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To: Allen In Texas Hill Country
I filed my ‘08 taxes and quickly realized that the only taxes I have to pay from now on are real estate and state sales tax.

I'm not sure what income is required to pay no tax, but my 90-year old MIL paid no tax for the first time in '07. She lives on SS and one small pension and paid tax on $21,000 gross income in 2005. For 2007, her medical bill deduction finally eliminated her income tax obligation.

Are you aware that the FairTax is refunded to everyone for the poverty level of spending? You and everyone else (legal resident) receives a full refund on your first $X of spending each month. (X is determined by the feds, the same people that define the poverty level now.) With embedded taxes removed from the price of what you buy, the price of the product goes down, so the only federal tax you pay is the FairTax when purchasing a new item or a service. You would pay FairTax on cheaper goods and services for your spending above the poverty level.

This might not help you any, but it is not an "all around bad deal", either. And it will be great for your grandkids, or your friend's grandkids. (It is usually liberals that say "do it for the chi-i-i-ildren". /s)

18 posted on 04/16/2008 5:45:42 AM PDT by Cracker Jack (If it weren't for the democrats, republicans would be the worst thing in Washington.)
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To: Cracker Jack
You and everyone else (legal resident) receives a full refund on your first $X of spending each month. (X is determined by the feds, the same people that define the poverty level now.)

Of course "X" excludes food and energy price increases.

With embedded taxes removed from the price of what you buy, the price of the product goes down, so the only federal tax you pay is the FairTax when purchasing a new item or a service. You would pay FairTax on cheaper goods and services for your spending above the poverty level.

If embedded taxes are removed from prices, that means employees have received a cut in gross pay, but still have an unmet tax burden.

20 posted on 04/16/2008 7:07:54 AM PDT by lucysmom
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