Posted on 11/12/2007 5:56:50 AM PST by Turret Gunner A20
BOB BRINKER?
Sorry ... but I've never heard of him. We did get this email last night about Bob Brinker though .. so I thought that I would print the email and respond.
First ... here's the text of the email:
Bob Brinker, a widely listened to financial advisor and talk show host, knocked the Fair Tax big time on his show today. He seemed to think that the tax rate would be 30% and that no one would be willing to give up their home mortgage deduction. I don't think it would do too much good for me to e-mail him and protest since he reamed the Fair Tax advocating caller a new one and then cut him off. Perhaps you could straighten him out talk show host to talk show host. Other than the Fair Tax his financial advise has been outstanding.
Now .. my response. Be forewarned, I'm getting a little weary of responding to people who bring up this 30 percent argument and the home mortgage interest deduction.
First .. the idiotic 30 percent argument. The FairTax replaces the income tax. The income tax is quoted as an inclusive tax, so is the FairTax. If some critics out there want to quote the FairTax as excusive, then at least have the intellectual honesty to quote the income tax the same way.
Now .. the home mortgage interest deduction. If Bob Brinker is such an amazing financial guru, maybe he could explain to all of us just what possible value a deduction for interest paid on your home mortgage has to a person who pays no income taxes. When Brinker answer's that question we might take some of his other criticisms somewhat seriously. For now, he's a clown.
Idiotic? It is a 30% sales tax. Even some long time supporters of the fair tax can't calculate what the fairtax on an item would be because of the fraudulant way the fairtax organization presents the tax rate. It is a 30% sales tax, or a 29.87% to be precise.
Getting rid of the inheritance tax on the gut level sounds good too. But it does not eliminate taxes and would potentially increase tax revenue as you would not get a “stepped up” basis through the estate.
Not sure what the interaction would be with the fair tax.
Brinker may be a “clown,” but he does know the market and finances.
My late uncle was a close follower of his advice, and his investments made him a very wealthy man by following Bob Brinker’s advice.
I’ve been giving some serious thought to subscribing to his “market timer,” but I don’t have that much to invest (outside of what I’m currently investing in my 401K, which is just shy of 15%.) Of course, if the Fair Tax was implemented, I’d have another 15% of my salary to invest...
Also, for those who deride the FT on the basis of losing the home mortgage deduction, I believe that the “Flat Tax” would also do away with it, as well as all the other deductions...
Mark
Bob has a weekly financial radio show. I’ve listened a few times. I wouldn’t call him a conservative by any means, but he does point out the ridiculous positions of the left when it comes to their fiscal policies.
“Idiotic? It is a 30% sales tax. Even some long time supporters of the fair tax can’t calculate what the fairtax on an item would be because of the fraudulant way the fairtax organization presents the tax rate. It is a 30% sales tax, or a 29.87% to be precise.”
I fully agree. While I like most aspects of the Fair Tax, I am immediately suspicious of the agenda and those who promote it when they have to deceptively present this aspect of it. It is absolutely NOT NOT NOT a 23% tax. It is, as this poster says, a 29.87% tax. Anybody anywhere who says it is a 23% tax is TOTALLY F.O.S.
I ask the supporters - why do you have to mislead everyone on this most important aspect? Why do you have to lie?
Will Rogers
Neal Boortz damages his own credibility by calling Bob Brinker a clown and claiming he’s never heard of him. Hey Neal, you know exactly who he is, so debate him. But insulting one of the most respected investment/financial analysts because he disagrees with your pet crusade is pretty childish.
“Neal Boortz damages his own credibility by calling Bob Brinker a clown and claiming he’s never heard of him. Hey Neal, you know exactly who he is, so debate him. But insulting one of the most respected investment/financial analysts because he disagrees with your pet crusade is pretty childish.”
Agreed. Brinker is politically a good bit left of center. He does criticize big government from time to time but he’s by no means even-handed. He does know the markets well and is one of the few who seems to know how to market-time, which is very dangerous but he seems to pull it off. Clown he is not, but I must say I have from time to time switched him off in the middle of one of his politically uninformed rants against George Bush. On the other hand, he’s perfectly correct to lambaste the big spending Pubbies in Congress and GWB for not vetoing more. At one point he seemed fairly level-headed on the war, but I think he’s pretty much drifted into knee-jerk anti-warism. I don’t mind principled, intelligent opposition to the war, but Brinker is not a good political analyist. He should stick to what he does know superbly well.
And Boortz, on this particular point, makes himself a clown.
I use a concept he coined "critical mass" as part of my financial planning. Being in position to live comforatbly the rest of your life without working, means you have reached critical mass.
I wouldn’t say Bob is left of center. He seems to fall on the right on most financial and fiscal issues. He does buy into the whole global warming scare thing though unfortunately.
But for the most part, the guy knows his finances, and if he has concerns with the “Fair Tax” than I for one would give it a second look and hear what he has to say.
“Neal Boortz damages his own credibility by calling Bob Brinker a
clown and claiming he’s never heard of him.”
I like both of them.
But Boortz “should have done a little research”.
It will be presented as "breaking a promise to the American people" and poor, black, single mothers who are barely making their mortgage payments will be lined up outside every TV studio in the country waiting to be interviewed.
I love the Fair Tax but Congress will never allow such a loss of its power.
If some critics out there want to quote the FairTax as excusive, then at least have the intellectual honesty to quote the income tax the same way.Was he saying something about idiotic?
Since income is the source of the tax it would be intellectually dishonest to "quote it" any way but inclusive...
Boortz is nothing more than a AFT sock puppet.
If Bob Brinker is such an amazing financial guru, maybe he could explain to all of us just what possible value a deduction for interest paid on your home mortgage has to a person who pays no income taxes.Gee MR.Tax Guru maybe he pays no income tax BECAUSE HE HAS a mortgage interest deduction.
Bob Brinker is a big time Hillary-supporter. I listened to his show and he was raving about her and bragging how good she was doing in the polls. I never listened to his show again.
If you want good financial advice, listen to Don McDonald. He is very knowledgable, has common sense and is very personable over the radio.
How do you know tht Neal knows this Brinker joker? Are you a mind reader -- or just looking for an argument? By the way, I never heard of the clown, either. Now call me a liar, and let the flame war begin.
Gee MR.Tax Guru maybe he pays no income tax BECAUSE HE HAS a mortgage interest deduction.
You know,you wouldn't look so much like the village idiot if you would would learn to read and understand English. You have just clearly demonstrated that you haven't the slightest idea what Neal was talking about.
Pompous Bob? I’ve seldom heard anyone more full of himself.
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