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To: Bigun; Your Nightmare
It certainly is and it's really to bad that you, and some others here, either cannot read and correctly interpret what it says ...
`(d) Old-Age, Survivors and Disability Insurance Rate- The old-age, survivors and disability insurance rate shall be determined by the Social Security Administration. The old-age, survivors and disability insurance rate shall be that sales tax rate which is necessary to raise the same amount of revenue that would have been raised by imposing a 12.4 percent tax on the Social Security wage base (including self-employment income) as determined in accordance with chapter 21 of the Internal Revenue Code most recently in effect prior to the enactment of this Act. The rate shall be determined using actuarially sound methodology and announced at least 6 months prior to the beginning of the Calendar year for which it applies.

Yea, judging by past experience with your interpretations I can see how those words like "shall be determined" And "shall be that sales tax rate" are difficult for you Fairtaxers to interpret.

393 posted on 10/19/2006 7:43:59 AM PDT by lewislynn (Fairtax = lies, hope, wishful thinking, conjecture and lack of logic.)
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To: lewislynn
Lewis my friend what is being talked about there is that the portion of the overall 23% rate required to raise that amount of money shall be determined by the Social Security Administration. The old-age, survivors and disability insurance rate shall be that sales tax rate which is necessary to raise the same amount of revenue that would have been raised by imposing a 12.4 percent tax on the Social Security wage base (including self-employment income) as determined in accordance with chapter 21 of the Internal Revenue Code most recently in effect prior to the enactment of this Act. The rate shall be determined using actuarially sound methodology and announced at least 6 months prior to the beginning of the Calendar year for which it applies.

You do know that those things are required to be seperately stated on reciepts under the fairtax don't you?

396 posted on 10/19/2006 8:08:49 AM PDT by Bigun (IRS sucks @getridof it.com)
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