You do however pay tax on financial services provided by the bank and/or other institution, as well as on excess interest.
1) annual amount paid out for loan payments, including both principal and interest. (include existing mortgage, auto, and all other loan payments.)
The service (time spent by employees) provided by the lending institution is subject to the FairTax.
3) annual amount of all funds deposited to any savings account or retirement account through a government plan, through your employer, or privately, and all funds used to purchase any stocks, bonds, business, or investment vehicle of any kind.
FairTax collected on bank service for maintaining you account and excess interest. FairTax paid on service for retirement account. FairTax paid on brokerage fees and service.
4) annual amount of all funds you have donated to any Church, profit or non profit charity or organization, or given to any individual through a gift, inheritance, donation, or court order, including child support.
Forgot the 30% FairTax when the money is spent?
5) estimated annual amount of all taxes paid to any State, County, City, Municipal, Township, and other local governments. Include state income and sales taxes, property taxes, school district taxes, deed transfer taxes, occupational taxes. Include both State and Local taxes paid throughout the year, through payroll deductions and estimate those paid on your own, such as sales taxes.
Federal, state, county and city governments must pay the FairTax on their employees compensation and all their purchases - where do you think their tax money will come from?
6) annual estimate of funds spent on purchases of used items (jewelry, clothes, used real estate, used cars, used furniture, antiques, etc.).
Repairs on that used car will include the FairTax. Repairs and remodeling on that used real estate will include a 30% tax on materials and labor. Want to insure your antiques and used jewelry, include the FairTax. Need to alter those used clothes, 30% tax on labor. Need to have them cleaned, 30% tax on cleaning.
IOW, your actual costs will be lower than they were previously since your purchasing power is increased and keep in mind that under the income tax any purchases you make will have some cost component of the income tax embedded into the cost of the thing purchased (which is eliminated under the FairTax).
How will your purchasing power be increased?
The claim to try to get people to believe that "everything they buy" will be "30% more" is a demagogue's delight. Don't fall for it.
Demagogue, thy name is FairTax.
Only certain financial intermediation services are taxed and these are specified in the bill to prevent bundling such services into items (as now done) to escape taxation. The same applies to the excess interest for much the same reason.
The service (time spent by employees) provided by the lending institution is subject to the FairTax.
If youthink that's true, please cite it from the bill, otherwise admit it is not so.
FairTax collected on bank service for maintaining you account and excess interest. FairTax paid on service for retirement account. FairTax paid on brokerage fees and service.
Similarly here - show this from the bill - otherwise drop the matter.
Forgot the 30% FairTax when the money is spent?
This merely seems to be a meaningless comment.
Federal, state, county and city governments must pay the FairTax on their employees compensation and all their purchases - where do you think their tax money will come from?
From the tax revenue as shown in the various economic papers that show the FairTax to be revenue neutral. Several of those papers had been linked here in the past but you perhaps didn't read them. Also there had been a number of actual numerical examples over the past 5 or so years that clearly demonstrate the increase in purchasing power. Too bad you missed those, too.
I knew you couldn't get through an entire post without lapsing into the "30% tax" on everything demagoguery since you very well know that it's not 30% and it's certainly not on everything as the 6 items above indicate. "Demagogue"??? People who live in stone houses shouldn't throw glasses.