Posted on 11/07/2005 10:55:20 AM PST by Eaglewatcher
Why is the FairTax better than our current system? Our present tax system is one of the reasons that people are finding it so difficult to get ahead these days. It is one of the reasons the next generation may not have a standard of living as high as this generation. Cars replaced the horse and buggy, the telephone replaced the telegraph, and the FairTax replaces the income tax. The income tax is holding us back and making it more difficult than it needs to be to improve our families’ standard of living. It makes it needlessly difficult for our businesses to compete in international markets. It wastes vast resources on complying with needless paperwork. We can do better and we must.
If anyone would like to be added to this ping list let me know.
John Linder in the House(HR25) & Saxby Chambliss Senate(S25) offer a comprehensive bill to kill all income and SS/Medicare payroll taxes outright and replace them with with a national retail sales tax administered by the states.
H.R.25,S.25
A bill to promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national retail sales tax to be administered primarily by the States.Refer for additional information:
I see the Fair Tax as the perfect opportunity for dual taxation. Once everybody is on the Nat'l Sales Tax, with the 16th still in place, some "budget emergency" will come along, and a "small" income tax, starting out on just the wealthy of course, will be implemented. Just like the current income tax got started. Bottom line: I will not support the Fair Tax if the 16th is still in place. Write it so the sales tax cannot go into effect until the 16th is repealed, and you might have something.
Rep. Bill Archer, Chairman, House Ways and Means Committee:
"A recent survey was done, in Europe and Japan, of the major corporations and I was astounded at the results. They were asked, 'If the US abolished its income tax and went to a sales tax, would that have any impact on your decisions?' Eighty percent of the corporations said they would build their factories in the United States of America. Twenty percent said they would move their international headquarters to the United States of America."
That's the short list. For more information see fairtax.org or search: "national sales tax" OR "national retail sales tax"
Ummm, yes they can. The tax cut has stimulated our economy and has lead to several years of growth.
If the dollar loses value anymore, the possibility of the Euro becoming the dominant currency will move further out of the realms of pure fantasy and into the realms of all likelyhood.
Ummm, the Euro has been weak against the dollar this year.
Once everybody is on the Nat'l Sales Tax, with the 16th still in place, some "budget emergency" will come along, and a "small" income tax, starting out on just the wealthy of course, will be implemented.
We have had 100years with the income tax and every opportunity in dunderhead Congresses to implement a sales tax on top of income taxes. It hasn't happened yet and is unlikely to happen for one very good reason. The American electorate would decimate any politician that tries it.
Just like the current income tax got started.
I see, only problem with that scenario is that the NRST proposed is proposed as a complete replacement not incremental at all. If it is done, it will only be accomplished because the electorate demands that total replacement and convincing folks to take on an income tax any time soon after forcing Congress Critter's to abandon the current system over extreme objections is just plain not rational.
Bottom line: I will not support the Fair Tax if the 16th is still in place. Write it so the sales tax cannot go into effect until the 16th is repealed, and you might have something.
Guess you will be stuck with your income tax then if the rest of us are unsucessful in repealing the income tax and replacing it with an NRST. Guaranteed your conditions are is one certain way to assure an NRST will not replace the income tax system. As the last 100years of experience in attempting to get rid of income taxes has demonstrated.
I wouldn't worry about the Euro. Europe is a has been. It's a socialist cesspool and population growth projections are so dismal that maintaining an industrial base could be impossible in a few years. The economic and military power of the US is where I'd make my long term currency bets.
AP
Dollar Reaches 18-Month High Against Euro
Monday November 7, 4:05 pm ET
By Matt Moore, AP Business Writer
FRANKFURT, Germany (AP) -- The U.S. dollar built on gains from last week, pushing the 12-nation euro to below $1.18 Monday.
In late New York trading, the euro bought $1.1793, down from $1.182 in New York on Friday. It last touched those levels in May 2004 and at its debut on Jan. 1, 1999, when it bought $1.179. The U.S. currency also briefly rose to a 26-month high against the Japanese yen, hitting 118.38 yen before falling back to 117.62 yen.
The dollar was helped by the 12th straight increase in the overnight lending rate between banks Tuesday at a meeting of the U.S. Federal Reserve. Policy makers raised the rate to 4 percent, the highest level in more than four years. By contrast, the European Central Bank left its rate unchanged last week at 2 percent, where it has been for almost 2 1/2 years.
