Posted on 09/30/2017 7:45:37 PM PDT by Tolerance Sucks Rocks
Hurry up. The voters are waiting!
Dreadful. People who don't pay taxes vote for every government spending program because it costs them nothing.
We need to do away with the income-based tax system and go to a consumption tax instead. Stop penalizing successful investors and make everybody, including illegal aliens, drug dealers and the ultra-rich who take advantage of the current system to pay no tax, put skin in the game.
I know the rules regarding corporations well.
Corporations deduct taxes as expense.
Individuals are not allowed to deduct expense unless business related and that is as it should be
IMHO, you need to rethink your assumption that the personal exemption is “eliminated”.
That “exemption” will now be built into (increase) the income amounts where the new tax brackets start to apply.
Result: A few lines on the “old” 1040 are eliminated.
“Simplification” is like that...
Thank you. I completely agree with you that the “FairTax . . . is indeed a vastly superior tax code in every respect.”
The 16th Amendment DOES NOT NEED to be repealed to implement the FAIRtax. The legislation (H.R. 25 and S. 18) calls for abolishing the progressive income tax and de-funding the IRS.
The FAIRtax legislation cannot repeal the 16th, so there is separate legislation to repeal the 16th Amendment: H.J.Res.94.
I submit to you that once the FAIRtax is in operation, and We the People begin to participate in a rapidly growing economy, NO politician will dare to suggest that the income tax be re-instituted in America.
Once the income tax and the IRS are dead, they will not be revived!
And, then, the 16th can be easily repealed.
As to the “REBALANCING” you speak of, I’d say that will naturally occur as FAIRtax revitalizes our economy and society.
So there is, in effect, a 0% tax bracket. If this "bracket" is expanded, low-income earners get a tax reduction.
Further, if the other rate brackets are consolidated and broadened, many lower income earners will get a tax reduction. For example, rather than have some income taxed at 10% and some income taxed at 15%, having it all taxed at 12% will be a net tax reduction for at least some taxpayers -- it could even be for the majority of low-income taxpayers, depending on the details of how the brackets are consolidated.
For some reason no one can tell us the dollar figure where the 12% bracket ends and the 25% bracket begins. That is the critical piece of the puzzle and it is missing.
A tariff is the fairest tax of all. Don’t buy then don’t pay.
Tariffs replace income taxes, raise revenue and promote domestic industries. win-win-win.
FAIRtax IS a tariff.
FAIRtax is a “border adjustable tax,” which is allowed by international rules. The FAIRtax of 23% tax on imported goods offsets the (generally double-digit) VAT that encumber US goods when they are imported into VAT countries — which VIRTUALLY ALL of our trading “partners” are!
FAIRtax is FAIR! Treats ALL goods and services equally and treats all consumers equally!
HR 25 calls for sunsetting itself if the 16th is not repealed within 7 years of enacting the FairTax.
The point is that abolishing the Income Tax and enacting the FairTax is still viewed as radical by most political class people.
I have read and followed the FairTax for so many years and met with Leo Linbeck Jr. in 2011 well before he died. I say that not to pound my own chest but to point out that I know this tax proposal politically, statistically, economically better than 99% of everyone else, BUT it does not matter because the other 99% tend to think on first thought that it’s radical when in fact it is not, but that’s an argument.
People are creatures of habit and unfortunately, in the case of taxes, a complete demolition of current habits is a little ‘too far out there’. This does not deter me however because it took the Income Tax 51 years to be made Constitutional. So if I can see a little more of each generation get the picture, that’s progress to me.
But it can go faster if other reforms, near-radical reforms, go first. This will prime the public into thinking that a massive remodeling of the US Tax Code is feasible and the FairTax is the way to go.
So with this link (repeating here so others can get to it quick):
http://www.freerepublic.com/focus/f-news/3589590/posts
The stage will be set for other major reforms. That was the point.
Forget the spin... removing the SALT deductions makes this a non starter....
I assume this was put in there as something. To be negotiated away, but if they are serious about keeping it in there this think will be just like the Obamacare repeal and it won’t happen.
To begin, we are on the same side in this war. I have been involved since April 17th, 1991 when I read a Pat Buchanan editorial in the Washington Times: “A Tax Whose Time Has Gone.”
I agree that “abolishing the Income Tax and enacting the FairTax is still viewed as radical by most political class people.”
And that is a point that I have been making since 1991 - “political class” people NEVER think “outside the box.” FAIRtax is “outside the political class box”
But, and this is the strength of the FAIRtax, REAL AMERICANS do not consider this as radical. The people I have presented the FAIRtax to over the years like the concept (unless they are hopelessly enamored of the LIEberal/Socialist/Marxist/Fascist view) and will support it.
The key is to get them to bombard their Representatives and Senators such that they fear that if they do not support FAIRtax, they will not get re-elected.
The FAIRtax HAS to be pushed FROM the grass roots.
So, I guess we’ll, each in our own way, keep working for what we think works best.
Since it took 51 years for the US to adopt the progressive income tax, we are probably on track to enact the FAIRtax - we have on been at it since 1991 - 26 years.
Are we on schedule?
Budget is the real problem - we need another “Sugar Daddy” like Leo to pump some big bux into the AFFT.
Keep the Faith!
Nope. You must treat imports differently to promote and to protect domestic industry. That is the system our founders set up in the first congress and last to 1916.
Personally, I would impose the 12% bracket on an amount of income equal to that subjected to FICA, and then the 25% amount would be for the (FICA-free) remainder. I wouldn’t bother with a 35% rate.
I would have a $15,000 dollar exemption for individuals and $30,000 for couples, in exchange for getting rid of SALT, Mortgage Interest, and most other deductions, leaving alone retirement saving and charitable contribution deductions. Such would pretty much exempt the poor from paying income tax.
However, the poor would still pull the wagon indirectly, as I would, for now, have a 5% general tariff on imports. The poor would pull the wagon when purchasing the cheap imports they rely on, while the rich elites would “pay their fair share” when purchasing their expensive, foreign-made goods.
DANG!
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