Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
No, I'm a fair tax fan. Tax on consumption, then everyone get's to pay, rich and poor alike. That way, we eliminate the income tax, and take home more of our pay.
The fair tax redistributes income from renters to homeowners because homeowners get to enjoy housing consumption without paying their fair share of tax.
I favor a flat income tax, period. Right now we have a bunch of complete morons crying about "tax the rich, they should pay their fair share" while 47% of Americans pay NO income tax whatsoever. How can people gripe about the rich not paying enough when 47% pay NOTHING?
People who supported the expanded child tax credits have themselves to blame for so many Americans not paying income taxes.
A childless minimum wage worker working full-time actually pays federal income tax (and state income tax and payroll taxes) and does not get money back.
i know enough about your "fair tax" to know it is a tax that burdens the poor and lets the rich stash more wealth away and spend it where there isn't a consumption tax.
the wealthy will just produce their wealth here, paying ZERO income taxes and then take those resources out of this economy, by spending it elsewhere, again, NOT PAYING TAXES.
win-win for the wealthy. it is a non starter. just what we need another inducement for the wealthy to bleed money out of our economy and to spend it elsewhere. A consumption tax would be great for the "duty free" countries that would spring up but it would destroy this economy.
of course the poor get hit with a double whammy, they would still pay tax on most of their earnings because they spend most of what they make to live, AND they would now pay a tax on the money they BORROW to fill their earning gaps. Payday loans would now have another hidden cost, a tax on the of spending that borrowed money.
lose-lose for the working poor.
I'm afraid you don't, considering your post. Each individual would be given a prebate to compensate for taxes on necessities, thereby only charging tax on discretionary items, which are typically purchased by the "wealthy".
Any detriment to the economy would be overshadowed by the benefits realized by bringing billions of dollars out of the underground economy into the mainstream economy, the reduction of money spent on tax preparation and documentation, taxation of those who avoid income taxes by being paid "under the table", etc., etc....
Are you serious? If you make $15K a year, you're not going to be able to buy a house, therefore you're not going to be able to use the mortgage interest deduction.
And if you have a $15k job, you're probably not going to be able to use the loopholes for fringe benefits, because your job probably doesn't provide any.
Each individual would be given a prebate to compensate for taxes on necessities, thereby only charging tax on discretionary items, which are typically purchased by the "wealthy".
if you coupled this flat tax with a flat tax on FICA taxes you would balance the overall tax situation. Taxing ALL income would capture some income that isn't even counted in you AGI numbers. So the wealthy would more toward taxes.
Quote:
Originally Posted by EinsteinsGhost
In 2008, top 50% (an AGI of $33K or more) paid 13.65% of their income in federal income tax. Those making less than $33K paid 2.6% of their income. So, a 15% flat tax will be a tax increase on both groups, more so on those at the bottom of the pay scale. In the same year, the top 1% paid 23% of their AGI in income tax, so they will be getting a tax cut.
In other words, the idea is to make the poor pay more and the rich pay less. Right?
it would never work and you know it, the wealthy would find their ways to evade it, it that meant moving their funds overseas, we reallhy would hear that huge sucking sound Perot warned us of.
Quote:
Originally Posted by Amaznjohn
I'm afraid you don't, considering your post. Each individual would be given a prebate to compensate for taxes on necessities, thereby only charging tax on discretionary items, which are typically purchased by the "wealthy".
Any detriment to the economy would be overshadowed by the benefits realized by bringing billions of dollars out of the underground economy into the mainstream economy, the reduction of money spent on tax preparation and documentation, taxation of those who avoid income taxes by being paid "under the table", etc., etc....
I'd suggest that those Fair Tax opponents do a bit more research before commenting. From reading the posts, few are actually familiar with the implementation and benefits of the Fair Tax.
As someone with no hope of buying a house, I'm not seeing much benefit of the Fair Tax.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
