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To: lewislynn
I am going to respond to this, though I have read some of your posts, and it appears you, for some reason, are a slow learner. Your points seem to demonstrate a near total ignorance of the Fair Tax proposal.

Wages, salaries and self-employment income are required to be reported.

By whom? Certainly not the one that makes a purchase.

If you want a (GAG!)"prebate" you'll have to disclose your dependants.

This is the one point that separates you from demonstrating total ignorance of the Fair Tax. Obtaining a refund for overtaxation (prebate) does require disclosing some dependent information.

You are not "required" to disclose your charitable contributions now, what's your point?

You are "required" to do this if you want to pay the minimum legal tax.

How do you pay property taxes without the government knowing how much you paid?

I am sorry, I thought the topic was federal taxes. I do not pay property tax to the Feds. But, to get those wonderful federal income tax deductions, I have to tell the IRS how much I spent for the local property tax.

If you have profits it means you sold something, you'll have to keep books on what and how much you sold it for, if they're taxable or not and if so remit 23% of your gross...including 23% of your self-employment income from services...How is that different again?

You are way off. Profits are not taxed or reported to the government. Business record-keeping would also be simplified--a lot. The partners or stockholders may require detailed books to be kept, but the tax bureaucracy has no legitimate interest in net profit. They need to know the total of retail sales. If your sales are all to other businesses to use in their product, your business owes no Fair Tax. Items or services sold at retail would indeed require record-keeping, with records very similar to records used to pay state sales tax.

Savings and both interest paid and earned ARE taxable.

Wrong. Interest or dividends from investments are not taxed when received by the consumer. When paying "interest" on a loan, the payment has two components--interest and service. Fair Tax is paid on the service portion. The tax on financial instruments is only on the service portion. Buy stock at a brokerage and pay no tax on the stock and Fair Tax on the broker's commission.

That's because you're wrong on most if not all points.

I do wish you would try to read and comprehend the Fair Tax bill. It must be tiresome spreading so much misinformation.

123 posted on 01/09/2011 12:01:02 PM PST by Cracker Jack (If it weren't for the democrats, republicans would be the worst thing in Washington.)
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To: Cracker Jack
Wages, salaries and self-employment income are required to be reported.
By whom? Certainly not the one that makes a purchase.
LOL! HUH?

`SEC. 903. WAGES TO BE REPORTED TO SOCIAL SECURITY ADMINISTRATION.

You are "required" to do this if you want to pay the minimum legal tax.
No, you choose to do it, no one requires you to do it...were you saying someting about ignorance?
I am sorry, I thought the topic was federal taxes. I do not pay property tax to the Feds. But, to get those wonderful federal income tax deductions, I have to tell the IRS how much I spent for the local property tax.
Property taxes are public information. Even your neighbor can know how much you pay. The fact YOU CHOOSE to voluntarily tell the IRS is your problem...ignorance is bliss.
You are way off. Profits are not taxed or reported to the government.
The Fairtax law is NOT written for the consumer. The 23% rate is what the business pays, not the consumer. The 23% tax is a percentage OF the (taxable) gross including profits, so the Fairtax does indeed tax profits...Yet more ignorance of the concept
Wrong. Interest or dividends from investments are not taxed when received by the consumer. When paying "interest" on a loan, the payment has two components--interest and service. Fair Tax is paid on the service portion.
`(3) IMPLICITLY CHARGED FEES FOR FINANCIAL INTERMEDIATION SERVICES-

I do wish you would try to read and comprehend the Fair Tax bill. It must be tiresome spreading so much misinformation.

124 posted on 01/09/2011 7:14:36 PM PST by lewislynn ( What does the global warming movement and the Fairtax movement have in commom? Misinformation)
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