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 you have no idea what's going on.
Your mathematical example is wrong and I don't have any mathematical examples. Therefore I am right and I win the debate. LOL!!
I think I'm onto a possible new slogan here.
If I earn 133 and pay 33 in tax, what's the rate?
YOU said it was 33%, not me. YOU used the exclusive rate, not me. YOU can't do the simple calculation.
YOU are completely lost and embarrasing yourself.
BTW, your flat income tax has a 24.65% inclusive rate. A guy who earns 125 would pay 30.81 in tax, leaving him with 94.19. Do you get that?
lol! too long for an "SQL=" tagline... i tried!
I'm not the one hitting the Jack Daniels before wildly pounding on the keyboard.
Good one!
OUCH! You're right; the system we have makes it way too painless.
...Institution of the unfair tax might cause that to happen anyway though.
The fair tax only hurts those who have entrenched themselves and their livelihood in the current status quo.
You did it!!
The fair tax only hurts everyone who legally earns a living and invests in the US economy in the form of long term savings and investments.
Does the FairTax "prebate" constitute the largest welfare program in history, effectively putting every man, woman, and child in the USA on the dole?
Will the FairTax result in both a federal sales tax *AND* a federal income tax because it doesn't repeal the 16th Amendment to the US Constitution?
Yes, yes, and yes.
No, because people would have 30% more of their paycheck than they do now.
Will the FairTax result in both a federal sales tax *AND* a federal income tax because it doesn't repeal the 16th Amendment to the US Constitution?
The entire premise behind the fair tax is to repeal the 16th. Having been on these threads for as long as you have you know that. You are a prevaricator.
You are right, of course, and that is what the FairTax does. However, expecting most people to write a check for the amount they owe, money most will have already spent, is naive. The government then would simply expand and make more severe its collection efforts. We would then end up with a bigger gestapo that at present.
The FT collects it upon certain purchases and solves that problem. Insist on the FT.
No, because people would have 30% more of their paycheck than they do now.
Yes, because prices will increase 30% + 15% but you'll never know how much you're really paying because the [proposed] law insists on "tax inclusive" retail pricing.
Will the FairTax result in both a federal sales tax *AND* a federal income tax because it doesn't repeal the 16th Amendment to the US Constitution?
The entire premise behind the fair tax is to repeal the 16th. Having been on these threads for as long as you have you know that.
Yes, because the 16th Amendment was instituted based on a judicial decision that cannot be reversed as easily as the Amendment could be repealed, therefore the income tax could return at any time, by legislation, or judicial fiat.
gratuitous insult removed.
Since you seem to think everyhing your hero posts is right and without rancor, why don't YOU go there???
It will also give most taxpayers increased purchasing power and greatly help the economy grow rapidly.
You're right on the money. (pun intended) Then an evolved form of the flat tax most likely, seeing that the Unfair Tax has so many holes in it.
People will soon begin to realize that "their government" costs far more than they ever though since presently a good bit of the tax costs involved are hidden from them. Under the FairTax, these costs are all painfully visible to the taxpayer.
Lest you think that somehow any of the different (so-called) flat tax plans are any real solution - they're not since all of them continue withholding and payroll taxes, too (among other flaws).
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