RunInRed 16,492 Posted January 9, 2008 Author Share Posted January 9, 2008 I wouldn't bet the ranch.... Link to comment Share on other sites More sharing options...
Auburn85 432 Posted January 10, 2008 Share Posted January 10, 2008 ok, so everyone that's skeptical or against it, do you like the current system or how would you change it? Link to comment Share on other sites More sharing options...
tony-da-tiger 0 Posted January 10, 2008 Share Posted January 10, 2008 What about local taxes. The local 8-10% sales tax still be included in the cost of the item as well or does it replace all state and local taxes? What about property taxes any effect? Link to comment Share on other sites More sharing options...
GaCoach 0 Posted January 10, 2008 Share Posted January 10, 2008 Guys, if you want all your questions answered about the Fair Tax, go to www.fairtax.org or the following books: The Fair Tax Book Fair Tax: The Truth: Answering the Critics This is the only true information on this plan. All the media outlets, print or TV, have no idea what their talking about and always misrepresent the plan. Link to comment Share on other sites More sharing options...
CCTAU 3,350 Posted January 10, 2008 Share Posted January 10, 2008 What about local taxes. The local 8-10% sales tax still be included in the cost of the item as well or does it replace all state and local taxes? What about property taxes any effect? I already covered that. You will endup paying the same price for the product + local and state taxes. It's pretty much a break even for us, but the money now comes from everyone. Not just businesses and legal folks. I'm sure there are ather things you pay taxes on that do not have the built in tax. But that would be where you save by not having an income tax. I guess food would be one of those. The price would go up, but you would get back a prebate on what was calculated to be normal consumption for your family. However, those who do not file and are not legal still add to the coffers. And anything over the necessities adds to the coffers. So big ticket items really won't change, but every day stuff and luxary items will. TV, DVD, Stereo, computer, etc. But those are all CHOICE items. Don't want to pay the tax, don't buy one. As it is now, doesn't matter whether I buy one or not, I'm still paying the taxes. I can be a miser and save more without being punished. And the way SS isgoing, I'll need all of it I can save. It may not get into law, but it should drive discussions on how to get politics out of taxes. And that is a good thing. Link to comment Share on other sites More sharing options...
autiger4life 3 Posted January 11, 2008 Share Posted January 11, 2008 I already covered that. You will endup paying the same price for the product + local and state taxes. It's pretty much a break even for us, but the money now comes from everyone. Not just businesses and legal folks. See, in my opinion, your fundamental fault here is that you assume that because the business will be taxed 23% less, then we will get them 23% cheaper. However, for many products, this simply will not hold true. For instance, McDonald's is not going to introduce the new 77 cent menu. A lot of companies will simply use this as a way to drop prices say 10% and add a little profit to it. There is no way to make the business drop their prices so that we don't end up paying more for things. Link to comment Share on other sites More sharing options...
CCTAU 3,350 Posted January 11, 2008 Share Posted January 11, 2008 I already covered that. You will endup paying the same price for the product + local and state taxes. It's pretty much a break even for us, but the money now comes from everyone. Not just businesses and legal folks. See, in my opinion, your fundamental fault here is that you assume that because the business will be taxed 23% less, then we will get them 23% cheaper. However, for many products, this simply will not hold true. For instance, McDonald's is not going to introduce the new 77 cent menu. A lot of companies will simply use this as a way to drop prices say 10% and add a little profit to it. There is no way to make the business drop their prices so that we don't end up paying more for things. Mickey Ds falls under the food category. They will probably only drop a little. But then again, that would be luxury food. There will be enough watchdogs out there that any company trying to gouge us will be exposed. There will be a transition period. But most likely we will surely pay less than we do now in taxes if we are frugal. Link to comment Share on other sites More sharing options...
LegalEagle 22 Posted January 11, 2008 Share Posted January 11, 2008 Obviously the details need to be scrutinized but the biggest upside to this kind of tax for me is that it taxes the underground economy. People who deal in cash under the table: drug dealers, prostitutes, pimps, and even more normal hard-working people like illegal immigrants and people who insist on cash to avoid income taxes would pay the tax. Excellent post. And, don't leave out those traitors to this country that cheat on their income tax returns. Link to comment Share on other sites More sharing options...
AFTiger 282 Posted January 11, 2008 Share Posted January 11, 2008 I already covered that. You will endup paying the same price for the product + local and state taxes. It's pretty much a break even for us, but the money now comes from everyone. Not just businesses and legal folks. See, in my opinion, your fundamental fault here is that you assume that because the business will be taxed 23% less, then we will get them 23% cheaper. However, for many products, this simply will not hold true. For instance, McDonald's is not going to introduce the new 77 cent menu. A lot of companies will simply use this as a way to drop prices say 10% and add a little profit to it. There is no way to make the business drop their prices so that we don't end up paying more for things. The wonderful thing about free markets is that while Mickey D may not, Buger King would. If I ever get off this diet, I would go for Burger King in that case. Link to comment Share on other sites More sharing options...
