Posted on 04/01/2015 5:17:20 PM PDT by Kaslin
Ping.
I just found out today I owe $5000 because I still work while receiving SS
Did you not know this when you started taking SS? It's in the find print fedgov sends you when you sign up for SS.
Sorry to hear it. You just told us your age—that crap stops when you reach full retirement age of 66.
Ax dem wot?
Getting rid of the income tax would have a very positive affect on US Ex-pariots in that it would relieve them of the onerous re4sponsibility of filing US tax returns when they do not live in the US.
Before 66 they withhold your SS if you go over a certain amount. But since they pay the whole amount monthly, and if you make over a certain amount after 66 they tax 85% of your SS at 25%.
That train left the station and it has passed the point of no return.
“Professor Peter Morici is a recognized expert on economic policy and international economics. He has lectured and offered executive programs at more than 100 institutions including Columbia University, the Harvard Business School and Oxford University.”
Well, Professor, we can’t afford, we don’t want and we don’t need a Value Added Tax in America!
You certainly are smart enough to know the difference between a National Retail Sales Tax (e.g., the FairTax) and a VAT!
VAT creates more problems than it solves, and, historically, has been the government cash cow that it is designed to be, much to the detriment of the people who have to pay, collect and account for it.
VAT benefits accrue SOLELY to the state.
FairTax benefits accrue SOLELY to the people and the economy.
Quite a difference, I’d say, and that reason alone makes the FairTax worth fighting for!
Let us all vow to throw every imaginable roadblock we can in FRont of the VAT in America!
So? Progressive is a description for diseases like cancer that get ever worse until it kills you, not a good plan for fiscal policy.
VATs are terrible, look how well they worked in Europe.
FairTax is a good step, but what we really need to do is get an actual budget, then split that budget by all the Congresscritters. Each state is responsible for it’s Congresscritters share.
Why do they call a ‘value added tax’ ‘value added’? How does taxing something add ‘value’ to it?
Why don’t they call it a ‘tax accumulated tax’? (Although in this article Morici says that businesses get to deduct their own sales taxes and he still calls it a VAT, which doesn’t make sense.)
“Why do they call a ‘value added tax’ ‘value added’? How does taxing something add ‘value’ to it?”
Because they supposedly only taxing the “value” added at that stage of the production process. The problem is in who get’s to determine what “value” is and how much of it is added.
“Why don’t they call it a ‘tax accumulated tax’? (Although in this article Morici says that businesses get to deduct their own sales taxes and he still calls it a VAT, which doesn’t make sense.)”
Morici is peaking about a specific kind of VAT. A subtraction method VAT where all of the taxes added to the products “value” are subtracted from it’s price to the current adders of “value”. In practice there is a great deal of cascading that occurs.
Our current corporate income tax is, in reality, nothing more than a subtraction method VAT.
Bottom line is that VAT’s are simply a method to hide taxes and ALL of the costs of complying with them from consumers.
Taxes on a business as well of all the costs of complying with the tax (the latter is many times much greater than the tax itself) can accrue to any one or any combination of only three places.
1. They can be included in the price of the good or service produced.
2. They can come out of the wages and benefits of the workers engaged in producing the good or service. or
3. They can come out of the return on investment of the stakeholders in the business.
In all cases the tax and compliance costs accrue to individuals and NOT the business itself!
I would be in favor of getting rid of an income tax and replace it with some sort of sales or consumption tax if, and only if, it also includes repeal of the XVI Amendment. If we do not get rid of the part of the Constitution that allows for an income tax then there is nothing to stop a future Congress from re-imposing an income tax.
Getting rid of income tax, especially Corporate Income Tax, would turn the US into a tax haven, with subsequent growth in jobs and prosperity.
It’s a tax on the added value, not a tax that adds value.
The reason they want a VAT is because you can have a VAT and an Income tax - which is what we willg get if there is a VAT.
The Fair Tax requires the repeal of Income Tax Amendment before it goes into force.
They need to end the stupid “prebate” thing.
And the “Fairtax” is still very progressive, and still gives handouts to those who never paid any taxes.
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