It will remind me of you, and to heed your excellent advice.
Posted on 09/03/2006 5:18:40 AM PDT by Man50D
Abolish the federal income tax!
No more taxes on savings and investments!
A "Fair Tax" can completely fund the federal government, Social Security and Medicare!
You control how much you spend!
So what are we waiting for?
You, the taxpayers of America burdened with an income tax that is costly, wasteful and sinking America into inevitable bankruptcy. All current forms of federal taxation would end! You would keep 100 percent of your paycheck. You control how you spend your paycheck. It's your money. You make the decisions as to how you want to spend your money.
The Fair Tax would create more jobs and give the USA a level playing field when selling overseas. United States Senator John Linder (R-Georgia) is sponsoring the "Fair Tax Act of 2005." If enacted by Congress, it would accomplish all of the above. Simple. Easy. And affordable.
It's the best way to downsize government without disrupting the economy.
To join the "Fair Tax" movement in America, just sign the "Economic Freedom & Fairness" Petition supporting forward-thinking solutions. Go to www.grassfire.net and liberate the working class of taxpayers. Grassfire is trying to give the working class the same kind of freedom America's founders gave to those who joined the American Revolution in 1776 with the "Declaration of Independence." We won the Revolutionary War, but have lost our country since the 16th Amendment (income tax) became "Law" in 1913.
(Excerpt) Read more at bayshorenews.com ...
The reason that so many are against the FairTax is that it is based on faulty assumptions, and sold using misrepresentation. There are many things about the present system that need to be fixed, but the FairTax is not the answer.
Federal, state and local government currently deduct taxes (withholding) from the employee's paycheck and forward the money to the taxing authority (the employee pays). The FairTaxers would have us believe that government employees will get their entire check (no taxes withheld) and the agency will pay an additional 30% in taxes (government pays). Either the employee gets the whole enchilada, take home plus what was deducted in tax, and government kicks in an additional 30% (government cost per employee goes up); or the FairTaxers are misleading, and the employee will have the 30% tax deducted from his pay. (pay to the employee goes down, but cost per employee stays the same).
We just know better than support a giant untested red herring, with no regard for real-world socioeconomic impacts, excellent real-world alternatives such as flat taxes, or blindly following a well funded organization that is the functional equivalent of Al Queda on jihad against the IRS, entirely unable to separate tax law from tax law enforcement.
Like I said I am here to learn something. Do you think the Fair Tax would underfund or overfund the government. Screw the little people? Personally, as a conservative, I am looking to pay less taxes if possible. I would think this plan would make the people not paying anything now contributors and thus lower my taxes. Am I wrong here?
Yes. Those three men were afraid that the Social Security Tax would follow where the Medicare Tax has already gone and be levied on all income. And with good reason.
The "23% inclusive" level in the bill is the same as a 30% sales tax (29.87% to be precise) as we usually define a sales tax. At this level, the government will be significantly underfunded because the government has to pay the FairTax on everything they purchase, plus on all employee salaries, plus all employee benefits (except for education employees).
This alone will require the FairTax to be 37% when expressed as a regular Sales Tax. And such a large tax will cause people to buy less, or buy used, or barter, or go to the black market, or use business exemptions to make the purchases. This will reduce the number of taxable sales, and cause the FairTax rate again to have to be raised to generate the required revenue.
So, it is not a stretch to say that the rate of 50% when expressed as a normal sales is possible, and this will not work. There are other problems such as every man, woman and child in the USA being put on the monthly dole with the socialist prebate, and the fact that state and local govts also have to pay the tax on all of their purchases, salaries and benefits, which will cause the cost of state and local govts to rise significantly, and you know what they'll have to do to solve that.
The FairTax sounds good, but in actuality it won't work.
The National Retail Federation, the guys who would be charged with collecting the tax and, according to pigdog, would see their business grow and be well paid for collecting the tax, is against the FairTax.
On the other hand, The American Farm Bureau, with members feeding heartily at the government trough, support the FairTax even though pigdog says the FairTax will limit the influence lobbyists have on politicians.
Pigdog would have us believe that both groups would vote against their interests.
It is quite certainly possible to determine the amount paid either under the income tax or under the FairTax. With the income tax, the effective tax rate is presented in some detain by the CBO comprehensive household income information. With the FairTax, the marginal rate is know (specified in the bill in fact) as is the prebate information and the things that are not taxed (which are far more than just "used things"). Knowing all that about the FairTax it is a matter of simple arithmetic to determine the effective tax rate for a given income amount ... just as it is to determine it under the income tax.
You income tax idjits don't like that, of course, since it shows the income tax in an (exceedingly) poor light by benefiting almost every taxpayer under the FairTax. Your crowd is just driven nutso boffo by that.
Oh, one more thing, Looey, under the FairTax people do not pay "30%" on anything - that's a mythical marginal tax rate that isn't even true. They will pay much less as an effective tax rate which is "where the rubber meets the road" since it's what you end up paying the government out of your own pocket.
But I thought you knew that.
If you buy a $1,000 item, you will see on the receipt $298.70 of tax added, and a total of $1,298.70 (if the 23% inclusive rate were correct, and it is much too low). This is a "30% tax" and it will be seen on each and every receipt.
And there is nothing "mythical" about the marginal rate at all.
Try it, you'll like it.
Actually you are confused. Our crowd thinks you are nutso boffo when you say that.
Reeling is preferable to sneering - and probably will lose you fewer customers. You could also try being honest, nice, and reasonable - no matter how much it hurts.
yeah, I had my entire kitchen entiled last year and it took a while, but no tarantulas were killed.
FairTaxers like to claim that those engaged in untaxed black market activities will be paying their fair share under their scheme. They also claim that once hidden taxes are removed from products and services, prices will fall roughly equivalent to the amount the FairTax will add (though they're backing off that somewhat). In other words, black marketers would pay about what they are paying now, but those with SS numbers would also get the prebate.
Low income people in the first quintile would actually come out ahead thanks to the miracle of the prebate while those of us in the middle three quintiles would pay more in tax.
The only rational way to reduce taxes, that I can see, is to get spending and the debt under control. That makes no fancy promises, requires work and constant vigilance, but most of us find that real life in the grown-up world is such.
sheesh.
It will remind me of you, and to heed your excellent advice.
In your case "FReeper" being singular.
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