FedEx Freight | Know What You're Voting For

Status
Not open for further replies.
The Fair Tax would kick the economy into high gear... No IRS, You get your whole paycheck. No embedded taxes, present in most everything we buy. Most importantly, JOBS would be abundant, as companies would flock to this country, due to no Corporate taxes. I researched it pretty thoroughly, back when it was first introduced. I think is the best plan out there. There is very little not to like. The difficulty would be getting it passed into law, as our lawmakers would loose their power, derived from the very tax code, we'd want to abolish, making passage "unlikely". That is the only real problem, IMHO.

To be "fair", it would need a thread of it's own, to fully discuss.
Wow....three things we agree on!!!

There may be hope after all!!!
 
I agree Swampratt, the Fair Tax faces an uphill battle due to oppenents claiming it would only further cripple the middle class leaving them with larger tax burdens. I for one support it for eliminating the double taxation so many Americans don't even realize they are subject to.

It's one of those things that takes more than a 10 second clip to explain the benefits of. For example, no one would pay taxes on the most basic of necessities, due to the "prebate". And the under the table cash would be taxed at the point of purchase...
 
Thanks for the suggestion, I purchased it the other day. Interesting points. I think it could be better than what we have now, but see some major flaws in the concept that would prevent me from getting behind it. Happy New Year!
Happy NewYear to you.

Hope you enjoy it! I did.

Major flaws?:order: In the concept? :nono h4h: I knew you'd find something to "nit pick" about it. :grin: You have to admit, it's pretty well thought out... right?
 
Happy NewYear to you.

Hope you enjoy it! I did.

Major flaws?:order: In the concept? :nono h4h: I knew you'd find something to "nit pick" about it. :grin: You have to admit, it's pretty well thought out... right?

Pick nits? Me? ;)

I don't like the idea of "prebates"---as it doesn't put everybody in the same effective tax bracket.

I believe taxing consumption of all items at such a rate would negatively impact our economy.

I believe there would be too much money going under the table. More so than now.

I also believe the door is left open for the states to levy their own income tax rates.

Lastly, the individual municipalities would be losing out on their own sales tax revenue as the Federal government is taking it all. The Feds would be giving a small portion back to the service/product provider for collecting it. The municipalities are going to have to make up for that lost revenue somewhere, I see business license fees going through the roof.

Further, it would likely put about 200,000 CPAs out of business. No, I'm not a CPA ;)
 
Pick nits? Me? ;)

I don't like the idea of "prebates"---as it doesn't put everybody in the same effective tax bracket.

I believe taxing consumption of all items at such a rate would negatively impact our economy.

I believe there would be too much money going under the table. More so than now.

I also believe the door is left open for the states to levy their own income tax rates.

Lastly, the individual municipalities would be losing out on their own sales tax revenue as the Federal government is taking it all. The Feds would be giving a small portion back to the service/product provider for collecting it. The municipalities are going to have to make up for that lost revenue somewhere, I see business license fees going through the roof.

Further, it would likely put about 200,000 CPAs out of business. No, I'm not a CPA ;)
But Ex, there would be no tax brackets & the prebate insures that no one pays tax on the basic necessities of life.

Taxing consumption already exists, and since you would get your whole paycheck (minus State deductions, if they apply) AND the embedded taxes would go away. Prices would fall, sales tax would go up around the same ballpark amount, making that fatter take home amount go further.

Under the table money? You'd gain a lot of revenue from current under the table persons. I'll agree, the incentive to avoid the sales tax would be significant.

States would be unaffected. They would still collect whatever they collect now. Ideally, they too would move to consumption tax, eliminating all income tax.

And for the progressives, the Rich will pay more, as they consume more.

You are right the market for CPAs would tank, almost overnight. The government run healthcare market can likely absorb many of them. :woohoo1:
 
But Ex, there would be no tax brackets & the prebate insures that no one pays tax on the basic necessities of life.

