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To: FreedomPoster
that doesn’t mean that eliminating the IRS and the enormous compliance costs associated with the current system, and replacing it with a much lower cost system, would be “worthless”.

Hope all is well with you FP! I think you might be overstating this point.

The vast majority of accounting type work done for business is done for other reasons besides taxes:
Business planning and analysis;
Cost accounting and pricing;
Collecting receivables;
Paying bills;
Expense reports for employee reimbursement;
Payroll processing;
SEC filings;
Cash flow management;

I think that the FairTax system where I have to file a monthly report to get all my business related FairTax payments rebated to me is likley to be more intrusive and more complex than anything I have to do now regarding taxes so my compliance costs would likely increase substantially.

And make no mistake: to collect the amount of money they consume, there will be an enforcement arm with teeth and the full power of the government behind them.

37 posted on 08/26/2007 3:39:13 AM PDT by RobFromGa (FDT/TBD in 2008!)
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To: RobFromGa

If you’re already running a general accounting system, said report should be pretty automatic.

And yes, there will still be a compliance arm of government, but the simplicity of the system, vs. the current Byzantine monstrosity that is the Income Tax Code, is where the cost savings accrue.

Hey, my wife is a CPA who primarily does tax and planning consulting. The current system is *very* profitable for us, personally. But it’s the wrong thing for the country, overall.


39 posted on 08/26/2007 3:44:57 AM PDT by FreedomPoster (Guns themselves are fairly robust; their chief enemies are rust and politicians) (NRA)
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