Posted on 10/23/2021 5:03:14 PM PDT by Kevmo
FORGET INCOME!
TAX CONSUMPTION!
FORGET INCOME!
TAX CONSUMPTION!
FORGET INCOME!
TAX CONSUMPTION!
And it hasn’t happened because the tax code is the biggest social manipulation scheme government has. So many ways of carrot and stick that deep state would never give it up.
FORGET INCOME!
TAX CONSUMPTION!
1. I don’t see any other way. Perhaps you have a better approach that congress would approve of?
2. I think your definition of wartime works quite well. Declaration of war.
3. Balanced budget, paying down fed debt? Does the current plan do that? My answer is the same as theirs.
I agree. There was a proposal to put the tax paperwork on sumthin that fit on a postcard. I don’t think it ever went through.
A balanced budget amendment might work if we simply say you have to reduce every department {EVERY} by the same percentage to get the budget balanced.
A guy looking at getting bumped to another bracket today is leary of basically paying a lot more when he gets his raise. This way it would be much more gradual and foreseeable.
I supplied the parentheses for clarity. But they weren’t really needed.
***Same here. And I notice a lot of people freak out when we use the word ‘exponent’ so a sugar coating might look like
Gradually Increasing Flat Tax [GIFT] or some marketing pablum like that.
I think the poor should get used to paying income tax. And if you work the math right, the flatter the tax and the steeper the exponent... then the rich pay a higher burden, for the most part.
...objections to the FAIR tax...
Exemptions and “prebates”.
Best you explain what you REALLY mean.
And WHY you object to FAIRtax!
I done told you.
Seems a bit harsh for the poor, while the guys making 10x or 100x income are paying 2 to 4% more tax.
Maybe 5% * [income^1.07]
It seemed harsh for the poor to me too.
But you could probably tweak the factors or maybe the formula to find something that works.
That sounds good as a soundbite, but when you dig into the "fair tax" details "consumption" includes services.
"Under the FairTax, every person living in the United States pays a sales tax on purchases of new goods and services, excluding necessities due to the prebate. The FairTax rate after necessities is 23%"
That means that everyone who is self employed is going to end up having to collect the 23% tax on the work they provide, and pay it over to the government. In reality the price they can get for their work will be pushed down by some or all of the 23% since customers aren't going to be in a hurry to pay more for the services they buy.
Everyone that is self employed will end up being a tax collector for the government, and filing plenty of paperwork to show that they collected and paid over the right amount of tax. Your statement "How much a person earns is their business, not the governments!" won't apply to everyone who is self employed.
The real risk of the "fair tax" is that we will end up with it and an income tax, because in effect the "fair tax" is already an income tax for service providers.
My way of seeing it is we don’t need more tax revenue, we need less spending.
But there is nowhere on the bracket table where you get hit like that. Your rate goes up but you don't have a big step up in tax paid for any small increase in pay.
The amount paid at the top of a bracket is the same as the amount at the bottom of the next bracket. If you use the tax tables you get some effects from their $50 steps so a $1 increase in pay can result in a $12 increase in tax.
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