Posted on 02/13/2005 10:41:05 AM PST by nsmart
The FairTax is the non-partisan national sales tax proposal that would replace all federal income taxes. These include personal, estate, gift, self-employment, alternative minimum, capital gains, FICA, and corporate and death taxes.
(Excerpt) Read more at WWW.FAIRTAX.ORG ...
LOL, now that is real funny. You can't even concede obvious points that your bill says in plain English.
For their business or for personal use with their personal income?For their personal use. Currently their capital gains are taxed at 15%, they would be paying 23% when they spent that money under the FairTax. A reduction in the real value of their return.
For their business or for personal use with their personal income?For their personal use. Currently their capital gains are taxed at 15%, they would be paying 23% when they spent that money under the FairTax. A reduction in the real value of their return.
If you are trying to tell me people spend more than they make, that just doesn't make sense.
People spend more than they report for federal income and payroll tax purposes for certain, alot more.
It does well to remember there are many housholds and foreign "visitors" that do not or are not required file or report under the federal tax income/payroll tax system not mentioning 10-20% of activity outside of GDP data in underground cash income that doesn't get reported to the IRS or into BEA or BLS data series.
People spend more than they report for federal income and payroll tax purposes for certain, alot more.Are you talking about "taxable income" again? Because it does well to remember that not all consumption will be taxable under the FairTax. The FCA reduces the "taxable consumption" significantly.
You can't even concede obvious points that your bill says in plain English.
I always recogize the obvious points from the bill, as that is where the basis of the Fair Tax Act is.
Too bad, you have a hard time with reading comprehension of the plain English in that bill as your attempts at using extracts from the bill has been demonstrated in excrutiating detail.
Thanks. That makes sense.
I didn't realize that income for professional investors was considered capital gains. I never even thought of it and assumed they derived their income from the fees they charge their customers. I reinvest my dividends so I have not had to deal with that yet.
If ever you deign to look in the References section of his Barker NRST work [here ] you would know that he definitely does not restrict himself to purely US information, nor are his econometric research papers limited to the US.I don't see any references to data from other countries.
Or better look in Jorgenson's Collected Works laying out the basis of his studies which amply demonstrate his familiarity and use of world wide information in developing submodules for his econometric models.Huh? That's proof he used statistics from other countries in the IGEM model for an econometric measure of the switch to a NRST?
I didn't realize that income for professional investors was considered capital gains.I'm actually talking about individual investors. But it's basically the same either way. The money eventually ends up in a real person's hands and when he spends it he would be taxed under the FairTax so he needs more nominal return or his real return declines.
"(e) Purchaser Liable to Collect and Remit in Certain Cases"
Collect just means to gather, even if it is from yourself. So if you the tax agency believes you might owe tax and therefore must 'remit' tax, you are subject to an audit. Just because you don't 'collect' it from someone else does not relieve you from being audited. If you want to stand on that argument you are welcome. Go ahead and burn all your official NRST receipts. There is a reason why NRST requires the retailer to provide detailed receipts with seven pieces of information. That is so individuals can keep them to prove they paid the tax.
How many pimps, prostitutes, drug dealers, back room gamblers, pool hustlers, ad infinitum do you know that pay a payroll tax or an income tax? How many fabulously wealthy individuals who derive their entire incomes from municipal bonds?
Are you talking about "taxable income" again?
Because it does well to remember that not all consumption will be taxable under the FairTax. The FCA reduces the "taxable consumption" significantly.
You are right it lets see the 2001 $9 Trillion "taxable consumption" base defined by the Fair Tax Act and estimated from NIPA data, is more than double the $4.1 Trillion "taxable income" base reported by the IRS website. The FCA reduces net tax revenue from the "taxable consumption" base by about 20% leaving about $7 Trillion net for the "taxable consumption" base.
Indeed there is a significant difference in individual taxbase sizes accounting for FCA, I would say.
How many pimps, prostitutes, drug dealers, back room gamblers, pool hustlers, ad infinitum do you know that pay a payroll tax or an income tax?I actually don't know any pimps, prostitutes, drug dealers, back room gamblers, or pool hustlers. But I pretty sure that the majority of their customers had there income taxed. So either way the tax is/would be paid. This is a wash. The idea that the FairTax would gain revenue from the underground economy is another one of the FairTaxer myths.
You are right it lets see the 2001 $9 Trillion "taxable consumption" base defined by the Fair Tax Act and estimated from NIPA data,But you're including taxes on government purchases and taxing wages on government employees as part of your "consumption base." Do you think a government can pay a tax?
Do you think a government can pay a tax?
The sure pretend to do it under the income tax system everytime government lays a tax on a civil servant's paycheck, a contractor's profits, Treasury bond interest,
Do you think a government can pay a tax?
The sure pretend to do it everytime they tax part of social security, a civil servant's paycheck, a contractor's profits, military pay, Treasury bond interest, social security benefits ...
The sure pretend to do it under the income tax system everytime government lays a tax on a civil servant's paycheck, a contractor's profits, Treasury bond interest,Common sense and legal presidence says that a tax on income is not a tax on the source of that income. Taxing a government employee's income is not taxing the government.
Yes but THEIR incomes aren't no matter how much you spin and spin and spin.
I also note that you conveniently "forgot" to address those who legally earn their entire incomes from tax free sources.OK, do you want to talk income, AGI, or taxable income? My opinion is that income/payroll is the base of the income/payroll taxes.
Yes but THEIR incomes aren't no matter how much you spin and spin and spin.There are two criminals in the activities you list, the seller and the buyer. Currently the buyers are taxed and the seller don't. Under the FairTax sellers would pay and the buyers don't. It's a wash!
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