazine:
Toward the end of The FairTax Book, there's a handy little box summarizing what the authors say will happen if we make the switch to a sales tax. Here are the first three points:
From our checks.
Consumption tax we would be expected to pay on life's basic necessities.
This sounds pretty good. Of course, we know that it isn't nearly as big a gift as it seems because we'll have to pay some of it back in taxes when we buy things at the store, right? Er, apparently not. Boortz and Linder write:
We'll explain this bit about "embedded taxes" in a moment. But first, let's consider what Boortz and Linder appear to be saying. Prices at the store are the same. Your boss stops taking all that money out of your paycheck. Uncle Sam is sending you money instead. And, oh yeah, the government is still up and running.
This just can't happen. "It is practically and logically impossible for the government be collecting the same amount of money as before and have everyone suddenly be better off," says Daniel Shaviro, a tax law professor at New York University.
Part of the problem is the way Boortz and Linder are using the idea of embedded taxes. In an eight-year-old study paid for by AFFT, Harvard economist Dale Jorgenson noted that because the taxes paid by everyone in the chain of production are embedded in the cost of goods, prices could decline an average of 20 percent if all those taxes were scrapped. The FairTax Book devotes an entire chapter to this idea.
What The FairTax Book fails to mention is that prices can only fall this sharply if companies cut wages. I asked Jorgenson about this, and he agreed. Say your salary is $100,000 a year today, but you take home $80,000 after taxes.
Your company is still paying that extra $20,000. In a FairTax world, it will save that money, and be able to lower its prices accordingly, only if it can reduce your salary to $80,000. In other words, your take-home pay is the same as before. Sure, you'd get to "keep 100 percent of your paycheck," as Boortz and Linder repeatedly write, but it would be a smaller paycheck. That's kind of a big thing to leave out.
I pressed the point with Boortz and Linder. Boortz denies that the book intentionally overpromises. The introduction, he notes, emphasizes that "this book isn't about saving a penny in taxes." But he concedes that the book is confusing about this, and vows to correct it in later printings. Fair enough.
Meanwhile, these guys want to replace the entire tax code, they've ignited a populist movement to get it done, and tens of thousands of copies of the uncorrected book make the FairTax sound like magic.
MONEY finds flaw in 'FairTax' bestseller
While consumers would pay a federal sales tax on purchased items, the authors argue that prices at the store would stay the same. The reason: everyone involved in the process of production would no longer be paying taxes, so they could charge less for their goods and labor.
If true, that would mean a dramatic increase in Americans' purchasing power.
But, according to the MONEY report, the book fails to make clear that, in order for pre-tax prices to fall so sharply, companies would also have to cut wages they pay.
"Sure, you'd get to 'keep 100 percent of your paycheck,' as Boortz and Linder repeatedly write, but it would be a smaller paycheck," MONEY senior editor Pat Regnier writes. "That's kind of a big thing to leave out."
We'll soon see the bogus "MONEY Magazine" liberal hitpiece which is based upon the same incorrect interpretations as was Robbie's similar malinterpretations in his many vanity postings about their own naval-lint.
Actually, it looks like the more the FairTax gets exposure, the more lies that are uncovered.
It's not magic.
It's called 'Freedom'.
Then quit lying.
See there ... 2 Squirrels chattering already. I'm sure there'll soon be more along with all their name-calling as well as the untruths.
"Incorrect interpretations"? You are just too much. You post just bring a smile to my face.
See there ... 2 Squirrels chattering already. I'm sure there'll soon be more along with all their name-calling as well as the untruths.And "squirrel" isn't name-calling? Hypocrite.
LOL, yeah right a hit piece. You continue to attack RobFromGA, and he is not even here to defend himself. You can't defend the facts of the article, the fact that fairtaxers.org and Boortz and Linder lie about the research, so you attack the source. Money magazine is just is presenting facts. Facts that you can't deal with.
Then quit lying.I wasn't the one that said consumer prices could stay the same while take-home pay went up. If you may remember, I spent the last couple of years trying to expose that FairTax lie. Where were you? Helping to spread it?
Can pigdog even address someone who doesn't drink the fairtax koolaid without name-calling?
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