Fair Tax Thoughts?

[DAdams91982]

So I know every few months this topics comes up on your television sets, but wanted to get AMs opinions on why or why not.

I am all for the fair tax act that abolishes the income tax and many other paycheck taxes and rolls it all up into one spending tax (Similar to a consumption tax).

This does a few things in my mind.
A) Yearly taxes will be done on a postcard.
B) More tax revenue is generated due to taxing the entire population, and not only 50%ish.
C) More money will be left in your pocket.

Thoughts?

http://www.fairtax.org/site/PageServer?pagename=about_main

 

[youngandfree]

I love it. If you want to get a taste of what it will do for your paycheck, change your W4 to tax exempt for a couple paychecks. Its easy if your employer has a website to change that stuff. When I worked out of town last year for a month at a time, my 70 hour/wk check would gross $3500+. They would take $1000+ in taxes. I would change my tax withholding before I left and would keep all but about $200/wk. It makes me sick working that much and keeping half.

 

[Jayhawkk]

I'm for a flat tax. A consumption tax wouldn't work unless the whole system was revamped. Simply because the goverment operates at a certain level of revenue. I think keeping people from getting back more than they put in as well as getting pummled for making more money should be put to a stop.

 

[DAdams91982]

I'm for a flat tax. A consumption tax wouldn't work unless the whole system was revamped. Simply because the goverment operates at a certain level of revenue. I think keeping people from getting back more than they put in as well as getting pummled for making more money should be put to a stop.

Bingo... I think the research fairtax.org did was that to sustain our government at its current level, a 23% flax federal tax would be instituted... which sounds like alot, but when you get taxed 28% - upwards of 40% depending on your income (Predominant amount of tax payers fall in these brackets).

 

[SilentBob187]

I like the cut of you jib. Now my question is are there any politicians that are currently behind this sort of tax plan?

 

[DAdams91982]

I like the cut of you jib. Now my question is are there any politicians that are currently behind this sort of tax plan?

I know there are something in the lines of 70ish congressman behind it, but they only posted the main sponsor and cosponsor from the 2009 bill. I am expecting to see a new resurgence as the elections approach.

 

[SilentBob187]

I know there are something in the lines of 70ish congressman behind it, but they only posted the main sponsor and cosponsor from the 2009 bill. I am expecting to see a new resurgence as the elections approach.

That's reassuring. Is it November yet?

 

[DAdams91982]

That's reassuring. Is it November yet?

ha... reminds me of firecongress.org... a grass roots project to just kick every last candidate you can out of congress this election. To get new blood in. Regardless of political affiliation... all of them gotta go!

 

[Irish Cannon]

I've been a huge supporter of the FairTax for quite a while.

 

[Irish Cannon]

I'm for a flat tax. A consumption tax wouldn't work unless the whole system was revamped. Simply because the goverment operates at a certain level of revenue. I think keeping people from getting back more than they put in as well as getting pummled for making more money should be put to a stop.

I don't really see this being the case. Have you read the arguments against your stance?

 

[Jayhawkk]

Not recently, I haven't.

 

[Cyplex]

I love the fair tax!
-You would get back 100% of you paycheck (no taxes taken out)
-Every month you would get a refund from tax spent on groceries ( it doesn't matter how much you make or buy you would get a set amount due to the size of your family).
-They would eliminate embedded tax's, so prices would go down and you would be spending roughly the same amount now as you would if they had a 23% fair tax.
-You wouldn't be paying taxes at the end of the year.
-Companies would come back to the US resulting in people getting jobs.
-You will have control of your money.

Of course people against it leaves all of this out and and and only talks about a 23% tax. As a country we are absolutely foolish for not having this.

 

[votum]

I like it greatly

With the way the economy is going these days, partially led by a foolish cabinet in my opinion, something like this might just pull us out of our death spiral.

 

[stxnas]

We're more likely to see a Value Added Tax (VAT) than we are to see the Fair Tax or a flat tax.

Simplistically speaking, the Fair Tax applies to consumption to where a flat tax usually refers to a flat rate applied to income. I like the idea of a Fair Tax, but can see how something like the VAT could sneak its way in under the guise of a something like the Fair Tax

 

[DAdams91982]

We're more likely to see a Value Added Tax (VAT) than we are to see the Fair Tax or a flat tax.

Simplistically speaking, the Fair Tax applies to consumption to where a flat tax usually refers to a flat rate applied to income. I like the idea of a Fair Tax, but can see how something like the VAT could sneak its way in under the guise of a something like the Fair Tax

VAT has actually been recently discussed for our current deficit woes, but nothing has pushed further.

Fortunately, VAT is such a loaded word/acronym in America that it would be hard to slide that under the nose of the American people. The special thing about Fair Tax is that the math is very simple and basic, that if the federal tax rate were to increase, that it would have to be defined down to the dollar of why it was raising, and what the new tax was going to support.

 

[stxnas]

FWIR, President Obama referred to the VAT as being novel for the US, but neither supported nor dismissed the idea. I definitely like the idea of a Fair Tax over any of the other current options.