Posted on 01/14/2008 6:51:54 AM PST by K-oneTexas
What, because I believe in government of, by, and for the people, and I believe I'm one of the people?
Actually, SAJ, if the interest charged on a loan is a taxable service fee, which I have read it would be if the item purchased is new, then the Fed's rate setting would amount to setting the rate of interest on the loan indirectly, and would affect the amount of tax paid on any purchase made on credit.Actually the tax on interest is on any loan (new or used) purchase. The tax is 30% ON the difference between the rate you pay (or earn) and the coresponding Fed fund rate, which is determined monthly by yet another appointed pinhead called a secretary.
Go to HR25: `SEC. 801. DETERMINATION OF FINANCIAL INTERMEDIATION SERVICES AMOUNT. under `(3) IMPLICITLY CHARGED FEES FOR FINANCIAL INTERMEDIATION SERVICES.
You can be one of very few to ever read it including the chest pounding, book thumping Fairtax parrots.
And to you and yours, as well!
What, because I believe in government of, by, and for the people, and I believe I'm one of the people?So you're only one of the people now? A minute ago you were dictating what state tax collectors would or wouldn't do...
Did you or do you have anything of interest to say about the subject of this thread that you'd like to discuss? Or are we going to continue to make it about you?
It is reported both ways - every month.Apparently only for rubes.
Since the average person who paid off a 30-year loan at 9% will pay three times the initial amount borrowed, (counting taxes and insurance), the government will eventually collect 90% of the principle amount in taxes on the purchase, effectively raising the payout amount to four times the amount borrowed.
Instead of a deduction for interest, you get taxed on it.
That is just one example, vehicles, and any other goods one might normally finance as well, would be taxed on base price, and interest paid.
I forsee a serious slump in purchases in my magic 8 ball if this ever passes...
I was predicting what state tax collectors ate likely to do -- and what I'll attempt to tell them to do. If they're in my state, of course. If they're not in my state, they're not my problem.
What, is this political science for slow kindergartners? We are the government. "[T]o achieve these ends, governments are instituted among men, deriving their just powers from the consent of the governed." The governed -- that's us, dude.
The dipwads in DC, or in [insert your state capital here], work for us. Yeah -- I have not only the right but the duty to tell them what to do and where they can hit the curb if they don't. And then I can round up some folks. If you disagree with my plan, you can round up some folks. The winner's gonna be the guy with the most folks.
This ain't rocket surgery.
Never happen, and won’t happen - it’s not a requirement of the bill, and would never stand legal challenges.
So I guess you two go collecting roadside deposit cans together?
¿Que? For most of the last half-millennium, taxes were assessed by head or collected at the border.Do you really want to fall back on the tax model of King George or King Herod?
the sales tax, especially one at 500% of what is "normal and customary", has never been applied is such a manor.
Are you just making this up as you go? The dominant tax model worldwide is the VAT, at rates around 15%, give or take a few points. If a 30% retail sales tax is five times what is :"normal and customary," I think there is at least one word there that I do not think means what you think it means.
1) Check your history again. You are misinformed.
2) The average US sales tax is around 5%.. care to stay on topic and try again?
I shall take that under advisement. If you tried, really tried, could you be less specific?
2) The average US sales tax is around 5%.. care to stay on topic and try again?
Ah. I get it. When you talk about raising sales taxes by 500%, you're talking about federal taxes vs. sate and local -- as if there weren't a vast and costly federal government, and a whole wide word outside of the US. "Normal and customary," to you, means what you know from the US -- the rest of the world is, pssssht, out there.
And "normal and customary" is critically important, because we should never, ever, think about doing what we have not done before. Because then we might accidentally find a New World or land on the moon or something.
Uncle Sam has his boot on your neck. If you don't feel it, it's only because you're used to it. The Fair Tax lets you see what you pay to support your government -- every day, on every receipt. The system in place hides the cost. You don't miss your money, because you never had it.
And after you file your return, after you lay bare the intimate details of your finances, you might just get some of your money back, hoo-f'n-ray.
Not really.
You still refuse to answer.
Hmmm .... Never considered that angle.
If you buy 100 shares of AmericanWidget stock, would the Fair Taxers want to get their 23% tax up front, guaranteed, instead of waiting to see if the investment actually makes a profit as the current system does.
I wonder what the consequences would be.
FWIW.. I just signed the check for my 4th quarter personal estimate.. it was only $500,000.
If you’re that worried about your freedom... start fighting for term limits, spending control, and line item vetos.
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