In your opinion, what is the "fair" tax ?

[LauraC]

Everybody pays X percent of their income regardless of what that income is. This would be true for corporations and small businesses, too. The individual tax return looks like this:

1. Total income from W2/1099-r, etc.:
2. Total interest income (attach 1099):
3. Add lines 1 and 2:
4. Times X percent:
5. Withholding from W2/1099-R, etc:
6. If line 5 is bigger than line 4 you get a refund of the difference. (IRS will do the math)
7. If line 4 is bigger than line 5 do the subtraction and make your check for the difference payable to the Internal Revenue Service.

No deductions, exemptions, tax credits. No add ons to income.

A similar but separate return would exist for the self-employed (no more than 10 lines).

The only thing Congress has control over is the Line 4 percent and how many IRS employees they think they need in the Treasury budget (appropriations bill) to process this simple return and print the simple instructions and form.

I see a lot of unemployed lobbyists, accountants, lawyers and government workers in this future. I also see a lot more ethical people in Congress.

[Quick Enough]

Originally Posted by HomeWurkin

It's too late. If an item costs a $1 due to extra taxes, and the taxes are removed, guess what?

The company will still charge you a friggen dollar. Stop dreaming.

I don't know what is worse, your opinions or your trash mouth! Clean up your act and come back and discuss like an adult without all the vulgarity

[workingclasshero]

the fair tax (a consumption tax)is the best option

end the fed, end the irs

Americans For Fair Taxation: Americans For Fair Taxation

[EinsteinsGhost]

Originally Posted by scuba steve

A fair tax is something the same for everyone - so there are no groups of people who pay no taxes at the bottom or the top. A flat one would be great in that regard.

How would it be great for a household making $5 million/year as well as for at least half of American households that make about $30K/year or less? Also, no deductions, benefits (marriage, children etc), I suppose?

[SuckerPunch]

Originally Posted by workingclasshero

the fair tax (a consumption tax)is the best option

end the fed, end the irs

[URL="http://www.fairtax.org"]Americans For Fair Taxation: Americans For Fair Taxation[/URL]

[Chuck-the-Brodster]

Sales tax for sure

[hilgi]

Originally Posted by Chuck-the-Brodster

Sales tax for sure

What happens when consumer spending drops?