The prebate is what makes the Fairtax work as far as I can see, Do you really want somebody living on less than $20K a year or so paying 20% of that in consumption taxes? If you say yes then I guess I am wrong, but if you say no, then by giving everybody the same “credit” makes it an equal burden across the board, pretty much the same as if you thought making them pay the 20% tax when making less than $20K annual income... (or whatever the poverty level number is)
No I dont really want to send money to Washington and get it back later, That is why I try to have it figured out so I owe some small amount every April 15th... AND I wait until the 15th to send it in too! I dont want them having a tax free loan, BUT I am in a minority there too... Not that it makes a whole lot of difference, but seems like the Prebate would be opposite though, They are giving you that credit before spending the money... The other thing is... like I mentioned before, most every american already waits for their refund check sometime beteen the first of the year and about a month after April 15th... Many of which the check is much more than the taxes they had withheld... What would really be the difference be between the prebate and an annual tax refund? Mainly so far as I can see, the prebate would be a fractional amount in comparison with (NO EIC) and exactly the same for every single person, every married couple, every married couple with 1 child etc... I dont really see it as anything more than a card with that calculated amount on it, Whatever the tax amount is going to be on your necessities to the poverty level. Actually I think it should only be able to be used for the tax part of what they are considering your necessities, but dont really know how it will be structured. You know it would not be that hard... when the food stamp people total up their amount they slide a card for that then automatically the register knows the cash amount left for their liquor and cigarettes...
The prebate is what makes the Fairtax work as far as I can see, Do you really want somebody living on less than $20K a year or so paying 20% of that in consumption taxes? If you say yes then I guess I am wrong, but if you say no, then by giving everybody the same “credit” makes it an equal burden across the board, pretty much the same as if you thought making them pay the 20% tax when making less than $20K annual income... (or whatever the poverty level number is)
No I dont really want to send money to Washington and get it back later, That is why I try to have it figured out so I owe some small amount every April 15th... AND I wait until the 15th to send it in too! I dont want them having a tax free loan, BUT I am in a minority there too... Not that it makes a whole lot of difference, but seems like the Prebate would be opposite though, They are giving you that credit before spending the money... The other thing is... like I mentioned before, most every american already waits for their refund check sometime beteen the first of the year and about a month after April 15th... Many of which the check is much more than the taxes they had withheld... What would really be the difference be between the prebate and an annual tax refund? Mainly so far as I can see, the prebate would be a fractional amount in comparison with (NO EIC) and exactly the same for every single person, every married couple, every married couple with 1 child etc... I dont really see it as anything more than a card with that calculated amount on it, Whatever the tax amount is going to be on your necessities to the poverty level. Actually I think it should only be able to be used for the tax part of what they are considering your necessities, but dont really know how it will be structured. You know it would not be that hard... when the food stamp people total up their amount they slide a card for that then automatically the register knows the cash amount left for their liquor and cigarettes...