Posted on 04/19/2006 4:20:35 AM PDT by Eaglewatcher
It already works in two U.S. states Florida and Texas that have two of the top 20 economies in the world. South Carolina is one of 46 states in the nation that already have a mechanism in place for collecting a sales tax.
McWilliams conceded that 23 percent seems like a lot to pay in federal sales tax. But he said economic studies show that most American families pay more than that into the federal government under the current IRS-monitored system.
The rich will still buy expensive items and be taxed accordingly, he said, but the middle class willl be better able to operate their households. This will be a more stable source of federal income.
Globally, the United States will once again become the most attractive place for business and industrial investment once it does not have an income tax, McWilliams said. It worked in Ireland, he said, which abolished nearly all its taxes and has become the worlds number one country for investment.
It would provide an immediate economic stimulus, he said. And, without the IRS, and its 35 million annual citations and penalties against Americans, most levied against small businesses, McWilliams said people could reclaim their lives this time of year.
April 15, he said, would be just another spring day.
(Excerpt) Read more at indexjournal.com ...
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.
Your info is out of date.
look here:
http://www.euractiv.com/en/taxation/flat-tax/article-136190
(updated Jan/2006)
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)
Actually the tax code is now more than 60,000 pages.Actually, no it's not.
$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.
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