Quote:
Originally Posted by freemkt
Psst...go to the FairTax website...at the bottom right (scroll down) there's a search feature...enter 'rent' and submit...this is on the first page:
[SIZE=-2] [PDF][/SIZE] Comparing Average and Marginal Tax Rates under the ... ... Indeed, except for imputed rent on existing housing and durables, the FairTax
taxes all consumption (including rents on housing, new rental and ...
[SIZE=-1] www.fairtax.org/PDF/Comparing%20AverageandMarginalTaxRates-110206.pdf[/SIZE][SIZE=-1] - 2007-02-21
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NOW tell me that I would not pay 'fairtax' on rent.
And note that "the FairTax taxes all consumption (including rents on housing etc)" but does not tax "imputed rent on existing housing".
That means homeowners get to enjoy untaxed housing consumption while renters get to pay tax on their rent.
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and rent is income...so even today it is taxed
1. Housing. Explicit rental payments are subject to taxation
under the FairTax. Implicit rents on existing owneroccupied
housing and farms are not. However, the Fair-
Tax implicitly taxes imputed rent on newly constructed
housing via a prepayment approach that levies the
FairTax on their initial sale.4 Thus, we remove the value
of imputed rent for housing and farm dwellings from the
base. Because purchases of new homes are counted as
investment in new structures in the NIPA accounts, we
add those figures to the base.
Under the FairTax, improvements to single-family
homes and realtors’ fees, which represent payments for
services provided, are also taxable. Those expenditures
are counted as investment and not consumption in the
NIPA tables, and they are added to the FairTax base. It
should be noted that, under the FairTax, there is no tax on
the resale of houses or any other property that was
previously subject to the FairTax or that was owned by a
consumer on the changeover date.
The imputed rent for owner-occupied
housing and farm dwellings is removed because the tax due on the imputed rent will become prepaid when the
property is sold as a new dwelling.
you fail