Fair Tax Act?

[xds&chevys]

TOTP

Originally Posted by Blunt

A person making 100000 a yr Will spend a smaller percentage of his income than some one making 24000.

I disagree, only because of our societies bad habits of overspending, revolving credit card debt, gotta have it bigger better and right now attitude.

a better way would be a flat tax with uniform personal deductions for everyone regardless of income level. if everyone paid in at 33% or whatever was determined to be the appropriate amount there wouldn't be the need for such a large tax agency. every Pennie in profit gets taxed no loop holes no special exceptions after the per head deduction. depending on the rate we could even drop that so someone with 6 kids would pay the same as someone with none.

I can't disagree with this because I don't understand what you said.

I am also curious about all the jobs at the IRS that would be lost, and all of the tax preparation companies that would go out of business, and all of the work that the CPA's would lose. A HUGE impact on an already frail economy.

Still think using the tax money wisely is the best place to start with a tax reform plan.

[KEVWYO]

Originally Posted by xds&chevys

I am also curious about all the jobs at the IRS that would be lost,

Doesn't the idea of a much smaller IRS just give you a warm fuzzy feeling!

[XDConvert9mm]

Originally Posted by KEVWYO

Doesn't the idea of a much smaller IRS just give you a warm fuzzy feeling!

The idea of a much smaller IRS gives me a ....different feeling than you described. I'm all for it.

[KEVWYO]

Originally Posted by XDConvert9mm

The idea of a much smaller IRS gives me a ....different feeling than you described. I'm all for it.

You mean like that feeling you get after taking a really good groaner in the morning?

[Powerman]

Originally Posted by xds&chevys

The first problem I can see is how they are giong to implement the new act and abolish the IRS at the same time. Or will they start the fair tax and grow it while slowly dismantling the IRS. Or will they und up keeping both and taxing us more.

That is the big question. I like fair tax much more that a flat tax. For there to be a flat tax, the numbers floated would be ~26%. That is twice more than I pay. My income tax has always been around 11-14%. Of course, my total tax burden is around 26%. Fair tax is only tax on what I buy. 33% flat tax???? Are you out of your mind?

The only way I would support a Fair Tax bill is if repealing the 16th Amendment was written directly in it. That the abolishment of income tax was part of the bill. I absolutely do not trust the government to implement a new tax with a promise to abolish another one in the future.

The only other hurdle I have is what is the magic number? Changing the tax code leaves the door wide open to INCREASING tax revenue for the government. The government can use some lame tax base numbers and say what the fair tax should be. In my mind, we have a net revenue generated, minus the expense of running the IRS and everything associated with it, and we should end up with a net lower tax revenue number. If that is what happens, I'm all for it. I just get very skeptical when the government starts discussing what they should get out of my pocket. The term "shell game" comes to mind.

[Blunt]

wow i wish i could pay 26 % total i"m closer to 36% by the time everything is added up
also i wrote (33% or whatever was determined to be the appropriate amount) I never said 33% would be carved in stone. A flat tax would hit everyone for the same % of their income. No deductions would be best and no tax shelters at 10% a person making 100 dollars would pay 10 dollars someone making a million would pay 100,000

[Pharmakon]

As an adamant anti-socialist I hate the IRS tax code. It's social planning at it's worst an even worse yet, most of this tax revenue goes to wasteful spending anyways. A fair tax would not be an unapportioned tax on a persons income but rather a sales tax which would give the US citizen financial independence and the option to not spend and not be taxed if they can't afford to.

And Powerman. I agree about language to abolish the 16th. But considering that the 16th was never ratified in the first place it should take little more than a footnote to make it go away for good.

[KEVWYO]

Originally Posted by Pharmakon

But considering that the 16th was never ratified in the first place it should take little more than a footnote to make it go away for good.

Isn't this the argument that Wesley Snipes used for not paying his income taxes and now he's going to prison for 3 years or so?

[Frenchy]

The government does what ever it wants...legalities be damned.

[Pharmakon]

Originally Posted by KEVWYO

Isn't this the argument that Wesley Snipes used for not paying his income taxes and now he's going to prison for 3 years or so?

Yeah but if congress says so and not just Wesley Snipes then that would be a whole different story. Many other juries have sided with defendants in cases like this one. But I'm talking about legislation not some overpaid hack trying to dodge his taxes.