Posted on 07/20/2024 8:20:07 AM PDT by Starman417
This should get rid of most of the irs.
Abolish the 16th Amendment first.
Won’t happen.
Anyone who wants additional taxation is an idiot.
Bzzzt! Much of the math behind the Fair Tax was from Dr. Dale Jorgenson. In his analysis he attributed the employee paid income and social security taxes to the employer to come up with the 22% embedded tax. Thus to save that 22% from the pre-tax price, the employers would have to reduce gross pay. If gross pay is maintained, then the price reduction would only be reduced by the employer share of the SS tax and their tax on profits. You can't get all three of: trillions of dollars of taxes, the current prices as the total price with the new tax and taking home your full gross pay.
See Free Republic 2005: JORGENSON EXPLODES FAIRTAX MYTH (FR Exclusive)
I like replacing the nightmare income tax system with a simple consumption tax. But the FairTax is not a free lunch. You don't take a quarter to a third of everyone's labor from them without pain.
It's magic!
My income tax is cut to zero and prices remain the same.
WOW!!!
Reduce employee pay by employee income and SS tax? So basically no pay check increase at all. Hilarious. Thanks!
the neoCON free traitors don’t want you to know that the U.S. government was 95% funded by TARIFFS for most of its history.
But tariffs make it so much harder for the elitist ivy league free traitor wall street raider scum to exploit cheap foreign labor and drive down american wages.
Isn’t this the same as Neal Boortz and John Linder’s plan years back?
Philosophically I like taxing what you take from society as consumption rather than what you put in through labor. There are problems during the transition where the ants who worked and saved to consume later get taxed twice while the grasshoppers who borrowed, spent and planned to repay later get taxed less. But the promises of the Fair Tax advocates that I could buy about 25% more goods and services for the same labor didn’t add up. My back of the envelope calculations were a 9% embedded tax. I begged the supporters for their math to get 22% embedded back then. Then Jorgenson’s assumptions were publicized and all became clear: much of the embedded tax is my paycheck.
The Fare Tax is economically sound in principal, while catastrophically delusional in practice. Unless the size and revenue demand of government is reduced massively, any NRST will demand such a large fraction of transactional cost that it WILL result in a huge black market, with government “revenooers” raiding private conduct desperate for cash. If you think the IRS is invasive now, you ain’t seen nothin.
Think of it as a flat rate, universally applied Value Added Tax, with fraud susceptible rebates to lower income folks.
“President Trump recently floated the idea of eliminating the federal income tax. “
The bankers that own the Fed will kill him first.
I prefer a restricted/blocked currency.
Trades of say American engines for an equal valued amount of Mexican auto parts would be tariff-free. Democrats and RINOs in DC should not be given more money to squander.
If GM simply bought Mexican auto parts, it might have to pay an unblocking tax of 10% in January 2026 going up by 1% monthly to 22% in January 2027 and to 34% in January 2028...
If Jose wanted to send money to Maria in Mexico, he might have to pay an unblocking tax of 10% in January 2026 going up by 1% monthly to 22% in January 2027 and to 34% in January 2028. If Jose simply paid for American food from El Paso and Maria paid for freight, neither would pay an unblocking percentage.
As a retiree, this is my main objection to the Not-All-That-Fair Tax. Either return the income taxes that I paid for decades, or exempt me from the increased sales tax.
I prefer a restricted/blocked currency over tariffs.
I also prefer to keep the now well-understood income tax system, but with caps in the Constitution to protect the middle class (those with government-supplied incomes of full-time federal civil servants).
Conceptually, this would replace current irs code.
“tariffs make it so much harder for the elitist ivy league free traitor wall street raider scum to exploit cheap foreign labor and drive down american wages.”
I suspect Chinese industrial wages are about a fourth of those of the USA. A 25% tariff isn’t going to make much of a dent in the approximate 300% difference.
Conceptually, I’m afraid it’s an additional tax.
No way is FedGov going to give up income tax.
We can’t even challenge the expansion of what is “income”. Tips are not “income”. Let’s see Trump reverse the tax code.
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