I have ALREADY PAID the "22% in federal tax costs on every good and ... 25% in federal tax costs on services" on my savings!! Now you want me to pay an ADDITIONAL "23% on items for retail consumption and services" under the NRST.
Why will you not address this very important point? I'm not talking about any future earnings. I'm specifically addressing my PRESENT savings which I would spend in the FUTURE under the NRST. You want me to pay both inthe transition period.
No. You have paid income/payroll tax on your savings. The 22% in federal tax costs on every good and ... 25% in federal tax costs on services is paid when yo purchase something.
Ahem. You're already paying both now.
The nrst will treat savings exactly like they're being treated now with respect to fed tax costs at the counter.
However, under the nrst, you will receive your paycheck with no federal deductions, no payroll tax withheld, no income tax withheld...and your savings and investments will grow faster cuz they don't forfeit taxes on earnings.
Spend ten minutes here. It's quick FAQ.
I have ALREADY PAID the "22% in federal tax costs on every good and
No you haven't you saved and didn't spend your money yet. All you have paid is the individual side of federal taxes, not what you get hit with embedded into the prices of products when you spend your savings/investments or even income off your savings/investments.
Under the current system, as soon as you go out to spend savings on anything at all, you pay the corporate side of all federal income and payroll taxes as well as all the costs associated with them embedded into the price you pay for retail products.
Now you want me to pay an ADDITIONAL "23% on items for retail consumption and services" under the NRST.
There is no additional 23%, The current system not only hits you individually, but when you buy products as well, the cost of products today are 20-25% higher than they would be without corporate taxation.
As a consequence of repeal of taxes both individual and corporate, on average products prices will decline 22% (from removal of tax & tax related costs of the current tax system reflected in consumer prices).
The net result is you pay approximately the same with NRST for a given basket of products, as you do today with the embedded burdens of the current corporate income/payroll tax system in prices.
Why will you not address this very important point? I'm not talking about any future earnings. I'm specifically addressing my PRESENT savings which I would spend in the FUTURE under the NRST.
You have been addressed. your total costs for goods and products NRST included is approximately the same as they would be under the current system where corporate income & payroll taxes and costs associated with them are embedded into what you pay now for the products you buy.
You, the individual, gain approximately the difference between what you pay now in individual federal income & payroll taxes, plus the FCA demogrant.
You want me to pay both inthe transition period.
Restrain your buying from your savings/investments through the transition period until you are comfortable with product pricing plus NRST.
We are talking about savings and capital invested, afterall my friend, not your regular income nor gains from savings/investment on which you pay do not tax prior to spending under the NRST.
In fact under the NRST capital gains are not taxed unless spent so rolling stocks and equities over into stronger investements imposes no tax penalty on gains.
If you really want to minimize any tax byte on your previously earned capital, the best thing to do with it is to invest in equity instuments such as stocks an businesses rather that spending it on goods.
The gains due to economic expansion and the effect on business of the NRST will be substantial.