WAR EAGLE!!! 0 Posted January 11, 2008 Share Posted January 11, 2008 CC, you keep saying the 23% will be built in to the price making the price $x + tax. So is the fair tax in addition to the 8 to 10% sales tax we currently pay? Or is it going to take the place of the current sales tax structure. If so, why are people calling it a 23% tax increase when if we are currently paying say 10% sales tax, it will only be a 13% increase? Link to comment Share on other sites More sharing options...
autigeremt 6,717 Posted January 11, 2008 Share Posted January 11, 2008 Obviously the details need to be scrutinized but the biggest upside to this kind of tax for me is that it taxes the underground economy. People who deal in cash under the table: drug dealers, prostitutes, pimps, and even more normal hard-working people like illegal immigrants and people who insist on cash to avoid income taxes would pay the tax. Excellent post. And, don't leave out those traitors to this country that cheat on their income tax returns. I, being of the like mind of the founding fathers, feel that the U.S. government has been "cheating" the people for over 100 years. Now, I pay what's required of me. But the term "traitor" may be a bit over used considering the fact that the U.S. government has been the real traitor regarding taxes and the constitution. Link to comment Share on other sites More sharing options...
CCTAU 3,350 Posted January 11, 2008 Share Posted January 11, 2008 CC, you keep saying the 23% will be built in to the price making the price $x + tax. So is the fair tax in addition to the 8 to 10% sales tax we currently pay? Or is it going to take the place of the current sales tax structure. If so, why are people calling it a 23% tax increase when if we are currently paying say 10% sales tax, it will only be a 13% increase? This will be a FEDERAL tax only. You will still have to pay state and local. So it could end up about 30%. But the difference being, you don't have to pay the federal tax unless you actually buy something. As for now, you pay the federal tax whether or not you purchase an item. So you actually have more control over the taxes you pay as opposed to the government forcing you to pay. Link to comment Share on other sites More sharing options...
AFTiger 282 Posted January 11, 2008 Share Posted January 11, 2008 CC, you keep saying the 23% will be built in to the price making the price $x + tax. So is the fair tax in addition to the 8 to 10% sales tax we currently pay? Or is it going to take the place of the current sales tax structure. If so, why are people calling it a 23% tax increase when if we are currently paying say 10% sales tax, it will only be a 13% increase? This will be a FEDERAL tax only. You will still have to pay state and local. So it could end up about 30%. But the difference being, you don't have to pay the federal tax unless you actually buy something. As for now, you pay the federal tax whether or not you purchase an item. So you actually have more control over the taxes you pay as opposed to the government forcing you to pay. The income tax is eliminated. Link to comment Share on other sites More sharing options...
LegalEagle 22 Posted January 11, 2008 Share Posted January 11, 2008 Obviously the details need to be scrutinized but the biggest upside to this kind of tax for me is that it taxes the underground economy. People who deal in cash under the table: drug dealers, prostitutes, pimps, and even more normal hard-working people like illegal immigrants and people who insist on cash to avoid income taxes would pay the tax. Excellent post. And, don't leave out those traitors to this country that cheat on their income tax returns. I, being of the like mind of the founding fathers, feel that the U.S. government has been "cheating" the people for over 100 years. Now, I pay what's required of me. But the term "traitor" may be a bit over used considering the fact that the U.S. government has been the real traitor regarding taxes and the constitution. If you don't like the taxes, you can leave - or stay and pay as you work to change the law. If you cheat on your taxes you cheat this country and place your tax burden on other citizens who are patriotic enough to pay their full share even though many are less able to pay than you. "Traitor" is a strong word, and you probably have technical correctness in your favor. That said, a "freeloader," "bum," etc. are not strong enough monikers. This is especially true of those citizens who make good or great incomes. Link to comment Share on other sites More sharing options...
otterinbham 0 Posted January 11, 2008 Share Posted January 11, 2008 Let me put it this way. I won't have to pay my accountant roughly a grand every year. I won't run around getting year-end reports from my investments, my mortgage carrier, the businesses in which I'm a shareholder, and my bank. I can take that shoebox filled with umpteen dozen receipts and chuck it into the trash can. I won't have to worry about paying capital gains every time I sell a property. In short, I can stop all the gyrations it takes to pay my taxes every year AND pay less money overall? Where do I sign up? Link to comment Share on other sites More sharing options...
