FairTax
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Kayden
Banned
It's too simple to work.
[quote name='"Fairtax.org"']What is the FairTax plan?
The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment.
The FairTax Act (HR 25, S 1025) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.
The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.
The FairTax:
[/quote]
If they don't tax your earnings, how do they fund social security? Can't we just get rid of that useless fossil and let people set up their own IRAs?
[quote name='"Fairtax.org"']What is the FairTax plan?
The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment.
The FairTax Act (HR 25, S 1025) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.
The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.
The FairTax:
- Enables workers to keep their entire paycheck
- Enables retirees to keep their entire pension
- Refunds in advance the tax on purchases of basic necessities
- Allows American products to compete fairly
- Brings transparency and accountability to tax policy
- Ensures Social Security and Medicare funding
- Closes all loopholes and brings fairness to taxation
- Abolishes the IRS
[/quote]
If they don't tax your earnings, how do they fund social security? Can't we just get rid of that useless fossil and let people set up their own IRAs?
mykevermin
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[quote name='Kayden']If they don't tax your earnings, how do they fund social security? Can't we just get rid of that useless fossil and let people set up their own IRAs?[/QUOTE]
Because when you privatize social security, you'll inevitably need to fund a support system for those people who blow their entire retirement future in a volatile market.
Personally, I don't mind *some* degree of reappropriation for IRAs and investments, but by no means all of it. That, plus a substantial increase in income taxable for SS purposes (cry me a river, those of you top 1%'ers who will pay more into SS and get less out as a result), in order to compensate for the baby boom crunch that's coming.
FairTax is naive beyond belief, and the linked thread presents ample evidence as to how "fair" in Neal Boortz' world means "poor people get to shoulder more of the tax burden."
Because when you privatize social security, you'll inevitably need to fund a support system for those people who blow their entire retirement future in a volatile market.
Personally, I don't mind *some* degree of reappropriation for IRAs and investments, but by no means all of it. That, plus a substantial increase in income taxable for SS purposes (cry me a river, those of you top 1%'ers who will pay more into SS and get less out as a result), in order to compensate for the baby boom crunch that's coming.
FairTax is naive beyond belief, and the linked thread presents ample evidence as to how "fair" in Neal Boortz' world means "poor people get to shoulder more of the tax burden."
Kayden
Banned
I thought "the poor" were untaxed under the FairTax proposal.
[quote name='mykevermin']Because when you privatize social security, you'll inevitably need to fund a support system for those people who blow their entire retirement future in a volatile market.
Personally, I don't mind *some* degree of reappropriation for IRAs and investments, but by no means all of it. That, plus a substantial increase in income taxable for SS purposes (cry me a river, those of you top 1%'ers who will pay more into SS and get less out as a result), in order to compensate for the baby boom crunch that's coming.
FairTax is naive beyond belief, and the linked thread presents ample evidence as to how "fair" in Neal Boortz' world means "poor people get to shoulder more of the tax burden."[/quote]
[quote name='mykevermin']Because when you privatize social security, you'll inevitably need to fund a support system for those people who blow their entire retirement future in a volatile market.
Personally, I don't mind *some* degree of reappropriation for IRAs and investments, but by no means all of it. That, plus a substantial increase in income taxable for SS purposes (cry me a river, those of you top 1%'ers who will pay more into SS and get less out as a result), in order to compensate for the baby boom crunch that's coming.
FairTax is naive beyond belief, and the linked thread presents ample evidence as to how "fair" in Neal Boortz' world means "poor people get to shoulder more of the tax burden."[/quote]
mykevermin
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[quote name='Kayden']I thought "the poor" were untaxed under the FairTax proposal.[/QUOTE]
It's a consumption tax, so under Boortz' proposal, sales tax would be anywhere from 27-24% in order to compensate for the tax revenues we'd lose by having a flat tax. There would be no income tax for those under a certain income level, but the 400%+ increase in sales tax will more than eat up the differences there. In short, it's shifting the tax burden from the wealthy onto the poor.
It's a terrible idea all around, and I simply say to anyone who hates to pay taxes: go get a $8 an hour job and enjoy life tax-free. If you don't like that plan, shut the
up.
It's a consumption tax, so under Boortz' proposal, sales tax would be anywhere from 27-24% in order to compensate for the tax revenues we'd lose by having a flat tax. There would be no income tax for those under a certain income level, but the 400%+ increase in sales tax will more than eat up the differences there. In short, it's shifting the tax burden from the wealthy onto the poor.
It's a terrible idea all around, and I simply say to anyone who hates to pay taxes: go get a $8 an hour job and enjoy life tax-free. If you don't like that plan, shut the
up.
Kayden
Banned
http://www.fairtax.org/site/News2?J...7b&page=NewsArticle&id=9079&news_iv_ctrl=1521
[quote name='mykevermin']It's a consumption tax, so under Boortz' proposal, sales tax would be anywhere from 27-24% in order to compensate for the tax revenues we'd lose by having a flat tax. There would be no income tax for those under a certain income level, but the 400%+ increase in sales tax will more than eat up the differences there. In short, it's shifting the tax burden from the wealthy onto the poor.
It's a terrible idea all around, and I simply say to anyone who hates to pay taxes: go get a $8 an hour job and enjoy life tax-free. If you don't like that plan, shut the
up.[/quote]
mykevermin
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I'm pretty sure I addressed that in the old consumption tax thread. Go take a look through that and see if that's true or not.
Based on the research I've done on the Fair Tax, I'm about 95% for it. I do have some lingering apprehensions about it, but I think overall it is a fundamentally sound economic plan. On paper. But then, so was communism and we all know how that worked out.
My biggest concern about the plan would be getting the 16th Ammendment repealed, and I don't see that ever happening anytime soon, especially with the congress we got now.
I am interested in the new Fairtax book coming out in about a month. I'm hoping it answers alot of my questions.
My biggest concern about the plan would be getting the 16th Ammendment repealed, and I don't see that ever happening anytime soon, especially with the congress we got now.
I am interested in the new Fairtax book coming out in about a month. I'm hoping it answers alot of my questions.
mykevermin
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[quote name='Kayden']That sounds like effort...
*close tab*[/QUOTE]
Why don't you go in there, toots? You may even see some of the things YOU had to ask then about a consumption tax - and that you've probably forgotten it by now and are asking again.
*close tab*[/QUOTE]
Why don't you go in there, toots? You may even see some of the things YOU had to ask then about a consumption tax - and that you've probably forgotten it by now and are asking again.
bread's done