AND property taxes. As long as the government has the power to not only tax our property, but take it away if they feel it could better server the community as a luxury hotel or resort or something, we Americans will HAVE no control or no freedom.
>>Of course, removing the income tax on corporations will reduce the cost of everything we buy, since corporations don’t pay taxes.<<
This (and other fair tax pushes) sounds an awful lot like free money.
It will never happen because the bottome 50% don’t pay any federal income taxes. That’s the whole problem with the tax code. Not enough people pay taxes to get any reform.
John
Your being snookered my friend by Boortz and Linder.
The employee will NOT take home his entire paycheck under the FT plan
He will take home the same net pay he nows takes home-no increase in pay check.
The Fed Inc Tax and the payroll taxes the employer now pays on your behalf(so called 23% etc) will go towards reducing PRODUCTION COSTS by that amount and the RETAIL PRICES would be increased by the National Sales Tax
If you have a problem with this please contact Dr Dale Jorgenson,djorgenson@harvard.edu, the Harvard Economics professor who fathered the Fair Tax plan in 1996 before Congress
So you are bringing the same net pay home with the same deductions:
Health Ins
Life INS
State Inc Tax
IRA
401K
And the same monthly expenses you had before:
Mortage
car payments
credit card payments
Utilities
Car Maint Gas
Food,Clothing,drugs and medical
Disposal income will be the same to pay the same prices on goods and services as you did before.
It’s true that on some of the things you pay as expenses will be taxed on a FT rate,but not all at 23%,the morggage.rent car payments and credit cards will be taxed at a lower rate ,and a married couple family of four will receive a whopping $479 per month rebate from the gov’t to cover the cost of necessities.food,clothing etc
Another site you may wish to explore is www.mises.org/story/2327
That really goes into it.
By the way,I was banned from the Fairtax.org board for posting negative things about the Fair Tax
Something has to happen. The tax code is just too much. Who can make sense of it.