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Old 07-31-2011, 11:26 AM
 
Location: Inland Levy County, FL
8,806 posts, read 6,092,783 times
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Quote:
Originally Posted by florida.bob View Post
How about an adjustment, say 10% tax on every purchase over $500, including Market Securities, Corp Stock exchanges, etc?
To unfairly punish the rich. Right.
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Old 07-31-2011, 11:27 AM
 
Location: Inland Levy County, FL
8,806 posts, read 6,092,783 times
Reputation: 2949
Quote:
Originally Posted by evilnewbie View Post
You would think it is a smart idea to pay higher sales tax and eliminate the income tax... but... what you don't realize is that government has a SPENDING problem which means if they instituted that, guess what, 10 years down the road they don't have enough money so they start a "new" 1% income tax on incomes over 100k... then a few more years down the road and we have the income tax rates like we have now PLUS the additional sales tax that you suggest... So, there you go.... the problem with government isn't its revenue, it has and will always be its spending...
Part of the problem with implementing FairTax is that the 16th amendment must first be repealed. That would make an income tax unconstitutional and the Dems likely won't go for this (and even some Rs).

I definitely agree with you that the problem is spending, though!

Last edited by andrea3821; 07-31-2011 at 11:59 AM.. Reason: clarification
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Old 07-31-2011, 11:52 AM
 
24,353 posts, read 26,826,712 times
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Quote:
Originally Posted by oldraider View Post
If everyone paid a higher sales tax on their purchases say 10%, that would make everyone a taxpayer. Then eliminate the income tax altogether. I know it does not have a snowballs chance, because the tax attorneys and CPAs would have a strong lobby. But it would be the most particular and certain way to make everyone pay their share.

This is called a "Fair Tax System" but all experts who support the idea said the sales tax rate would have to be around 25% in order to eliminate the income tax. I'm against the idea because we live in a global world. I know if that happened, I'd be going to Canada a lot more whenever I need to buy a car or any other large ticket item and I can't think of a single foreigner who would shop in the US anymore.
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Old 07-31-2011, 11:54 AM
 
Location: Inland Levy County, FL
8,806 posts, read 6,092,783 times
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Quote:
Originally Posted by evilnewbie View Post
One could always do "tiered" sales tax...

Tier One: Food, Shelter, Clothing, Transportation, Healthcare, and Utilities at a fixed rate tax of 1%...
Tier Two: Restaurants, school supplies, firearms, and home furnishing at a fixed rate tax of 10%..
Tier Three: Small boats, store merchandise, and service industry at a fixed rate tax of 20%...
Tier Four: Luxury goods, yachts, tobacco, alcohol, and airborne vehicles at a fixed rate tax of 40%...

I still don't like a national sales tax unless it is tied to no taxation on income in any manner excluding SS/Medicare/Unemployment/etc which are also protected from the government dipping in those funds...
That's a progressive tax structure. Prebates are the better idea. FairTax would only be implemented if the 16th amendment is repealed. SS, etc. is affected positively by FairTax.


Tying the tax to things that are new rather than used should appeal to the greenies out there.
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Old 07-31-2011, 12:02 PM
 
Location: Inland Levy County, FL
8,806 posts, read 6,092,783 times
Reputation: 2949
Quote:
Originally Posted by bmw335xi View Post

This is called a "Fair Tax System" but all experts who support the idea said the sales tax rate would have to be around 25% in order to eliminate the income tax. I'm against the idea because we live in a global world. I know if that happened, I'd be going to Canada a lot more whenever I need to buy a car or any other large ticket item and I can't think of a single foreigner who would shop in the US anymore.
Foreigners don't really shop in the US at all. Some people may order things online and those things are, at this point, not taxed. I'm not sure how that would work with the FT. Tourists are going to pay whatever we ask them to pay, in all reality, esp those who are clueless about the exchange rate.

However, it would not have a huge effect on our exports b/c we are exporting to companies, not to the end user, who is the one who would be paying the tax. Interesting point, though, and I think your other point about going to Canada to make purchases is valid as well. The majority of Americans do not have that option, though.
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Old 07-31-2011, 12:09 PM
 
Location: Land of debt and Corruption
7,545 posts, read 8,312,279 times
Reputation: 2888
Quote:
Originally Posted by bmw335xi View Post

This is called a "Fair Tax System" but all experts who support the idea said the sales tax rate would have to be around 25% in order to eliminate the income tax. I'm against the idea because we live in a global world. I know if that happened, I'd be going to Canada a lot more whenever I need to buy a car or any other large ticket item and I can't think of a single foreigner who would shop in the US anymore.
Those "issues" have already been thought of and resolved. I live in Cook County, IL. We have one of the highest tax rates in the country. To prevent Cook County residents from going to other (lower tax) counties, or even other states to purchase big ticket items, the sales tax is levied based on your address. For example, when you go to register your new vehicle and apply for plates and tags, you must present your tax receipts. Any difference in rates must be paid to your county before your vehicle can be registered.

The car dealerships in Cook County were up in arms over potential loss of business because of the lower tax rates in neighboring counties. This prevented people from shopping for the lowest tax rate.
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Old 07-31-2011, 12:18 PM
 
9,879 posts, read 8,003,681 times
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Quote:
Originally Posted by evilnewbie View Post
excluding SS/Medicare/Unemployment/etc which are also protected from the government dipping in those funds...
SS should be protected from government dipping but it hasn't been.
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Old 07-31-2011, 12:39 PM
 
27,206 posts, read 46,646,405 times
Reputation: 15661
Yesterday we went for a couple of hours to the mall and I understand that the pretzel stands, Panera, Satrbucks, etc... all need to sell and make money, but since we have to balance our budget we only on a rear occassion buy something there, and most often we take a water bottle (due to the hot weather in Fl) with us but drink before we leave and also had food prior to going to the mall, so they stuff we buy is used for more than one time...food and drinks are gone in a few minutes and although it is nice to buy them, they are very expensive for a family of 4 if you shop on a regular base.

In our company there have been remarks from people who have come forward as being a Rep. about some other workers who came forward as being Dem....and the Dem. never bring their own drink but always buy on the way to the office at Starbucks, Wendy's, etc...every day, and we keep getting these calls from banks, collecting agencies about them for non payment...I guess Dem. have a hard time balancing their own budget and always like to tell others to raise taxes so they can benefit.
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Old 07-31-2011, 12:51 PM
 
Location: North Cackelacky....in the hills.
19,567 posts, read 21,838,666 times
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Quote:
Originally Posted by Vegas Joe View Post
Yeah. Let's squeeze the middle class even more at the grocery store. That will do wonders for the economy.
Except you would be getting your entire pay check,not with all the deductions for the various fedgov taxes.

And used items are exempt,obviously doesn't apply to food but everything else it does.
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