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The FairTax proposal is a comprehensive plan to replace federal income and payroll based taxes, including personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes. The FairTax proposal integrates such features as a progressive national retail sales tax, dollar-for-dollar federal revenue replacement, and a prebate to ensure that no American pays federal taxes on spending up to the poverty level, and, through companion legislation, the repeal of the 16th Amendment to the Constitution. The FairTax allows Americans to keep 100 percent of their paychecks (minus any state income taxes), ends corporate taxes and compliance costs hidden in the retail cost of goods and services, and fully funds the federal government while fulfilling the promise of Social Security and Medicare.
If you read about this and understand it, it is the only thing that can save the American Economy and at the same time give the power back to the people.
If you read about this and understand it, it is the only thing that can save the American Economy and at the same time give the power back to the people.
So you really believe that with the implementation of the "Fair Tax" all of a sudden prices will go down, and our government will have enough money to operate?
Since the tax is based on spending, tell me, what is going to happen to the millions and billions of dollars earned by the rich? I guess since they will not be spending all of it that they'll get off tax free?
This "fair tax" is another "smart bomb" in the assault on the middle class. Those that are living paycheck to paycheck with bear the brunt of this.
The "fair tax" is a scheme to let the rich keep more of their money. Thanks Neil Boortz, attempt noted. What WOULD be fair is a FLAT tax. The same percentage paid by everyone, regardless of earnings.
Have either of you two that posted your support actually READ anything about this?
So you really believe that with the implementation of the "Fair Tax" all of a sudden prices will go down, and our government will have enough money to operate?
Since the tax is based on spending, tell me, what is going to happen to the millions and billions of dollars earned by the rich? I guess since they will not be spending all of it that they'll get off tax free?
This "fair tax" is another "smart bomb" in the assault on the middle class. Those that are living paycheck to paycheck with bear the brunt of this.
The "fair tax" is a scheme to let the rich keep more of their money. Thanks Neil Boortz, attempt noted. What WOULD be fair is a FLAT tax. The same percentage paid by everyone, regardless of earnings.
Have either of you two that posted your support actually READ anything about this?
~T
I've read a significant amount on the Fair Tax. Anything you'd like to know?
The biggest benefit for the middle class will be the incentive for businesses to move back to the U.S. I don't understand how you feel the middle class will be assaulted. Who spends the most money in the U.S., the wealthy. They would spend even more since the Captial Gains Tax will be eliminated. They would be willing to liquidize their assets and invest into their businesses, expand their workforce, and create an even larger tax base.
How do the rich keep from paying? do they just stop their so called rich lifestyle to keep from paying...I doubt it. Have you read up on it?
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regardless of earnings.
The fair tax makes it so everyone pays...even people who currently do not pay taxes. People will find a way around the flat tax...there is not a way around the fair tax...everyone pays!
How do the rich keep from paying? do they just stop their so called rich lifestyle to keep from paying...I doubt it. Have you read up on it?
The fair tax makes it so everyone pays...even people who currently do not pay taxes. People will find a way around the flat tax...there is not a way around the fair tax...everyone pays!
You can't legally find a way around a "flat tax". There would be no more write-offs or credits.
Do you even realize just how much money some people have? Do you honestly think Bill Gates spends even 5% of his annual earnings? What about the other 95%? Tax free? I don't think so.
So many people are for this thing because of their own short-sightedness. They are usually those that made an extra 10 to $100,000 in a given year and saw much of it go to the government. So they think by implementing a "fair tax" that they'll be able to keep more of it. Most of these people are armchair real estate investors, that paid a lot of taxes during the RE boom.
Yes, you will keep more of your money if you've earned money beyond what it takes to support your standard of living. However, what about the RICH? Don't you realize the money is going to have to come from somewhere? The increase in sales tax to cover the loss in revenue from conventional taxes will be astronomical. We'll see unprecedented levels of people in poverty in this country. We'll also see RECORD corporate profits. Do you honestly think big corp will pass the tax savings for them along to the consumer? Even if they did, that means the sales tax would have to be THAT MUCH higher to make up for the lower costs.
This type of system would be doomed to fail, but not before destroying this country even further than it already is.
Look at the big picture, not just a picture of your own tax return.
Actually, Yap City, there is a way around the Flat Tax. Let's say I own a business. Let's say that business makes $100,000 in profit. Let's say I would normally pay myself that $100,000, but because we have a flat tax, I decide to pay myself $40,000, to avoid paying taxes on that $60,000. I spend that $60,000 on myself by buying myself a company car, taking a business trip to Fiji, etc.
You can't legally find a way around a "flat tax". There would be no more write-offs or credits.
Do you even realize just how much money some people have? Do you honestly think Bill Gates spends even 5% of his annual earnings? What about the other 95%? Tax free? I don't think so.
So many people are for this thing because of their own short-sightedness. They are usually those that made an extra 10 to $100,000 in a given year and saw much of it go to the government. So they think by implementing a "fair tax" that they'll be able to keep more of it. Most of these people are armchair real estate investors, that paid a lot of taxes during the RE boom.
Yes, you will keep more of your money if you've earned money beyond what it takes to support your standard of living. However, what about the RICH? Don't you realize the money is going to have to come from somewhere? The increase in sales tax to cover the loss in revenue from conventional taxes will be astronomical. We'll see unprecedented levels of people in poverty in this country. We'll also see RECORD corporate profits. Do you honestly think big corp will pass the tax savings for them along to the consumer? Even if they did, that means the sales tax would have to be THAT MUCH higher to make up for the lower costs.
This type of system would be doomed to fail, but not before destroying this country even further than it already is.
Look at the big picture, not just a picture of your own tax return.
~T
Maybe you should read the plan a little more indepth. Those under a particular income level will receive a pre-bate to compensate for the taxes they would pay on essential living expenses, so these individuals would be revenue neutral. The savings from not having to pay income tax, capital gains taxes, and employment taxes will offset the increase in sales tax. Calculating all of these savings is how they arrived at the sales tax amount, making it revenue neutral.
Another big advantage is that the Fair Tax is discretionary. If you are strapped for cast a particular month, then you could just avoid large purchases until you can better afford it. Now, and with the flat tax, no matter what your current financial status you WILL pay your income tax.
Under the Fair Tax, even criminals would be required to pay taxes, whether they received their income from selling stolen goods, dealing drugs, illegal gambling, or prostitution, unlike with the flat tax. Illegal immigrants would be paying these taxes as well, instead of avoiding income taxes by being paid under-the-table, unlike the flat tax. Tourists and visitors, those without U.S. income, will be paying these taxes as well, unlike the flat tax. These are ways of getting around the flat tax.
I am looking at the big picture..It is you that has some kind of wierd hatred of the rich and you keep spouting off about it. So, you are saying once people get rich they just stop spending? It is obvius that you are the one who has not read or you just dont understand the Fair Tax by the comments that you have left.
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