Taxing consumption already exists, and since you would get your whole paycheck (minus State deductions, if they apply) AND the embedded taxes would go away. Prices would fall, sales tax would go up around the same ballpark amount, making that fatter take home amount go further.

Under the table money? You'd gain a lot of revenue from current under the table persons. I'll agree, the incentive to avoid the sales tax would be significant.

States would be unaffected. They would still collect whatever they collect now. Ideally, they too would move to consumption tax, eliminating all income tax.

And for the progressives, the Rich will pay more, as they consume more.

You are right the market for CPAs would tank, almost overnight. The government run healthcare market can likely absorb many of them. :woohoo1:
And let's not also forget, under the Fair Tax, EVERYBODY, rich, middle class, and the poor, would finally pay "their fair share"....although I HATE that phrase!
 
But Ex, there would be no tax brackets & the prebate insures that no one pays tax on the basic necessities of life.

Agreed. So, if you don't consume anything beyond what some committee/tax czar defines as the "basic necessities of life" you aren't paying any tax.
We don't need 43% of the population not paying income tax now, and we certainly don't need 43% of the future population not paying any taxes either.

What about retirees, who already paid taxes on their income? Now they are paying huge consumption taxes on goods and services they purchase?

And let's not also forget, under the Fair Tax, EVERYBODY, rich, middle class, and the poor, would finally pay "their fair share"....although I HATE that phrase!

I disagree. The poor wouldn't be paying their fair share. The retired, whether wealthy or not, would be paying the high "fair tax" (calculated to offset the income tax) even though they don't have a taxable income.

I would like a slightly digressive tax rate, but it will never happen. The wealthy already likely pay much higher property and luxury taxes. They aren't likely to take much out of the system. Their kids likely didn't/won't be in public schools, they aren't likely to ever go on medicaid, they don't rely on many of the services that are subsidized with their tax dollars. In my opinion there is no reason that ANYBODY should be paying hundreds of thousands or millions of dollars in income tax every year---I don't care how much they make.
 
Last edited:
Agreed. So, if you don't consume anything beyond what some committee/tax czar defines as the "basic necessities of life" you aren't paying any tax.
We don't need 43% of the population not paying income tax now, and we certainly don't need 43% of the future population not paying any taxes either.

What about retirees, who already paid taxes on their income? Now they are paying huge consumption taxes on goods and services they purchase?



I disagree. The poor wouldn't be paying their fair share. The retired, whether wealthy or not, would be paying the high "fair tax" (calculated to offset the income tax) even though they don't have a taxable income.

I would like a slightly digressive tax rate, but it will never happen. The wealthy already likely pay much higher property and luxury taxes. They aren't likely to take much out of the system. Their kids likely didn't/won't be in public schools, they aren't likely to ever go on medicaid, they don't rely on many of the services that are subsidized with their tax dollars. In my opinion there is no reason that ANYBODY should be paying hundreds of thousands or millions of dollars in income tax every year---I don't care how much they make.
Excellent and valid points!
 
Agreed. So, if you don't consume anything beyond what some committee/tax czar defines as the "basic necessities of life" you aren't paying any tax.
We don't need 43% of the population not paying income tax now, and we certainly don't need 43% of the future population not paying any taxes either.

What about retirees, who already paid taxes on their income? Now they are paying huge consumption taxes on goods and services they purchase?



I disagree. The poor wouldn't be paying their fair share. The retired, whether wealthy or not, would be paying the high "fair tax" (calculated to offset the income tax) even though they don't have a taxable income.

I would like a slightly digressive tax rate, but it will never happen. The wealthy already likely pay much higher property and luxury taxes. They aren't likely to take much out of the system. Their kids likely didn't/won't be in public schools, they aren't likely to ever go on medicaid, they don't rely on many of the services that are subsidized with their tax dollars. In my opinion there is no reason that ANYBODY should be paying hundreds of thousands or millions of dollars in income tax every year---I don't care how much they make.
Agreed
 
Status
Not open for further replies.
Top