Posted on 08/27/2006 6:11:19 AM PDT by Man50D
President Bush has said it is time to address to address income tax reform. The Fair Tax Act deserves a serious look. House Speaker Dennis Hastert wants it brought to the floor for a vote. Majority leader Tom Delay supported it. Over fifty five Representative are cosponsoring presently it and more are jumping on board.
The Fair Tax Act(HR25/S1493)proposal covers three basic areas:
**Payroll taxes
Each payday, I lose 17.5% of my paycheck to taxes(10% to income tax, 6.1 percent to Social Security, and 1.4% to Medicare). This Fair Tax proposal would let me keep that entire 17.5%
My employer would no longer have to pay corporate income taxes ot the employer portion of my Social Security and Medicare taxes(another 7.5% of my salary).
Most citizens don't realize that with our present system, corporations don't effectively pay income taxes-only consumers do. Corporations and their suppliers simply pass on their taxation costs up the line until the final tax payment is made by the consumer himself through the increase in the price of goods bought. This has been true since the income tax was intiated around 90 years ago and will always be true as part and parcel of the very system of income taxation itself.
(Excerpt) Read more at associatedcontent.com ...
lol yaad!
That's right! Under the nrst, prices fall at least 9%. So it won' tbe a $100 bat! It'll be a $91 bat! lol yraad!
simply beyond ignorant.
supposing a 25% effective rate for income and payroll taxes combined.How does 25% effective rate become 33%?A baseball bat, which today has a $100 price tag, would cost $133 in earnings
Under the nrst, that same bat will cost $108.You're short $10.00
Oh wait, they must have bought it at the principled house of discounts...Where principled buys it for $91 then sells it for $82 hoping to make a profit on volume.
It's merely his way of keeping up his own self-adulation and letting everyone know how truly lucky we are o have his posting on these thread. Actually, almost everything he posts is wrong.
It eliminates ALL withheld taxes - that's a lot more than 7.65% in any of my payroll stubs - not to mention, the self-employed will not have the mounds of paperwork to struggle through - and record keeping - and paying DOUBLE social security - at over 15%
What is the amount of tax? ===> $33
What was his total income?===> $133
Tax rate inclusive: 33/133=24.8%
Tax rate exclusive: 33/100=33.3%
Golly lewis, you did an exclusive rate calculation on income! You thought it was impossible. Poor idiot.
Second, how will the bat cost $108?
Here's how: today, the price is $100
Using the lowball 9% savings stipulated by anti-reformers, the price becomes $91. [lewis, that's 100*(1-.09)]
Then my effective fairtax rate is 16%. So I need to earn $108.
You are dumb.
common sense - lot's of obfuscation tho
he he 44=33
avoid grandkids inlap while FReeping!
psst lewis... what's 25% of 133?
25% of 133 is.....33!
hmmmm, what rate would that be?.....
All us dirty old pigs thank U.
hey scamel, you think you could help lewis understand how paying $33 in tax out of $133 earnings is a 25% tax?
Post #32. !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Did you see lewis? ANother classic...
says $33 in tax out of $133 earnings is a 33% tax.
how long has he been saying there's no such thing as an exclusive rate on income taxes. IDIOT!!!!!!!!
ezy there ol' guy 'fore your pacemaker burns out...
Most people can spot your little markup vs margin game too.
Simply beyond ignorant.
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