Skip to comments.FairTax Update -
Posted on 09/22/2005 12:29:37 PM PDT by pigdog
There is no doubt that the story of H.R. 25, the FairTax, has been pushed into the background by the Katrina disaster, and perhaps that is as it should be. When hundreds of thousands of people are suffering as they are in the aftermath of Katrina, that is the story. The FairTax is, however, still on the minds of the political class in Washington DC.
Congressman Linder tells me that the Republican leadership is more than impressed with the success of The FairTax Book. They have been receiving a steady stream of phone calls, emails, faxes ... and books from constituents demanding action on the FairTax bill. These officials have indicated that they had no idea that there was such a hunger for comprehensive tax reform in this country, and that they have never seen an outpouring of support for any tax reform plan such as the one they've experienced for the FairTax. Right now the expectation is that the FairTax could go before the House for a vote next Spring. If it passes, it's off to the Senate. If it fails, the leadership wants to make it the campaign issue for the 2006 mid-term elections. ...
Passage of the FairTax would constitute the greatest transfer of power from government to the people since the Revolutionary War.
That's why so many politicians are going to have to be drug kicking and screaming to the table. Elected officials don't like to surrender power. The only thing they want to give up less than their power, is their office. If these politicians know that you want the FairTax to get a fair hearing and a vote, than a fair hearing and a vote it shall be.
(Excerpt) Read more at boortz.com ...
And probably more news coming later ...
If this statement is true, the the talking heads in the congress are bigger morons that I thought. They absolutely, are totally and completely out of touch with the citizens of this Republic. They should all be fired. We should fire the entire bunch, clean D.C. out, and start over again, as a FREE REPUBLIC!!!
Not a bad idea ... not bad at all!!! Where do we sign up - maybe by backing the FairTax so they'll get the message their jobs may be up for grabs?
Check out the book on the desk:
BS. We've been yelling about it since Carter.
... and we'll keep yelling until they act - and the "message" is now becoming clear to them.
Keep the heat on!!
Would it be ...? Could it be ...? YES IT IS!!!
The FairTax Book. Wonderful!
The simple solution is to remind the politicans that if the IRS is gone, the Clintons would not be able to use it as a weapon against said politicans.
I wasn't joking.
Neither was I - and I think it's a GREAT idea. I intend to email my congressmen with that exact notification. If enough people do it, it should help (seriously).
It's just surprising no one thought of it before.
Is it the Fair Tax book?
Brilliant. Fair Tax BUMP!
If you look real close you can just make out the great big
'S' or rather " IRS" on the chest cover. I luv it!!
Fair tax great idea. Just hold off until I get the new car I've been saving for. The car I want is approximately 26,000. I figure 28% Fair tax, 6.25% State tax and registration. My tax will probably be around 8,900 at the show room floor. Got to save more, say around 34,900 out the door. Lot of money for a retiree with fixed income. Haven't read the book, but maybe there might be a way I could spread the tax out over a few years. Still will have a car payment to deal with. Any real suggestions? Major purchases seem to me will be a problem.
"The simple solution is to remind the politicans that if the IRS is gone, the Clintons would not be able to use it as a weapon against said politicans."
As much as I dislike the Clintons, I have to point out that they hardly pioneered the practice of using the IRS as a political weapon. I am old enough to recall Nixon doing the same thing, so I know that it goes back at least that far.
Not as much of a problem as you may imagine. In fact, you'd probably be better off to wait until the FairTax is in place. Here's the way it shakes down.
Prices will drop a significant amount due to the removal from current prices of what is often called a "hidden tax" which is the embedded tax cost in everything we buy and it starts and builds as the thing progresses from inception on to final consumption, getting a bit more expensive at each level.
In addition to that, you will be receiving more of your paycheck if you're working, or - if not - you'll not be taxed on savings and invesments either/both of which will help you accumulate funds. Moreover, interest rates will drop so that your car loan will be at about a 2% lower rate.
So there are several things that help you get that car with the FairTax:
1) Lowered prices
2) Higher earnings or investments - free of tax
3) Lower interest rates.
In addition to all that, when the FairTax becomes law most states will do the reasonable thing and conform their state income and sales tax laws to the FairTax meaning that they'll use the same tax definitions as the FairTax. this both eliminates state income tax (if you have it) and will also lower the state sales tax rate dramatically in most states - down to something like 1/4 to 1/3 of the present rate. There's a good discussion of the state tax situation here so you can get a better handle on what might happen in your state:
Actually, I'm holding off such a purchase for fhose very reasons. Right now if the FairTax is passed as a revenue neutral bill (which it should be), the FairTax federal rate would be about 19% which covers what are payroll wihholdings in the current system as well as all income (and other) taxes specified in the bill.
Altogether I believe you'll spend a good bit less than you're now thinking you will. You may even wish to upgrade the options some!
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