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I like the FAIR tax, because.... um, it's "FAIR".....
It taxes only NEW items at the finished (end) product - not a VAT (so imagine 'recycle' and 're-use' - the 'greenies' should be excited!)
And it taxes all (new) consumption - so visitors, illegals, even 'drug dealers', etc, ALL pay (imagine that!)
New house = yes; old house = no tax (swell!!) New car = yes; old car = NO tax
And it eliminates Soc Sec, Medicate, Fed tax, so = you get a BIG RAISE!!
And it's even 'progressive' in that every citizen gets a check monthly (from SSA) for poverty-level tax expense - so you don't pay the 'tax' until spending above poverty level.
It still opens up issues because say any second hand or resale consumption is bought up (by the rich let's just say) and out, they don't pay taxes but yet the paupers have no choice but to buy new and PAY the taxes while the rich get off. It's the Buffett rule logic all over again.
The flat tax won't work.....but, I see how it looks good.
The examples of buying coke and such then pay the tax....good deal.
Now, why would anyone invest in major amounts of building or, equipment???
I do for the deprecation...if that was gone me and many others would stop buying.
I do not NEED a new well rig every five years.....I NEED the deprecation.
This would cost people jobs.
You're confusing a flat tax with the fair tax. A fair tax is a POS tax, while a flat tax is about like what we have now, except (sane) all loopholes and all but a few deductions are removed.
As Greywar pointed out we already have a pretty flat tax. What we should have is a progressive tax, much more steeply progressive than we have now.
That would turn a flat tax into and completely unfair tax and money would walk. The poor would be the only ones benefitting from such a monster. The middle class is already being hammered, rather than being propped up as it was in the 50s. The meme of taxing the rich has to stop, and I'm far from being wealthy. No matter how much you hate the rich, they are the job creators.
Quote:
Originally Posted by mkpunk
It still opens up issues because say any second hand or resale consumption is bought up (by the rich let's just say) and out, they don't pay taxes but yet the paupers have no choice but to buy new and PAY the taxes while the rich get off. It's the Buffett rule logic all over again.
How does that work in your head? The poor buy used far more than the wealthy. Who say's used items won't be taxed? I'm not for a fair tax system, but even that would be better than what we have now.
A flat tax. One rate for everybody, no matter how much you make. There is NO valid reason to penalize success.
No exemptions, no deductions, except for the poverty level income for your family size and geographical area.
ALL income, from ANY source should be taxed.
You got a million dollars from stock or bond dividends? tax it at the standard rate.
You earned 75K in wages or salary? tax it at the standard rate.
The poverty level income for your area and family size is 30K? fine, you get the taxes back that were deducted from the first 30K of your income, and the government gets the taxes on the rest, no matter how much it is, at the standard rate.
Actually, this would punish the middle class more than anyone else. There has to be a small punishment for success, but at a high level. $1M a year is about right.
1st 25k no tax
25k to 1M 15%
over 1m 26%
this would be a windfall for the government, and would help expand the middle class once again.
A person making 10M a year having to pay 2.2M a year is not usury, and is quite fair.
Keep in mind that all those add-on taxes would be gone. Gas, energy, sin, utilities...etc.
Actually, this would punish the middle class more than anyone else. There has to be a small punishment for success, but at a high level. $1M a year is about right.
1st 25k no tax
25k to 1M 15%
over 1m 26%
this would be a windfall for the government, and would help expand the middle class once again.
A person making 10M a year having to pay 2.2M a year is not usury, and is quite fair.
Keep in mind that all those add-on taxes would be gone. Gas, energy, sin, utilities...etc.
The idea of punishing people for being successful is idiocy. This is one reason why I despise our so-called "progressive" tax code. The fact that someone is successful, especially in an economy as screwed up as ours has become since globalism, should be celebrated, not frowned upon. We currently reward low-income workers by giving them a refund that they didn't earn, while punishing high-income workers by taking a larger percentage of their money. Not only is it idiotic, it's a completely unfair way to tax citizens.
Note: The other main reason that I despise our so-called "progressive" tax code is that it requires 70,000+ pages of regulations. Filing taxes should be something that can be done on a single sheet of paper, i.e. how much did you make last year? What is xx% of that amount? The answer is what you owe in taxes. And this percentage should be applied to everyone from the minimum wage worker (yeah, all 5% of them) to the extremely wealthy.
You see the purpose of a true flat tax is to raise tax revenues. You will capture enough revenue from the rich to pay for social services the poor need.
So the excuse the poor cannot afford flat taxes is blunted by revenue raised to find social safety net programs.
I would like a flat tax imposed as a national sales tax on all non-food items.
No loopholes. No exceptions. No other taxes.
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