Posted on 08/02/2005 12:22:49 PM PDT by phil_will1
FairTax would free markets, individuals from income tax.
In “The FairTax Book,” Rep. John Linder (R-Ga.) and libertarian talk radio host Neal Boortz offer a witty and straightforward explanation of the political and economic consequences of making April 15 “just another day.” Published by Regan Books, it hits bookstores this week. And if tax reform is not a “hot” topic now, then give this book a month on the New York Times bestseller list for things to change.
The FairTax is a bold idea to replace the income tax with a national sales tax. What’s so bold about it? Not only would the FairTax get the IRS off the nation’s back, but it would unshackle the economy to grow free of an achievement-punishing income tax.
The FairTax is a 23 percent sales tax designed to be revenue-neutral, meaning the tax would generate the same amount of revenue as the old system. Why 23 percent? Because once the cost of the income tax was phased out, prices on consumer goods would drop by that amount.
The Free Market Project is pleased to present the following excerpts from “The FairTax Book.” by Neal Boortz and John Linder. All rights reserved. No part of this book may be used or reproduced without written permission from HarperCollins Publishers, 10 East 53rd Street, New York, NY, 10022.
"This was about 1/2 hour before Boortz came on. Big plug on a personal basis."
I am listening to Boortz on his show now. Hannity just said "This IS something that we can do - get rid of this currupt income tax system."
Hannity is fully on board, it sounds like to me. He is passionate about this issue. Just a couple of months ago, he was totally non-committal. He has seen the light!!
Now if we could just get the SQLs to see the light. Well, one can always dream ..... LOL
Sean is concluding the show now. He says that he wants to do everything that he can to make this happen.
Tonight's Hannity and Colmes should be interesting. We might even get Alan Colmes. Still dreaming, I guess.
He's on H & C tonight also. Let's see what Alan comes up with.
I hope he means it. We might get a 20 city red-eye tour with Charlie Daniels, lol.
Hey, thanks a lot. This looks great, and the book will be even better.
Hey, Thanks for the info. I was always under the assumption that taxes were to only be collected via imports and other indirect taxes. I'd best brush the dust off of the federalist papers and start reading.
The flat income tax:
-keeps withholding in place
-keeps the 7.65% employee payroll tax in place
-keeps the 7.65% employer "contribution" payroll tax in place (hidden in higher prices and/or lower wages)
-keeps business income taxes, which are invisible in higher prices - ie the flat tax keeps a significant portion of taxes hidden
-keeps - indeed REQUIRES the 16th amendment to be in place
-keeps US goods less competitive by forcing taxes and tax costs into prices of US made goods
-keeps the government's ability to audit individuals and take away their freedom for innocent mistakes
It is both.
If you earn $100 and $23 of it goes to tax, what rate is that? Some say 23% [23/100], some say 29.87% [23/77].
That's wrong. Everyone uses tax inclusive rates with our income tax system. The flat income tax uses tax inclusive rates too.
The flat income tax's 17% is tax inclusive (20.48% tax exclusive).
The flat income tax's employee 7.65% payroll tax is tax inclusive (8.28% tax exclusive).
The flat income tax's employer 7.65% payroll tax is tax inclusive (8.28% tax exclusive).
Our graduated income tax is tax inclusive. If you earn $100 and pay $25 in taxes, that is said to be 25% [25/100].
The FairTax proposal integrates such features as a progressive national retail sales tax, dollar-for-dollar revenue replacement, and a rebate to ensure that no American pays such federal taxes up to the poverty level.
Included in the FairTax plan is the repeal of the 16th Amendment to the Constitution.
The FairTax allows Americans to keep 100 percent of their paychecks (minus any state income taxes), ends corporate taxes and compliance costs hidden in the retail cost of goods and services, and fully funds the federal government while fulfilling the promise of Social Security and Medicare.
What is wrong is taking my quote out of context, but typical of your tactics. No one talks about sales tax in terms of a tax inclusive rate. Of course I expect nothing less than twisting and spinnng and squirming from you.
If you meant something different than what you said, fine. We all do that occasionally. Just say what you meant as a correction. No problem.
But it's not so smart to tell me I'm twisting and spinning because you made an error.
"Of course I expect nothing less than twisting and spinnng and squirming from you."
Let the record show that this thread is 52 posts long and that the first insult is recorded by the poster who complains frequently about all the insults which are fired off on the tax reform threads.
The flat income tax's employer 7.65% payroll tax is tax inclusive (8.28% tax exclusive).The employer portion of the payroll tax is 7.65% exclusive. The amount being taxed does not include (it excludes) the tax.
If you earn $100 and $23 of it goes to tax, what rate is that? Some say 23% [23/100], some say 29.87% [23/77].Nobody expresses the income tax in exclusive terms, just like nobody expressed a sales tax in inclusive terms until the NRST fans came along.
"Nobody expresses the income tax in exclusive terms, just like nobody expressed a sales tax in inclusive terms until the NRST fans came along."
Which is just the way that the SQLs liked it, because it introduced a subtle bias in favor of income taxes that few Americans were aware of.
Just saw Boortz and Linder on Hannity and Colmes. It was very good, but not as good as Hannity's radio interview with Boortz a couple of hours ago. Of course, that was about 45 minutes, rather than about 10.
That's not true. Technically I implied you were a liar in post 4.
"That's not true. Technically I implied you were a liar in post 4."
That wasn't my verbiage that you edited in post #4, so I wasn't insulted.
Nevertheless, if you want to claim that one, I'll give you two insults to none for anyone else on this thread - so far.
Still having trouble understanding why you occasionally get insults back at you?
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