Posted on 01/20/2008 6:29:07 AM PST by Man50D
During an election season, one of the first losers is the truth. The current misinformation campaign against the FairTax has been particularly virulent. Last month the FairTax was being panned by some columnists as a "crackpot scheme," even though it could be collected exactly the same way as its close cousin, the value-added tax, which is the most successful tax in the world. This month the FairTax is being vilified by various columnists as a tax increase for the middle class, even though it would provide a substantial tax cut for two-parent middle class families. Specifically, in a recent column, George Will asked, "Do you want a president (Mike Huckabee, proponent of a national sales tax of at least 30 percent) pledged to radically increase the proportion of federal taxes paid by the middle class?" Similarly, Time magazine's business and economics columnist Justin Fox wrote a blog piece entitled, "The FairTax and its big break for the $200,000-plus crowd."
The FairTax is a national sales tax that would replace the income taxes, the payroll taxes, and the gift and inheritance taxes. It would be a 30 percent sales tax on retail purchases. Since 30 cents is 23 percent of $1.30 (the amount you would pay on a $1 item), a 30 percent FairTax would cost you about 23 percent of your consumption. To help you pay the tax, you would get a prebate check or a debit card credit at the beginning of each month equivalent to the amount you would pay when buying necessities. In 2007, that amount would have been based upon $10,210 spending per adult and $3,480 spending per child.
(Excerpt) Read more at worldnetdaily.com ...
Here you see the classical evasion of those who try to hide their real motivation.
It’s not an “overlay” on the income tax, but apparently you’ve not read the bill or much about it.
What state uses the "tax inclusive" misstatement for its sales taxes?
Which is really unfortunate (for them) as most taxpayers would benefit under the FairTax.
Yoiu’re truly confused, pal. It’s the present tax system that is Marxist - the second plank according to Marx.
Of course you would since ANY form of flat tax (and you don’t spoecify which flavor you like) is still an income tax - with pretty much all of its drawbacks and expenses - including intrusive reporting.
Canada’s GST is a VAT, and nothing like the FairTax. IIRC it’s replete with exemptions and exceptions as well and differe depending upon the part of the country involved. In short, it’s a mess. They also have income taxes, etc. on top of the GST.
I think the FairTax will come as close to that description as it is possible to do since even for those paying more there is the offset of an improved economy to boost what would be favorable activity for most taxpayers.
Keep up the good work.
Most of us are tired of leading the horse to water in your case.
In youir case that’s understandable. Read the bill. Your question is answered there.
Certainly that’s true - but let’s not give the pols the ideal tool to hide their spending/taxing shenanigans. Let’s take away the income tax and make it pubicly observable since the IT has far, far too many hiding place for mischief.
Last month the FairTax was being panned by some columnists as a "crackpot scheme," even though it could be collected exactly the same way as its close cousin, the value-added tax, which is the most successful tax in the world.
Canada’s GST is a VAT, and nothing like the FairTax.
So you're rejecting the article.
More unsupported nonsense - just meaningless babble of things that aren’t true.
Nope - you’re misstating the case and apparently don’t (or don’t want to) know it.
You don't pay income taxes on saved money. You'll get pounded by the FT when you spend your savings.
It's an exact quote from the article. Look again.
“Sory to disappoint you, but savings are not taxed under the FairTax.”
You being sarcastic? Why?
So, if I’ve saved $30,000 (after tax)from the past years and decide to buy a car with that under a fair tax plan, they somehow know that I have already paid tax on that money so the FT Man will not extract a 30% sales tax on the purchase?
Retirees will just have to limit their purchases to used cars.
Well, that would certainly strip things down to their essentials. Freudian slip? (8^D)
I'd like to do away with the income tax, simply because I think it was misapplied anyway.
Exchanging my labor for a more portable and universally acceptable medium of exchange is an exchange, not income. I was out what I put into the equation (labor, expertise), and the exchange occurred at fair market value (otherwise, it would not have happened).
But the IRS wants to tax barter exchanges as if they were income, too.
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