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Old 09-22-2017, 11:04 PM
 
1,025 posts, read 559,196 times
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Quote:
Originally Posted by GeoffD View Post
All taxes are unfair to somebody

As Mitt said, the bottom 50% doesn't pay Federal income taxes and has no skin in the game. Is that fair?

I've been a 5%er my whole working career. Other than lifting the Medicare tax income cap, my effective tax rate has done nothing but go down since Ronnie was elected. The Obama ACA tax hike didn't touch me since it goes after 2%ers leaving 5%ers alone. You could roll me back to George H W Bush tax rates (inflation-adjusted) and it wouldn't change my life any.

My concern is that the constant tax hikes on those evil rich people is going to cause capital flight. Your typical multi-millionaire can make most of it vanish offshore with a few mouse clicks. We've seen a steady stream of that with our nutty corporate income tax rates.
GeoffD, the affordable Care Act affects enterprises of 50 or more full time employees. How did you conclude it additionally significantly affects any individual's income taxes? How would it have any perceivable effect upon wealthy individuals income taxes?

Regarding sales taxes, you're correct. The wealthy could and would, (as much as they're able) to purchase as much goods and services beyond our borders. But nations that have sales taxes, collect sales or use taxes for goods entering their nation. Tourist are granted a limited amount of tax waivers for what they may have purchased on each trip, but that's not a serious consideration in the context of a national economy.

To the extent that the Fair-tax would replace income taxes, it would replace corporate income taxes.

The topic of products crossing USA's borders is of particular interest to me.
Refer to the following post entitled “Sales Taxing of Imports and Exports”;
also google the Wikipedia article entitled “Import Certificates”.
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Old 09-22-2017, 11:06 PM
 
1,025 posts, read 559,196 times
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Sales Taxing of Imports and Exports:
(For a topic of greater significance to USA's global trade,
google the Wikipedia article entitled “Import Certificates”).

Currently a great portion of goods sold in the united states were foreign produced. Governments generally waive their sales taxes upon products leaving their jurisdictions. Thus their exports are more price competitive.

Many nations employ the Value-added tax, (VAT), the absolutely superior method of general sales tax administration that assures that no tax is again taxed, and within a chain of commercial sales transactions, total Vats attributed to the transactions' products sales are almost certainly the true amount actually paid. Vats are a significant portion of many nations' tax revenues and many those nations also collect income taxes.

Governments generally waive their sales taxes upon their exported products. When a VAT nations waive the VAT's for their exports, they're waiving a significant portion of their nations' taxes relative to those products and enabling their exports to be that much more price competitive.

Products sold in in the producing nation's domestic markets are generally subject to all of their nations' taxes. USA products in our own domestic markets are at some disadvantage to imports. The imported products were generally produced by cheaper than their government waived a significant portion of their taxes in order to enable their exports to be more price competitive. Foreign products reach our entry ports with not a single penny of VAT embedded within their prices.

USA products are not permitted to enter a VAT nation until the importer pays the VAT based upon the assessed value of the USA products. Foreign nations do not grant USA goods any advantages over their domestically produced products.
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Old 09-23-2017, 03:49 PM
 
1,952 posts, read 655,617 times
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Quote:
Originally Posted by Supposn View Post
YourWakeUpCall, the word “fair” within this discussion thread's title is not used simply as a synonym for the word “equitable”. There's been proposals for replacing our taxing of net incomes with a general sales tax. The proposal now being considered in Congress is not the first and likely will not be the last of such proposals.

References to proposals such as this are commonly known and described within political discussions as a “Fair-tax” concept.
The name is derived from those contending that the amounts of aggregate peoples purchases, rather than their income tax filings, equally or more accurately indicate their comparative wealth and incomes. I'm among those that believe that this particular contention is correct.
Fair enough (no pun intended). I misread the context.
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