Carl B. Weinberg, chief economist for Valhalla, New York-based High Frequency Economics Ltd., said the dollar would hold its ground against the euro because of U.S. willingness to raise interest rates.
"Starting in 2004, the Fed started to normalize interest rates," he said. "A return to more normal spreads started a process of normalizing the dollar's value. This is the dollar appreciation we have been seeing recently."
Higher interest rates help boost the U.S. currency by making dollar-denominated securities relatively more attractive.
The dollar also got a boost on Friday after the U.S. Labor Department reported that payrolls grew by 56,000 in October. The figure was lower than expected, but still seen as a sign the U.S. job market was slowing recovering from the effects of Hurricane Katrina.
The euro, meanwhile, suffered from worries about the riots in France. Violence has continued for more than a week across the country, as rioters torched cars and buildings in the worst civil unrest there in at least a decade.
The British pound fell to $1.7434 from 1.7510 in New York, after weaker-than-expected manufacturing data showed output falling 0.3 percent on the month in September, its biggest monthly drop since March. The dollar rose to 1.3083 Swiss francs from 1.3059, and to 1.1894 Canadian dollars from 1.1834.
I don't understand where all these dollar paranoids come from. There is good money to be made right now buying the dollar on weakness.
Because FREEDOM is always better than slavery!
All? What about the PREBATE that goes with the FairTax: EVERY family gets a PREBATE of $180-$700 a MONTH, depending on family size?
Oh -- and BTW: what happened to the 1986 tax reform, pushed by FLAT TAXERS who had to compromise, leave the IRS in place, and watch 40,000 pages added to the federal tax code since?
Willie,
You're nose is growing. The FairTax is NOT regressive. The prebate assures that the FairTax is at least as progressive as the current system.
Willie isn't very creative......does that everytime a FairTax article is posted. It's an adolescent stunt....but I would expect nothing more.
Yeah, yeah, yeah...
The evil IRS boogeyman is replaced by "compassionate" cradle-to-grave Social Security redistribution for the masses...
The Middle Class gets squashed like a bug under the oppressive burden of this scheme, and elite investors become lords of a 21st Century feudal system.
The convoluted "simplicity" of the NRST is a pile of crap.
Family size???
What about not having to report such information to the government?
Now they need to know your family size?
Does that include "special" families?
Nowadays, families aren't just Mom & Pop, two kids, a cat and a dog anymore.
Linder's probably expanding the definition to include gerbils, just to get Barney Frank's vote.
What about not having to report such information to the government?
So don't report how many are in your household. 0 legal residents get the appropriate amount of sales tax rebate, $0.
H.R.25Fair Tax Act of 2005 (Introduced in House)
`SEC. 301. FAMILY CONSUMPTION ALLOWANCE.`Each qualified family shall be eligible to receive a sales tax rebate each month. The sales tax rebate shall be in an amount equal to the product of--
`SEC. 302. QUALIFIED FAMILY.`(a) General Rule- For purposes of this chapter, the term `qualified family' shall mean 1 or more family members sharing a common residence. All family members sharing a common residence shall be considered as part of 1 qualified family. `(b) Family Size Determination-
*** SNIP ***
`(d) Annual Registration- In order to receive the family consumption allowance provided by section 301, a qualified family must register with the sales tax administering authority in a form prescribed by the Secretary. The annual registration form shall provide--
`(e) Registration not Mandatory- Registration is not mandatory for any qualified family. `(f) Effect of Failure to Provide Annual Registration- Any qualified family that fails to register in accordance with this section within 30 days of the family determination date, shall cease receiving the monthly family consumption allowance in the month beginning 90 days after the family determination date. `(g) Effect of Curing Failure to Provide Annual Registration- Any qualified family that failed to timely make its annual registration in accordance with this section but subsequently cures its failure to register, shall be entitled to up to 6 months of lapsed sales tax rebate payments. No interest on lapsed payment amount shall be paid. |
LIVE FREE OR DIE!
Oh, I was hoping you already had a well-thought-out response to this part of the FairTax, which has ALWAYS been a part of it. I'm sorry I mistook you for someone who'd done their homework before spouting off so voluminously, constantly and self-righteously.
You think stating the obvious is an adolescent stunt?
BTW, do you still work for the FairTax organization?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.