Posted on 12/24/2007 7:55:05 AM PST by Alex Murphy
None of the FairTax is “embedded” as it is with the income tax.
The money in my Flexible Spending Account is pre-tax. Let me know if you can't figure out what that means.
None of his rent is taxed now, like it will be under the FairTax.
And if you retain your "tax-free" money under the income tax when you spend it you'll be paying more for whatever you buy due to tax costs embbedded in prices.
Even if you're not aware of it not only does "his rent" have cost components of the current tax system in it but there are also inflated costs due to the tax cost components in things he buys - and in payroll taxes that he sends Uncle. That money has to come from someplace - and it comes from you.
Read my lips. For the eighth time. I paid no income tax on the money I spend on doctor visits.
Read MY lips ... you paid tax on it under the present set of tax laws. And you’ve never shown us your “1.45% effective tax rate - so we’ll merely not believe that (either).
I paid no income tax on the money I spend on doctor visits.
You will no longer be full income rates on interest-bearing savings and nonqualified dividends. Nor will you pay capital gains taxes. In addition, the items retirees buy all the time will not have multiple tiers of taxation built in during the process of producing them.
Right. It will simply be the much higher rate of 30%.
“Social Security is an entitlement. Not funded each term. Try again?”
I sure feel better knowing there is a Social Security lock box!
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