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07-09-2007, 06:11 PM
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Fair Tax
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: Abolishes the IRS Closes all loopholes and brings fairness to taxation Ensures Social Security and Medicare funding Brings transparency and accountability to tax policy Allows American products to compete fairly Reimburses the tax on purchases of basic necessities Enables retirees to keep their entire pension Enables workers to keep their entire paycheck Americans For Fair Taxation: About the Fair Tax i support this completely. it will stop the current system where hard working americans are penalized for their success.
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"He is not human. He's like a piece of iron." Last edited by MindFreak; 07-09-2007 at 06:22 PM. 
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07-09-2007, 06:13 PM
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and just for the record Mike Huckabee is the only presidental candidate that supports this. (of course he is a republican. did you think a tax and spend liberal would support such a thing? they need their voters dependent on the government.)
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"He is not human. He's like a piece of iron."
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07-09-2007, 06:20 PM
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The basic outline sounds awesome. Looks kinda like everyone wins except the government. Any information on the projected impact this would have on federal income?
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Founder of F.A. (Fatceps Anonymous)
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07-09-2007, 06:21 PM
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yes, check out the link i posted. somewhere in there is says the government will make at least what it makes now. it explains it alot better than i could..
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"He is not human. He's like a piece of iron."
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07-09-2007, 11:29 PM
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So what if I make $500,000 a year in the U.S., and then go buy all my stuff in Mexico?
This will jeapordize the economy because it will more than likely place unfair taxes (such as the luxury tax) on many products, which will cause many people not to buy certain things (such as the leather trim package in a car) and could cause entire industries to go bankrupt. Why is Mike Huckabee, an old guy, supporting such a drastic move? He could throw his back out. I heard someone once say "America is like a big ship, it takes a long time to turn, and if it turns too fast it will tip". This plan is idiotic.
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07-10-2007, 03:42 AM
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who the hell is going to buy all their things in mexico? that's nonsense. there will be no "luxury tax". its a flat national sales tax. same thing you pay now to your state when you buy things (unless you live in one of the very few untaxed states). i dont think this plan will cause people to buy less. people will have much more money in their pocket. when people have money they spend it. its human nature. most importantly it is a fair system. it doesnt penalize success. now the more money you make the more they take. the bigger success you are the bigger chunk you have to give away. meanwhile if you dont make anything or very little the government hands you other people's money. money they worked hard for. at least under this plan everyone is taxed fairly. the economy would not suffer at all. it would thrive. i know this will never pass congress. there is no way the democrats want to make their base become not dependent on the government but i would totally support it.
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"He is not human. He's like a piece of iron." Last edited by MindFreak; 07-10-2007 at 03:46 AM.
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07-10-2007, 04:34 AM
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Trample the weak.....hurdle the dead
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07-10-2007, 04:38 AM
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So you don't even get taxed unless you spend over the federal poverty level. I think it would also encourage tax evasion for big ticket items. So people who can afford to find loopholes will and those who can't will pay the tax.
It unfairly turns business owners into tax-collectors...businesses selling services, goods, even physicians will be responsible for collecting taxes and will those business owners get tax relief or extra incentives to do so? What will prevent the tax from going up every year, 1st year 23% - on top of existing state sales tax, then the next 24%, the next 25%, the next 28%...If I am a big spender, I could be paying well over what would be considered my "fair share" of the tax. Why should an individual who chooses to actually spend their money and stimulate the economy..whether they can afford to or not...be penalized while the individual who hordes their money gets a tax break? The person who puts their money back into the economy is actually playing their part to stimulate it. Also there will still be a national agency that has to process and keep track of everything...so the IRS, albeit with a different name, is still the IRS. I suppose it is a nice idea in theory. Not sure what needs to change, but I would love to be able to elect to not pay social security.  What we have is not perfect at all by any means. I just don't see the fair tax as it is outlined as the solution. It would serve to make society more beaurocratic, not less.
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never trust a bunny Last edited by Hannainnc; 07-10-2007 at 04:41 AM.
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07-10-2007, 05:57 AM
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There's a reason why many politicians don't force oversight on the IRS - they don't want their own sh!t audited...
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07-10-2007, 05:59 AM
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....
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never trust a bunny
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07-10-2007, 06:53 AM
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What I'm saying is it is easy to find loopholes. 2. People wont have more money in their pocket. If the tax on everyday goods goes up that means you pay more for daily goods and services, which will most likely make it about the same for the middle class who need to buy gas, food, basic neccesities and sometimes a TV. The poor wont be able to afford much. Who determines what qualifies as "spending below the poverty level"? Does that mean there is no tax on the dollar menu at BK but 25% tax on the regular meals? Fuk it, give me a doller menu coke, fries, and drink. Ha! Tax evasion! ? 3. Like I said, America can't do a 180 over night. Perhaps in our life time we will see some form of fair tax implemented, but anytime not soon.
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07-10-2007, 07:01 AM
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as somebody wisely said:
america is like a huge cruise liner that cannot turn quickly, if it does it would keel over and sink. Wikipedia some interesting points on fair tax, like the trillions of dollars outside the US banking system to avoid costly taxes, under the fairtax scheme this would bring them back thus reducing inflation and borrowing rates Quote:
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Trample the weak.....hurdle the dead Last edited by Taekwondo Guy; 07-10-2007 at 07:04 AM.
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07-10-2007, 07:03 AM
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I would actually agree with a system like this, mainly because it would eliminate the proposterous tax breaks that are being awarded to the Richest 1%. You have some of these Hedge Fund Managers that made more than 1 Billion last year and paid a lower % than me. The middle and lower income is getting severely taken advantage.We need Tax fairness in this country, close down the Off the coast Loopholes, capital gains and dividends should be treated no different than Ordinary income and have the estate tax at anything above 1.5 million.
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07-10-2007, 12:08 PM
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Trample the weak.....hurdle the dead
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07-10-2007, 12:50 PM
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Terrible idea.That sort of tax will in no way replenish the amount of money being lost from our current progressive tax system. Sales tax alone would not even be able to take care of Social Security. You cant just jump right into a different tax system, it requires a slow, exponential lean-in before it can be implemented and then be finalized; time equals money, which will then put our economy in an even bigger debt. The only tax system that would not be a bad idea is a flat tax, which has been proven to work in other countries already; but realistically, it might take several years before a flat tax becomes part of the U.S. Sure it seems good, but from looking at that bill it is not realistic at all.
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That boy got the devil in 'em.
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07-10-2007, 01:59 PM
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