Nervous Tick, I challenge you to calm down, read something about the FairTax, and quit wasting your time blogging about something you have no idea what you are talking about. There is no way savers, retirees and productivity will be hurt under the FairTax; though they are being severely damaged under the income tax system, in more ways than you can imagine.
Fox example, under the income tax system, we all pay more for our products because businesses embed their tax compliance costs into the prices of their products, or services. You are currently paying, an average 22 cents out of every dollar you spend to reimburse businesses for their tax compliance costs. Under the FairTax you will pay 23 cents out of every dollar you spend for new goods and services; but, you will not be paying hidden taxes as you are under the income tax system; your income has nothing to do with how much you spend because you keep 100% of your income and pay the tax as you make purchases. You will no longer be paying payroll taxes - they will be paid from the FairTax’s 23 cents out of every dollar you spend.
Savers and Retirees will not be taxed on the incomes they receive through their savings, IRAs, pensions, Social Security, etc., but they will pay the sales tax when they spend their profits on new goods and services. However, because they will receive a “prebate” check the first of each month to cover the tax costs, up to the poverty level of spending, they will not pay taxes from their own earnings until they exceed the Poverty Level of Spending.
Where did you get the silly idea people will be paying twice? Sounds as though you are listening to the critics who have an agenda they are pursuing. We are paying twice and some times three times under our current tax system. We have payroll taxes and income taxes deducted from our paychecks and then pay taxes on our earnings from savings and investments, and when we die we are taxed if we worked hard and made successful investments and our estates exceed a certain level. All these taxes will disappear under the FairTax and we decide how much we pay in taxes by making wise purchasing decisions. Go to www.fairtax.org and get the facts from their research materials, not from some flunky with an agenda.
I’ve read plenty about the fair tax.
Your post is full of lies and bull$hit.
>> You are currently paying, an average 22 cents out of every dollar you spend to reimburse businesses for their tax compliance costs.
Fabricated numbers. That is, unsupported bull$hit.
>> Under the FairTax you will pay 23 cents out of every dollar you spend for new goods and services
This is a well-documented DISTORTION employed by the Fair Tax pushers, designed to make the so-called Fair Tax look like it is only 23%. In reality, the so-called Fair Tax will be a THIRTY PERCENT (30%) tax.
>> Savers and Retirees... will pay the sales tax when they spend their profits on new goods and services.
This is a disingenuous DISTORTION. (The short, clear term for that is a “lie”.)
Savers who spend what they saved will indeed pay the sales tax when they spend their profits.
But they will ALSO pay the sales tax when they spend the PRINCIPAL they saved. And, they ALREADY paid INCOME TAX AT UP TO 40% on that money when they EARNED IT. So they’re being screwed DOUBLE.
This is the BIGGEST LIE perpetrated by the so-called fair tax pushers.
And here’s the final kicker. The goofy-doofy fair tax dip$hits expect us to believe that the so called fair tax will replace the income tax.
Ha ha ha! Joke’s on us poor taxpaying suckers. The so called fair tax will SUPPLEMENT the income tax.
It’s just like amnesty-before-border-security. The Huckabee bozos will allow implementation of fair tax without demanding (or even requesting) a CONSTITUTIONAL AMENDMENT to repeal the income tax.
No thanks. I’m not buying the lies and crap you’re selling.
You are currently paying, an average 22 cents out of every dollar you spend to reimburse businesses for their tax compliance costs. Under the FairTax you will pay 23 cents out of every dollar you spend for new goods and services; but, you will not be paying hidden taxes as you are under the income tax system; your income has nothing to do with how much you spend because you keep 100% of your income and pay the tax as you make purchases. You will no longer be paying payroll taxes - they will be paid from the FairTax’s 23 cents out of every dollar you spend.There is absolutely no logic or discernible math in that paragraph.