I predict some will not read what's written above and immediately start ranting it's too big , too big, too big! wah! wah! wah! Just watch, scroll down, you'll see them :)
“25% Federal Sales Tax at checkout?”
Europeans have what they call a value-added tax. I recollect a rate as high as 22%. It is collected at various stages to cut down on tax evasion.
I love the idea of a national sales tax as long as all income taxes are simultaneously made illegal.
I sort of lean toward a 10% basic federal income 1040 tax, which would up to say $5000 (on $50,000 of income) simply be a forced savings scheme to replace welfare. States would fund essential welfare services for those that have not generated enough savings.
Higher income folks would pay income tax on income above $50,000 to fund constitutional government operation.
Income tax on really high incomes would be devoted to national debt service so Democrats can’t buy votes by raising the taxes on high incomes.
The old age SS tax scheme would remain, unless your parents died and you chose to opt-out and fund your own retirement at FICA rates. FDR’s SS was initially a forced saving scheme.
“Because 51 years elapsed between a flawed unconstitutional income tax passed in 1862 (quickly repealed) and the 1913 16th Amendment.”
It’s quaint how they thought they had to go to the trouble of amending the Constitution. It’s disturbing that anyone fell for it.
Waaaay too complicated.
Just institute a flat %-age across the board and eliminate sales tax all together.
Ensures that everyone pays a fair share.
I didnt read through all of this...
What would become of state sales taxes? Would those be eliminated too? Or would this “fair tax” be on top of those?
And how would that be implemented? Congress would never vote for something that "requires" them to do anything. The only other option is a constitutional amendment. And the means Article V. Dead in the water.
I like the national sales tax replacing the income tax for many reasons, but it isn't something where we all become richer because of it. Government is still consuming about one-third of the GDP and making us provide that will always be painful and impoverishing.
More details on Dr. Jorgenson's calculations at JORGENSON EXPLODES FAIRTAX MYTH (FR Exclusive)
Illegals and tourist get to add to the kitty. That’s part of the sweet part of it and don’t get the refund.
Tariffs are better BECAUSE THEY PROMOTE DOMESTIC INDUSTRY and raise revenue.
Too many retiring boomers.
Any plan that allows normal American to see immediately, at a glance, how much their taxes are will never get off the ground. Income tax withholding was a stroke of genius by the money grabbers. And they know it. Here’s my pie in the sky plan; keep the income tax. Eliminate withholding and make people have to write a check for their taxes for the previous year by April 15 the following year, then see how long the system lasts.
Biden has publicly said he does not support raising taxes on incomes below $400,000.
Perhaps his pledge should be formed into a constitutional amendment along the lines of:
No more than two million American residents shall pay more than 37% in federal law tax on their income.
No more than five million American residents shall pay more than 32% in federal law tax on their income.
No more than twenty million American residents shall pay more than 22% in federal law tax on their income.
“quickly repealed”
Not so:
“The Civil War income taxes, which expired in 1872, proved to be both highly lucrative and drawing mostly from the more industrialized states, with New York, Pennsylvania, and Massachusetts generating about sixty percent of the total revenue that was collected.”
https://en.wikipedia.org/wiki/Sixteenth_Amendment_to_the_United_States_Constitution
my dictionary says:
“tax...a sum of money imposed on incomes, property, or sales by a government for its support”
not for the support of the lazy or feckless
Yeah right...I paid federal income (plus sales, excise, property, etc. taxes) for most of my 63 years of life and now that I am close to retiring (& close to starting to enjoy/spend my “nest-egg” on “toys”, etc.) you want re-tax my already taxed life savings at 25%? No thanks.
I’m referring all questions to you now. I’m blue in the face.
AND ONLY WHEN THE IRS IS ABOLISHED!
and the amendment repealed.
and the tax is collected on new purchases only...
i like it.
No need for busy-body, do-gooder feds to know how much you earn!
Everybody pays it. Every voter sheltered from the pain is a voter unlikely to vote against more pain for others.
This would be the only true objectively 'fair' tax.
Whereas the so-called Fair-Tax is actually just another form of misguided progressive taxation. Which is only fair in certain folks entirely subjective opinion.
I remember this, and was all for it at the time.
So, here is the one pitfall in whole row of dominoes...
Take the paper towels above, this system relies on the paper towel manufactures and distributors remove and not pocketing the hidden taxes.
This is where it fails