33% of those currently on Social Security even back the President's plan to allow younger investors to privatize...
Sharper Minds Daily
Posted on 12/19/2004 1:40:29 PM PST by Remember_Salamis
FairTax Bump
Not.
You on the otherhand would prefer to continue to fund the IRS and promote all of its Great Contributions to Society
You didn't know that seniors are already paying taxes when they spend today? Not to mention the other problems seniors face with respect to taxes?
You didn't even read the article, did you?
Actually, the 23% rate is really a 30% rate. On a $77 purchase, you pay $23 in sales tax. They figure it is 23% of the total $100.
Most retirement income in this country is inside qualified plans and has never been taxed. When seniors turn 70 and 1/2 they must start withdrawals so the money can be taxed. Under the fair tax that money can be withdrawn tax-free. Seniors should be all over this one.
Actually, it is either. It depends on usage as to which makes more sense IMO.
It is also going to decrease to 20% inclusive/25% exclusive next year.
Let me reword: most retirement SAVINGS
So what are the present income "poverty levels"?
Around here, a lot of them are for any tax that they are exempt from.
Get it done and into law and soonest! (will it ever become a law??? One wonders)
Shift gears, Publius. The present spending poverty levels are the deal. Income don't mean jack no more.
2004 Rebate table based on amount spent. It has not a thing to do with income.
For a Family of four, the poverty level is $24,980 per year. A "prebate", they would get ($24,980 x 0.23)/12, or roughly $480 a month.
If you're looking at a senior couple, you're looking at a poverty level of $18,620. ($18,620 x 0.23)/12 ~ $357 a month in prebate.
The rebate of the sales tax on necessities means that higher consumption families would pay higher average tax rates. For example, because their first $24,980 was not taxed, a family of four spending $49,960 would pay an 11½ percent tax on their taxable purchases.
A family that spent four times the poverty level ($99,920) would pay an average tax rate of 17 1/2 percent.
Not all "geezers" are "greedy"...
"Sure...if I was a senior who paid taxes on the money I saved for retirement, I'd sure be straining at the leash to be taxed a second time -- and at 23% minimum -- when I use that same money!"
Exactly. Older people have already paid taxes ONCE on their savings, and now they would be asked to pay them AGAIN as they spent their savings.
The "fair tax" is a massive transfer of wealth from older to younger Americans.
"You on the otherhand would prefer to continue to fund the IRS and promote all of its Great Contributions to Society."
You don't think you will need any enforcement of the Fair Tax? As in there wouldn't be a black market for goods?
What about just a simple flat income tax? That wouldn't require an IRS either.
-- Just as "Social Security" is a massive transfer of wealth from younger to older Americans???
BWAHAHAHAHAHA!
Define income.
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