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It sounds similar to Johnson's plan which I liked. I don't think it could hurt to try it. I liked Johnson's plan it was a sales tax and everyone got $200 a month rebate. I think I like the fair tax idea even better. It'd have to be better than what we have now. I'm not totally sold quite yet though.
The probate is to be whatever was found to be necessary for a family of four to exist. Food, clothing, housing, medical care, and so on and I think that would be a pile more than $200. Now if only 2 people live in the unit they get half as much. No tax charged on houses or cars after the tax on the new unit is paid. It has lots of good sounding parts and will certainly get more money from the wealthy if they spend as most of them do.
No, no, no I meant you seem to think that life without income tax would be impossible.
Which part of having no income tax do you not understand? Of course you can live without an income tax. I suggest there be no income tax. Direct taxes on labor is stupid, let alone the invasive and arbitrary nature of it. Its even worse than general excise taxes. I'd be hard pressed to pick between VAT and income taxes for the worst possible tax. Good question.
You think property taxes are not embedded in the rent I pay??? Did you think my landlord just eats the property tax without getting it back in the rent he collects???
Of course not. If that was the case no ne would own rental property. Then add in the fact that if they sell rental props after 2014 one would have to pay a 3.8% medicare tax on proceeds in excess off $500,000 in one yr. Including sales of other investments not only real estate.
I, again, propose to replace all of our current complex taxes with a single flat Federal Income Tax on all income, including retained corporate profit, over the 90th percentile. This would free up money to be saved, invested or spent by 90% of the population while placing the burden of maintaining the country on the people that actually own most of the country. Simple, gets the job done and only annoys the privileged.
I, again, propose to replace all of our current complex taxes with a single flat Federal Income Tax on all income, including retained corporate profit, over the 90th percentile. This would free up money to be saved, invested or spent by 90% of the population while placing the burden of maintaining the country on the people that actually own most of the country. Simple, gets the job done and only annoys the privileged.
In other words greggy wants his free ride. Gee what a surprise.
A flat sales tax would be extremely regressive and would likely drive the poor and middle class into an even more desperate situation. They spend most of their incomes, whereas the rich do not.
It is obvious you've never read up on the flat or fair tax.
Everything gets taxed at point of retail sale regardless of income.
This doesn't sound fair at first but what opponents seem to never be able to grasp is the "prebate" which is a check sent every month to every household.
For example a family of two with two children would receive a check for $559.00 on the first of every month to completely offset the tax up the poverty level.
Besides the prebate the fair tax would replace federal withholding, social security and medicare taxes.
John, Mary and their two children are barely able to scrape by on the $3,000/month John earns at the weld shop. Out of his $3,000 John pays $126.00 in SS tax (soon to increase to $186.00) and an additional $43.50 in medicare taxes.
Under the fair tax both SS and medicare would go away giving John an additional $229.50/month in addition to a prebate check of $559.00 giving this family a total of $788.50 additional money each and every month.
There is a 23% tax on everything, even food and medicine, that everyone pays.
If this family pays 23% on everything the total tax paid will be $690.00 so they are actually coming out ahead by $98.50 each and every month!
How is this detrimental to the poor and working poor? What about the family of four trying to get by on $24,000/year?
Rent and mortgage payments are not taxed.Going this route there are no deductions, everyone pays taxes. Even drug dealers pay taxes.
Other benefits... think what this would do for the job market in terms of export. We would be able to undercut the Chinese.But let's not get the facts, lets just knee-jerk.
The truth of the matter is it's not about paying a fair share, it isn't about helping the poor it's all about control. The government controls through a tax system.
Yep, me and most of the other 90%ers would love a free ride. Isn't that what the 10%ers have had all along? Time for the people that own the country to pay for maintaining it.
Everything gets taxed at point of retail sale regardless of income.
This doesn't sound fair at first but what opponents seem to never be able to grasp is the "prebate" which is a check sent every month to every household.
Which does what exactly? Whats the point?
Quote:
For example a family of two with two children would receive a check for $559.00 on the first of every month to completely offset the tax up the poverty level.
Great ,so now they will have more monthly nominal income. They will then be able to take out a bigger mortgage or pay a bigger rent...which will become an interest payment. All you have done in nominally reset the subsistence level which will always result with economic rent extraction opportunities. The increase in income from the tech boom became economic rent. That is what happens when wages rise. Its quickly drives up asset prices in this economic model we have so foolishly chosen. This is exactly what will happen again especially with ZIRP firmly in place.
Odds are you never even heard of this issue which is of course central to why taxes on assets, which this leaves out of account, are so vital.
I have read it and I have refuted it. This tax idea sucks.
Quote:
Besides the prebate the fair tax would replace federal withholding, social security and medicare taxes.
John, Mary and their two children are barely able to scrape by on the $3,000/month John earns at the weld shop. Out of his $3,000 John pays $126.00 in SS tax (soon to increase to $186.00) and an additional $43.50 in medicare taxes.
Under the fair tax both SS and medicare would go away giving John an additional $229.50/month in addition to a prebate check of $559.00 giving this family a total of $788.50 additional money each and every month.
There is a 23% tax on everything, even food and medicine, that everyone pays.
If this family pays 23% on everything the total tax paid will be $690.00 so they are actually coming out ahead by $98.50 each and every month!
How is this detrimental to the poor and working poor? What about the family of four trying to get by on $24,000/year?
Rent and mortgage payments are not taxed.Going this route there are no deductions, everyone pays taxes. Even drug dealers pay taxes.
Other benefits... think what this would do for the job market in terms of export. We would be able to undercut the Chinese.But let's not get the facts, lets just knee-jerk.
The truth of the matter is it's not about paying a fair share, it isn't about helping the poor it's all about control. The government controls through a tax system.
Why tax food and medicine at all? People that make things already contribute to the society. Its like a double tax. First they create something useful, and then they are taxed.
Yep, me and most of the other 90%ers would love a free ride. Isn't that what the 10%ers have had all along? Time for the people that own the country to pay for maintaining it.
No actualy Greg , the 10% are the ones already paying the majority of the bills. But thats not good enough for you, you want then to pay it all.
It would be great for me, not so great for those with a low income. There is no way to prevent the unfair burden this would place on those who can barely support themselves. I might be able to buy into it if used goods are taxed at a lower rate. Growing kids still need shoes - it really isn't a choice.
But, the people you are referencing get welfare, food stamps, free phones, free breakfast, free lunches, etc.
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