LegalEagle 22 Posted January 12, 2008 Share Posted January 12, 2008 Let me put it this way. I won't have to pay my accountant roughly a grand every year. I won't run around getting year-end reports from my investments, my mortgage carrier, the businesses in which I'm a shareholder, and my bank. I can take that shoebox filled with umpteen dozen receipts and chuck it into the trash can. I won't have to worry about paying capital gains every time I sell a property. In short, I can stop all the gyrations it takes to pay my taxes every year AND pay less money overall? Where do I sign up? AND you can never get behind on paying your taxes or pay too much and give the gov a tax free loan. Do you think the accountant lobby will support the change? Link to comment Share on other sites More sharing options...
49-26 0 Posted January 14, 2008 Share Posted January 14, 2008 Sorry guys and gals, this guy (huckster give me the creeps, liberal policies, liberal record, needs teeth fixed, and he's always smiling?! Does the name swaggart ring a bell?)Too many jokes Mr. Will Rogers! Of course Fred doesn't stand a chance cause he got in too late! 2 Primaries too late? I don't think so. Don't mess with my Goldwater/Reagan Conservatism, dammit! The rest are Nixon Rino's and will reach across the aisle to put together more McCain-Feingold....McCain Kennedy Shamnesty bills, and vote against Bush tax cuts again. You are either Conservative or you are not! Big Government or Not! Link to comment Share on other sites More sharing options...
49-26 0 Posted January 14, 2008 Share Posted January 14, 2008 What we don't need is (another carter), on the job training! He smiles too much. Don't believe the new conservatism bs. You either pregnant or you ain't! Link to comment Share on other sites More sharing options...
DKW 86 7,441 Posted January 14, 2008 Share Posted January 14, 2008 Obviously the details need to be scrutinized but the biggest upside to this kind of tax for me is that it taxes the underground economy. People who deal in cash under the table: drug dealers, prostitutes, pimps, and even more normal hard-working people like illegal immigrants and people who insist on cash to avoid income taxes would pay the tax. Right on the money. It taxes everyone in America. Drug dealers, etc all pay the same. Eliminiates the IRS almost entirely. No taxes to file. Encourages savings. it does a tremendous amount of good. Limbaugh thinks it is a waste of time according to Boortz. i dont know. It is getting a lot of air play now thanks to Huckabee. Link to comment Share on other sites More sharing options...
otterinbham 0 Posted January 14, 2008 Share Posted January 14, 2008 You are either Conservative or you are not! Big Government or Not! Then why are you a Bush backer? Have you been paying attention the past seven years? Link to comment Share on other sites More sharing options...
Bottomfeeder 244 Posted January 14, 2008 Share Posted January 14, 2008 We don't another tax to replace the income tax. It's high time the federal government is reduced to something small enough to drown in the bathtub if they get out of line. Forget another tax when it doesn't got to serve the people and only lines the pockets of the bankers. I'm sick of the entire system and it needs to be scraped. Link to comment Share on other sites More sharing options...
AU alum 2 Posted January 14, 2008 Share Posted January 14, 2008 Let me put it this way. I won't have to pay my accountant roughly a grand every year. I won't run around getting year-end reports from my investments, my mortgage carrier, the businesses in which I'm a shareholder, and my bank. I can take that shoebox filled with umpteen dozen receipts and chuck it into the trash can. I won't have to worry about paying capital gains every time I sell a property. In short, I can stop all the gyrations it takes to pay my taxes every year AND pay less money overall? Where do I sign up? Paying the accountant, no paying capital gains....that part sounds great. And maybe I'm just not catching this, but no deductions on mortgage payments? That is what is keeping us alive! Link to comment Share on other sites More sharing options...
CCTAU 3,350 Posted January 14, 2008 Share Posted January 14, 2008 Let me put it this way. I won't have to pay my accountant roughly a grand every year. I won't run around getting year-end reports from my investments, my mortgage carrier, the businesses in which I'm a shareholder, and my bank. I can take that shoebox filled with umpteen dozen receipts and chuck it into the trash can. I won't have to worry about paying capital gains every time I sell a property. In short, I can stop all the gyrations it takes to pay my taxes every year AND pay less money overall? Where do I sign up? Paying the accountant, no paying capital gains....that part sounds great. And maybe I'm just not catching this, but no deductions on mortgage payments? That is what is keeping us alive! If you don't pay any income tax, then you won't NEED a deduction...... Link to comment Share on other sites More sharing options...
Auburn85 432 Posted January 15, 2008 Share Posted January 15, 2008 has anyone actually went through each of their pay stubs and added how much federal income, social security, and medicare taxes are taken out of your check? What percentage of your income is taken away by those taxes? And if you're a family of 4, are you getting back $6k as your tax "refund" as you would with the fair tax prebates? The answer would seem to be no. Link to comment Share on other sites More sharing options...
SupperClub 0 Posted January 15, 2008 Share Posted January 15, 2008 You can go to the fairtax.org website and use their calculator to compare the difference between the FairTax and the current income tax. FairTax Calculator Link to comment Share on other sites More sharing options...
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