My Prediction if the Fairtax is passed

[Man50D]

Linder Announces 65th Co-Sponsor For FairTax Bill (64th signed 9/10/07)

[coconutt2000]

Aren’t the Democrats trying to pass a tax increase they’re calling the “Fairer Tax”? /sarc

[Man50D]

What is the over/under for the amount of time before the attacks begin?

[netvictory]

I think we should give total war a chance to bring peace. It work in WWII.

[Man50D]

Aren’t the Democrats trying to pass a tax increase they’re calling the “Fairer Tax”? /sarc

The Fair Flat Tax Act of 2007 (S.1111.IS) /no sarc

[traderrob6]

Thanks anyway but I’ll bet on Rush’s accuracy.

[rlmorel]

Me, as well. He has missed on occasion, but has a pretty good track record.

[snowsislander]

Home schooling and the number of private schools increase because education is consider an investment and not tax under the Fairtax.

Yes; the site FairTax.org has a good document on the impact of the FairTax on education at http://www.fairtax.org/PDF/TheImpactOfTheFairTaxOnEducation.pdf.

[CyberAnt]

Well .. the fairtax might produce all that stuff .. but I don’t believe it would catch El Rusbo off guard.

[Eccl 10:2]

This is the misguided ranting of someone, and I’ve known several of the type, who:

1) Are jealous of anyone’s success other than their own
2) Want to be the only one who is “right”

A lot of gold bugs are like this.

[A_Tradition_Continues]

Christian tithing increases because people now have 22.65% to 34.65% more spending money in their paychecks.

Now there's a load of crap!! FairTax does nothing but shift tax liabiliy to the end user and if you think businesses are going to provide wholesale price reductions to consumers you know nothing about business.

[Eccl 10:2]

Add:

3) Probably thinks his church is the only one who’ll get to heaven. I’m guessing KJV is the only Bible allowed.

[navyguy]

“FairTax does nothing but shift tax liabiliy to the end user”

The current tax system already taxes the end user, but it taxes the other end: Your income rather than your consumption. In the end, under any tax system, all taxes are paid by individuals.

[Man50D]

The current tax system already taxes the end user, but it taxes the other end: Your income rather than your consumption.

It also taxes consumption because hidden taxes are factored into the price.

[dangerdoc]

And then the whole thing crashes when the Democrats and free spending Republicans realize that they still need the income tax after all, in addition fair tax.

When the economy slows, they raise the fair tax to pay for socialized medicine and universal preschool.

[kingu]

Oooh, such a picturesque world you present... My predictions: 22% of small businesses go under in the first two months of FairTax as all utilities, rent, leases are taxed at a 30% rate, followed by half of small business dying within the first year. Credit card transactions come with a built in fee to cover the tax portion of the bill as remaining small businesses try to not lose any more money.

As small business represents the largest segment of employment, the economy immediately spirals into the largest recession in modern US history. New home sales tank as the 30% tax immediately improves the value of any used property. Used car lots become the thing to invest in as new cars overnight go up in price by 30%. Employer provided health insurance immediately tanks as that too goes up 30% overnight.

On the plus side, an incredible resurgence in the value of not making disposable products and re-creating the appliance repair market as repairing an item finally once again becomes cheaper than replacing it. Imports drop dramatically as people seek out repairable products, and look more to durability than to price.

Economies in the most liberal of states with the most stringent of requirements for employers tank the hardest, especially in RomneyCareLand where required health insurance no longer has the stick of denial of personal exemption from tax returns - it's cheaper to not worry about the exemption than it is to pay the tax on health care.

And six months in, Congress is faced with an incredible flood of cash, the largest they've ever had, as the ill thought out FairTax rate proves to far exceed government expenditures, leading to even more socialization with a New New Deal supporting liberals to one of the largest landslides in election history as people throw out the people who brought this inanely huge tax rate onto every purchase, everywhere.

[Extremely Extreme Extremist]

When the FairTax is enacted is the day the Stanley Cup finals will be held in Hell.

[elizabetty]

Who are you? Are you a commentator?

[Man50D]

And then the whole thing crashes when the Democrats and free spending Republicans realize that they still need the income tax after all, in addition fair tax.

That wouldn't happen considering FairTax legislation does three things that effectively dismantle the income tax: (1) it abolishes the IRS, (2) it repeals all statutory language having to do with taxing income and payroll (i.e., the Internal Revenue Code), and (3) it eliminates the filing of annual income tax returns to the federal government for over 140 million Americans. Fair Tax FAQ #50.

When the economy slows, they raise the fair tax to pay for socialized medicine and universal preschool.

Attempting to raise The Fair Tax would backfire. The transparency of The Fair Tax due to the rate printed on every bill of sale would make every taxpayer immediately aware of such ans attempt as opposed to the income tax and all its exemptions, loopholes and hidden taxes. More importantly raising the rate too high will discourage people to spend. Consequently Congress would collect less tax to fund the federal government and force them to lower their spending. Founding Father and first Secretary Of The Treasury Alexander Hamilton raise this point in his Federalist Paper #21:

"It is a signal advantage of taxes on articles of consumption that they contain in their own nature a security against excess. They prescribe their own limit, which cannot be exceeded without defeating the end proposed-that is, an extension of the revenue. When applied to this object, the saying is as just as it is witty that, "in political arithmetic, two and two do not always make four." If duties are too high, they lessen the consumption; the collection is eluded; and the product to the treasury is not so great as when they are confined within proper and moderate bounds. This forms a complete barrier against any material oppression of the citizens by taxes of this class, and is itself a natural limitation of the power of imposing them. "