Not clear why no one on this thread has got my point. I do write simple declarative english sentences. 1) I already paid taxes on what I have saved. 2) Now you propose a sales tax to tax AGAIN what I have worked so hard to put away? 3) I am not a fan of the IRS/income taxes, but is it fair to tax people like me AGAIN?
They need to call this not the NST, but call it the "screw the anyone who saved some money tax."
See my post # 76.
You may have paid some taxes on the interest of what you saved. What we're saying here is that you would no longer have to pay taxes on what you earn. Certainly you paid taxes on that money you earned in order to save some, and yes, you will be taxed again on it when you spend that saved money on retail/consumer spending. Folks that are living on money they saved (say retirement money) will have to have some sort of exemptions. I believe fairtax.org explains this. I'm not sure if HR 25 says anything about it.
Not clear why no one on this thread has got my point. I do write simple declarative english sentences. 1) I already paid taxes on what I have saved. 2) Now you propose a sales tax to tax AGAIN what I have worked so hard to put away? 3) I am not a fan of the IRS/income taxes, but is it fair to tax people like me AGAIN?
You missed the point made that you already pay the taxed costs of anything you buy.
These taxation costs are built into everything we purchase ~now~..
-- Thus, you won't be taxed any more under the 'fair tax' scheme then you are now.
If the scheme works, overall taxation would be less than now. ---- And we would regain a private financial life, free of the IRS.
1) I already paid taxes on what I have saved. 2) Now you propose a sales tax to tax AGAIN what I have worked so hard to put away? 3) I am not a fan of the IRS/income taxes, but is it fair to tax people like me AGAIN?
You are paying again now on any savings you may have, government is never "fair".
Government may however lay and collect taxes, including duties and excises per article I section 8 clause 1 of the Constitution , get over it. It is up to you to hold your representatives in government in check and accountable for what it extracts from you.
The best you can hope for was laid out by the founders and proponents of the Constitution in regards to taxation under the Constitution.
[Montesquieu wrote in Spirit of the Laws, XIII,c.14:]
Patrick Henry, Virginia Ratifying Convention June 12, 1788:
"Imposts, excises, and, in general, all duties upon articles of consumption, may be compared to a fluid, which will, in time, find its level with the means of paying them. The amount to be contributed by each citizen will in a degree be at his own option, and can be regulated by an attention to his resources. The rich may be extravagant, the poor can be frugal; and private oppression may always be avoided by a judicious selection of objects proper for such impositions. "
"It is a signal advantage of taxes on articles of consumption that they contain in their own nature a security against excess.
They prescribe their own limit, which cannot be exceeded without defeating the end proposed - that is, an extension of the revenue."
When applied to this object, the saying is as just as it is witty that, "in political arithmetic, two and two do not always make four."
If duties are too high, they lessen the consumption; the collection is eluded; and the product to the treasury is not so great as when they are confined within proper and moderate bounds.
This forms a complete barrier against any material oppression of the citizens by taxes of this class, and is itself a natural limitation of the power of imposing them.
Impositions of this kind usually fall under the denomination of indirect
taxes, and must for a long time constitute the chief part of the revenue
raised in this country. . Those of the direct kind, which principally relate to land and buildings, may admit of a rule of apportionment." (Emphasis added).
a) Be refunded in cash an amount equal to their savings as of the date of enactment times the new retail tax rate, or
b) get scrip in the same amount as described in a), negotiable only for paying the NST.