What would the effect be on the NRST if the prebate provision were removed? 
Posted on 04/14/2006 2:42:07 PM PDT by Eaglewatcher
of good news is that support is growing for complete replacement of the tax code with a national consumption tax. More and more taxpayers are demanding action from their representatives in Congress, and their representatives are listening.
Just one year ago, there were 33 sponsors and co-sponsors of HR 25, The FairTax Act, in the U.S. House. Now there are 53 supporters, and new co-sponsors are joining every month. In the Senate, Senator Saxby Chambliss (R-GA) was the lone sponsor of the FairTax Act, S 25, one year ago. Senators Tom Coburn (R-OK) and John Cornyn (R-TX) now join Senator Chambliss as co-sponsors. The word is spreading about the overwhelming benefits to our economy and our wallets when we replace the nine-million-word tax code mess with the fair and simple FairTax.
(Excerpt) Read more at townhall.com ...
the cost of compliance with the 60,000+ page tax codeThe tax code isn't 60,000+ pages.
Compliance costs the taxpayer $265 billion per year. That's money taxpayers could spend or invest if the IRS was abolished.That "cost" isn't money, though. It's an economist's view of cost. The vast majority of that "cost" is leisure time spent doing taxes (which is still overestimated). Most people can't convert their leisure time into cash, so the "cost" is really less time watching TV, not cash out of pocket.
Great news! What can be done to get it to 66?Remember, you only have 8 months and then it goes back to 0.
I'm not being sarcastic, but a family who makes $15K a year would pay the same amount as Jim Gates?
What would the effect be on the NRST if the prebate provision were removed?
What would the effect be on the NRST if the prebate provision were removed?
This is a moot question because Fair Tax supporters will not endorse any omissions in the current bill.
But, the point of my question is what effect on the NRST would removing the prebate part, if it were removed? Just pretend the bill were modified in the Senate and the section were removed. What effect? Would it make the bill more or less a "fair tax"?
"Radical" would be too kind a word. Try "UnAmerican" or "Unconstitutional". The vast majority of government employees work very hard and they all pay taxes just like everyone else. No taxation without representation ...and they get to vote on representatives just like everyone else.
To take Washington DC as an example they vote over 90% Democrat. Because the Democrats will add more spending to the government. It is human nature to vote yourself more money and power. They aren't evil people, they are just human beings. Thats why the founders who were trying to limit government didn't give the vote to Washington, DC.
... and THAT'S merely a non-economist (and anti-FairTaxer's) view of "cost".
I think the economists are more correct, Nightie.
Beware the Democrats "Fair flat tax"!!
What post #62 doesn't realize with the growing support for the Fair Tax those 55 and probably more will quickly sign up again the next time it is introduced.The bill had more cosponsors in the last session, they didn't sign up more quickly, did they? (And they have to win re-election.)
It may not be as fair to you as it is to someone who has all of their money in conventional IRA's. Those people will see an economic boon of incredible proportions.
You have made a bet that, in exchange for never having to pay taxes on your money again, you forewent up front tax savings. Fine. How will it be fair to you when congress changes its mind and decides to tax your Roth? There have been noises made about one time levies on all retirement plans.
Your Roth will still be invested during your retirement years. I can think of nothing on any table anywhere that would create economic growth like the fair tax. If you want your investments to grow you should want the fair tax.
You will not be taxed on the value of basic goods and services. The first 10,20,30 thousand of expenditures will be tax free in the form of a pre-bate sent to you each month.
There will be increased costs of goods and services over and above the basics but those costs will be tempered somewhat by the removal of imbedded income taxes.
Well, Willie Tee - as I live and breathe; back on the anti-FairTax binge after years of staying away!!! Will wonders never cease!!
Actually you needn't be so formal as to call me "Mr. Dog" - just plain ol' "pigdog" will do ... but suit yourself.
Most importantly if the prebate were removed, the bill would be far, far less likely to pass as it would give the "anti" voices (one of those being you) the hue and cry of "... see, see, it's horribly regressive and punishes all those poor folks ... etc.". Of course you anti-FairTaxers know this ans therefore try to find a way to lever it out of the bill in hopes it will be defeated.
The other effect is that without the prebate the FairTax rate would be reduced slightly - something like 3 points. But after all, you'll be getting that back as a refund of taxes paid with the prebate so the overall effect economically on most people would be nil.
... and THAT'S merely a non-economist (and anti-FairTaxer's) view of "cost". I think the economists are more correct, Nightie.I wonder what an economist would say your spammy posts "cost" the readers of these threads.
Oh, jeez. I thought that was the whole article. I forgot that you can click on the link provided by Eaglewatcher. :->
He'd probably like them better than YOUR "spammy" posts, Nightie, since there's more truth to them and they aren't directed toward defeating something (an excellect bill that has been thoroughly studied from an economic standpoint) no matter what.
Let us know when your Nightmare Flat Tax (or any other flavor of flat tax) has both a bill before Congress and over 50 cosponsors ...
BTW, Ney IS listed as a cosponsor by THOMAS. Get you own "facts" straight; obviously we shouldn't trust you since you can't read!!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.