Posted on 01/25/2011 1:24:18 PM PST by so_real
The persistent reduction of citizens retained earnings and the compression of individual free choice options — installed through an insidious income tax system and set of nefarious regulatory schemes – is indeed endemic of the very abuses and usurpations that gave our forefathers just cause to birth the Declaration of Independence.
(Excerpt) Read more at gopusa.com ...
How would that work?
Same way it happens with professional sports.
If your take home pay is higher than your salary doesn’t have to be as high for you to make the same amount of money.
Say I’m in a 50 percent tax bracket, my salary would have to be 2x as high just to make the same amount of money.
Or in a more concrete example. 30k all of it take home is probably worth more than 60k bumping you up to a 50 percent bracket. If for nothing more than the fact that withholding would mean you get your money now, instead of in the refund at the end of the year.
So if I currently pay $10,000 in income tax, under the FairTax I should expect my income to drop $10,000?
Oh, probably, when all the Boomers are gone.
Boomers have had a pretty good ride of things. Any changes will grandfather them, at the expense of everyone else, just because there’s no political way to get the necessary things done any other way.
If it meant we could ditch income tax, I’d grandfather all the whining boomers.
Hmm, unlikely that your pay would be cut. But new positions likely would drop.
So income will drop and prices will rise?
Prices are usually quite a bit lower. The most significant part of pretty much anything you buy retail is the labour component. As much as half depending on the product.
If they were to eliminate federal income tax, and replace it with a VAT, the VAT would increase the price but the drop in the labour costs would drop it more. So I’d expect prices to drop considerably, depending on the jurisdiction.
FairTax Ping!
The poverty level calculation is a well-seasoned means tested procedure that DHHS has used for decades. It would be very difficult for members of Congress to get into the details of the formulas and data to try and skew the levels so that people can be bought.
And attempting to alter the DHHS computation procedures would also backfire because a calculated increase in the poverty level will lead to larger checks for everyone, rich or poor. These larger checks could cause large outlays from the federal government causing disruption to budget processes.
The Rebate simply says under the FairTax code that:
“There is no federal taxation on any American up to the level of poverty; and then taxation is a flat rate on spending above the poverty level.”
The way to implement the above is to send rebates on taxes already paid and limit the rebates at poverty level spending.
The check production process is already in place and is highly automated as witnessed by the more than 120 million tax rebate checks sent out multiple times in the final year of Bush’s second term.
The Rebate solves the ‘disproportionate burden problem’ that goes back to at least when Davy Crockett was in Congress. Without it the poor and middle class would be spending most of their pay on essentials whereas the rich would spend a smaller percentage of their income on essentials. The Rebate solves that problem completely but it was not technically feasible to implement a Rebate system in pre-1913 America when excise taxes were imposed. Now it is technically feasible and it is also technically feasible to collect federal taxes at the retail level.
So the bottomline is that America is now ready for a FairTax code.
http://www.fairtax.org/site/PageServer?pagename=about_faq
Ingeneral it is long past the time when Washington DC served the country...and Flyover Country became the servant of Washington.
The first step in correcting correcting that would be the abolition of the IRS and the income tax...in its complete totality.
We started our adult lives under (shudder) Carter. You've never faced a 15% mortgage payment or stagflation or gas lines or the tax rates before Reagan.
So, please, have some cheese. Cracker?
You, sir, are a wise man!
We need to send less money to Washington DC and we also send to siphon less money through it. Sending money to DC that you don’t owe, in any form, is wasteful and dangerous.
As in Kalipornia, what do you do if they send you an IOU, can you eat it? The “Fair Tax” is not a tax cut, it requires a pretty heavy bureaucracy to keep track and then everyone gets a check from government. How many problems can you count with this idea? You’ll probably need more than one hand.
I have Obama.
Thanks boomers. You’re doing an awesome job. The Obama economy is far worse than Carter.
Yeah, Carter sucked, but the boomer equivalent isn’t even an American.
Rebate is garbage. Sorry.
I might get 50 bucks back quarterly.
If prices dropped 50 percent, I’d get 50 bucks back in about a week or so. The Fair Tax isn’t as good as flat or none.
Prices remain unchanged.
True?
Government revenues remain unchanged.
True?
I save money because no taxes are with held from my pay check AND I get a prebate every month.
True?
Obama would like nothing better than to start a fight between the Boomers and the younger generations - killing boomers via "Death Panels" is and always was the goal of ObamaCare.
They spent the d*mn Social Security money and can't pay it back so they have to kill us. Actually, they would like you to do it for them, keeps their hands clean. If they make you hate your parents first, you won't mind and you get all their stuff. It worked for Hitler and the Jews.
Please, don't be duped.
Phasing out Roosevelt’s Commie Mandatory Federal Government Social Security is definitely on the agenda.
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