[Taxman]

I’m very pleased to see this — Rep. Woodall promised to introduce the legislation when he announced his run to succeed Rep. Linder. Woodall worked for Linder since 1994 and has been a FairTax supporter FRom the original get-go in 1999.

He will be an excellent representative for Georgia and the FairTax.

[Sun]

“I’m very pleased to see this “

Me too. Now all we need is a decent POTUS.

[austingirl]

Fair Tax bump - any income tax is wrong! Tax spending, the underground economy. I am proud to see so many Texas sponsors.

[Cracker Jack]

I have noticed these Fair Tax discussions seem to come up most frequently during “tax season”, which for me is December through April 15. I spent several days in December assembling data to estimate my 2010 taxes and planning moves to (legally) minimize my income tax. During January and February, I will be reviewing W-2’s, 1099’s of various sorts, business expenses and receipts and collecting deduction information. Then I will assemble a package to send to my tax accountant. I may then file about March 15, unless I owe more tax. Then filing date will be April 15.

I mention this because the Fair Tax works way different than this. With the Fair Tax:

1. Tax is paid when I buy something and it is over. I don't have to tell the government where I got the money, or how many dependents I have, or what I gave to charity, or how much property tax I paid. I pay tax every time I buy something at retail. (Used items are tax-free.) There is no “tax season”. April 15 is just another day.

2. I don't have to keep track of where my money comes from, or how much tax has been withheld. Salary, profits, capital gains, dividends are all the same. I pay tax when I spend it, not when I earn it. And the government no longer cares about depreciation, or which formula was used to calculate it for a particular item.

3. Cute little gimmicks to defer taxes, like IRA’s (standard or Roth) or 401(k)’s or 403(c)’s, are totally unnecessary. Saving accounts are savings accounts. Income from them is not taxed until it is spent.

4. I don't have to keep track of donations to charities or worry about whether they are registered as a 501(c)(3) with the IRS.

5. It is no longer any of the government's business how much income I have. Fair Tax payments are anonymous, so they don't know how I spend it either.

As I read these posts, I see very little discussion of how much life would be simplified by the Fair Tax. That is a major benefit for me. Depending upon whose flat tax proposal is used, very little of the complexity of the current system goes away. What does a flat tax really gain us?

[1-Eagle]

I’m a bit late to see the thread. I travel all the time, its my job.

National sales tax is actually the singular thing that could destroy the progressive movement. When all citizens become ‘vested’ in the taxation issue, it will destroy the class warfare card played by progressives, and make pleas for “investing” in progressives little communist programs very unpopular because raising taxes means EVERYBODY pays more taxes. Kind of takes the fun out of massive wasteful spending.

If phased in incrementally, while fed withholding is phased out also incrementally, there should be limited impact on economy. If the process begins with phase out of withholding first, there could actually be a small uptick in economy seems to me. Since the idea of a ‘tax holiday’ to spur economy has already been floating around, it seems possible.

What we need are some pres candidates to push this. If they wwin they can claim a mandate for it. Fairtax sounds like a step in right direction but National Sales Tax is better . Neal Bortz has been pushing it for years.

Even illegals and tourists would have to pay a national sales tax, another bonus.