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Fair Tax


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  #1  
Old 07-21-2010, 09:20 PM
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Default Fair Tax

You probably have heard about the “Fair Tax”. What is it?
A group known as Americans for Fair Taxation developed the Fair Tax Act of 2003 which would abolish all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes. It would replace them with a federal retail sales tax of 23% to be administered by existing state sales tax authorities. The sales tax would not apply to imports, goods used by businesses to produce other goods, or used goods.
 
Normally, a 23% sales tax would impact the poor the most. Therefore, the Fair Tax Act proposes that a prebate be paid equivalent to 23% of the poverty level. According to the Department of Health and Human Services, the poverty guideline for a family of four in 2008 is $21,200. The Fair Tax act adds an amount to remove the marriage penalty, which raised the income level to $27,380. This means a family of four would receive a check for $525 per month, or $6,297 a year, to cover the cost of the sales tax.
 
What Are the Advantages of the Fair Tax?:
The most obvious advantage is the elimination of the annual income tax headache and cost of tax preparers. Government spending would be reduced by eliminating the IRS. Proponents argue that, since workers would keep 100% of their wages, the increased consumer spending would lead to an increase in GDP, jobs, productivity, and wages.
 
How it would affect Government
  • Government would have to budget according to monthly tax income eliminating the “projected income”
  • Special interest groups will be essentially sidelined
  • Unfunded mandates would be eliminated
  • People will be taxes by what they spend, not what they earn.
  • Government growth would be checked
 Calculate how a “Fair Tax would affect YOU
http://www.fairtax.org/site/PageServer?pagename=calculator
 
Steve
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  #2  
Old 07-22-2010, 02:21 PM
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Itd be like living in the UK

*smilie faces*

Matt
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Old 07-22-2010, 03:31 PM
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It seems like over the years, the tax laws have changed from being entrepreneur friendly to being destructive. With the economy being in such a rough spot now, I do wonder if there will be changes coming to be more pro business.
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Old 07-22-2010, 09:03 PM
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Default business tax

Quote:
Originally Posted by Steve View Post
It seems like over the years, the tax laws have changed from being entrepreneur friendly to being destructive. With the economy being in such a rough spot now, I do wonder if there will be changes coming to be more pro business.
Not with this administration! The “stimulus” programs are by law not available to “non union organizations”. Taxes, national health care costs, energy costs (Cap and Trade), Have all businesses afraid to expand or even make plans for their future now.

If the administrations plans for a VAT tax goes thru, add another 10% minimum cost of doing business. If the proposed $1.50 increase in tax on a gallon of gas goes thru, you can guess what that will do.

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Old 07-23-2010, 02:08 PM
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Do you think that our economy will eventually hit a period of prolonged depression that politicians will be forced to focus on helping small business?
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Old 07-23-2010, 03:03 PM
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Quote:
Originally Posted by Steve View Post
Do you think that our economy will eventually hit a period of prolonged depression that politicians will be forced to focus on helping small business?
Every week when the jobless report comes out, The administration is “surprised. Every week the numbers of new claims is between 400,000 and 500,000. More than 8,000,000 are out of work. Many more are underemployed (less than 25 hour per week).

But government keeps growing and the deficit keeps getting bigger. The 3.5 million jobs “saved or created” are all government jobs. Jobs paid by future taxes. We need private sector jobs! Jobs that aren’t paid by taxes.
WE need another Stimulus bill . But this a real Stimulus Bill developed with conditions.

Each part of he bill should be challenged with 3 criteria:

Criteria one - How many full-time private sector jobs will this dreate? If the answer is zero - throw it out!

Additionally, I would like to see how everyone voted on every bill posted to all newspapers in the congressional district they were voted in from!

Criteria two - How much of this part will it cost? If the cost of the part divided by the number of jobs created is ridiculous - throw it out! (The “green solar energy comples in Florida cost $400,000,000 and to this date has only 2 employees).

Criteria three - The bill must be written in plain English and have a 5 day period for public scrutiny for every 50 pages. If it is changed, another 5 days for every 50 pages.

As for politicians being forced to do what’s right. The American public is getting more and more fed up every day. The many Tea Parties are collections of these people who want smaller government and intelligent, fair taxation and spending.

Having views like these will get you labeled as a domestic terrorist!

Steve
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Old 07-24-2010, 02:24 PM
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I was reading a couple of interesting points today. The average federal job pays 60% more than the average private sector job.

Then I was reading
Quote:
The residents of Bell, CA almost rioted today when they discovered that city officials were bilking them of hundreds of thousands on trumped up salaries. City manager Robert Rizzo was getting almost $800,000 per year while other officials also took huge sums.
Isn't it amazing how these government salaries have creeped up over the years?
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