The Fair Tax examined on day many filers ship off their returns

The Index Journal ^ | April 18, 2006 | VIC MacDONALD

[socialismisinsidious]

Actually, that is a big fat hairy deal...enough to hire another worker or two depending on the business.

Are you implying that a business wouldn't bother b/c the wouldn't be paid enough? Why are they doing it now? We are talking about one more line on the sales tax reporting form..fill it out as they do now and send it to the state.

[Man50D]

$92,000. Big Fat Hairy Deal.

What is any business being paid now by any level of government to collect taxes? Answer: $0.00. Any prudent business person would not pass up the chance to collect $92,000 from the government.

[xcamel]

Your info is out of date.
look here:
http://www.euractiv.com/en/taxation/flat-tax/article-136190
(updated Jan/2006)

[Man50D]

Your info is out of date.

My information is current. The current date is just below the Worldwide Tax.com logo. Updated May 3, 2006. You obviously didn't visit the site.

[xcamel]

That's the date you accessed the page not the date of the info contained on it.

[mo]

We are all adults. We have a job to get done. Shared community resources require taxation to develop and maintain. We can do it without rummaging through one another's pocketbooks and bank accounts. BTW, the FairTax could capture revenue from illegal's spending..and remove a reason they come to the USA at the same time.(untaxed earnings)

[Your Nightmare]

Actually the tax code is now more than 60,000 pages.

Actually, no it's not.

The CCH Standard Federal Tax Reporter is 60,000+ pages but that is a cumulative record of "full text of Internal Revenue Code sections; regulations and proposed regulations; excerpts of committee reports; CCH explanations; and annotations of cases and rulings beginning in 1913." Why do people find it so shocking that a cumulative record get larger every year? Out of ~23 volumes of the Standard Federal Tax Reporter, two are devoted to the Internal Revenue Code (and those two volumes include CCH's notations).

[Your Nightmare]

$92,000. Big Fat Hairy Deal.

What these guys don't seem to realize is that the greatest sales tax compliance cost for a retail business isn't collecting and remitting the tax, it's the credit card processing fees on the increase in the sales price. If a business pays a 2% credit processing fee, the $2 they would have paid on a $100 purchase becomes $2.60 when the 30% tax is added. So the business pays 2% of the tax to the processing company and the government gives them 0.25%. Doesn't sound like much of a deal to me.

The Washington State Department of Revenue did a study on the cost of retailers collecting and remitting sales taxes and determined that sales tax compliance cost retailers 1.42% of the tax remitted. It also hit small retail business particularly hard. It cost them 6.47% of the tax remitted to comply with the sales tax.

[xcamel]

In NY it's about 13 basis points higher. You are required to remit on all sales, even if uncollected. The $20 million in in-house credit sales would amount to $600,000 in pre-paid NRST - regardless of how long (if ever) it takes you to collect. Kiss your cashflow goodbye, or worse, get forced into borrowing at 8% to cover the cash, and get a lousy .0025 back for your trouble. It's total horse-hockey.