Flat TAX/Fair TAX, Would it Be GOOD!

[James48843]

H.R. 1040 (interesting bill number for that- clever, don't cha think?)

I ran my household income numbers for that- and I think it would end up costing me just about $1,100 more per year than I currently pay at the federal level.

It would make the paperwork far easier.

But it wouldn't save me any money, if that were one of the goals.

 

[peterson82]

Re: Flat TAX, Would it Be GOOD!

Sad, isn't it?

The Golden rule- He who has the gold, gets to write the rules.

I tend to not be sad by this, and strive to be the one making the rules...

 

[RealMoneyIssues]

fairtax yes, flat tax no. fairtax has an income threshold if i remember right-tax starts above that threshold.

I think this one is somewhere around $30k

 

[alevin]

fairtax yes, flat tax no. fairtax has an income threshold if i remember right-tax starts above that threshold. I know disabled vet living on 800/mo already- doesnt have TV service, has minimal phone service, doesnt drive. barely eats 2 meals a day now, starting a garden this year to occupy his time, offset rising cost of food. good guy to have as neighbor.

 

[RealMoneyIssues]

Thoughts?

http://thomas.loc.gov/cgi-bin/query/z?c112:H.R.1040:

 

[phil]

Naah. We can find the money. We simply have way too much money in this country.

http://www.costofwar.com/

 

[Nordic]

"So now the president is in a bind. He needs to find more revenue to pay for the health care overhaul, but he also has to assure the bond markets that we will have the discipline — and the money — to repay what we have borrowed from the world and our descendants. That is the message his new budget is supposed to convey."

http://www.msnbc.msn.com/id/34822140/ns/politics-howard_fineman


Did anybody really believe he wouldn't raise taxes?

 

[Silverbird]

Well...I said yes, but it depends on what you are taxing. If you are taxing income, NO. It should be a tax on spending (consumption).

 

[Steadygain]

Re: Flat TAX, Would it Be GOOD!

And there you have it folks the corruption runs so long and so deep to the point we will never do the right things that are the most simple because someone can not profit from the out come.

thus we can not have reasonable legislation and protect our incomes.

It's weird in a way because it seems like it's meant to breed Apathy.

Yet Apathy itself is perhaps our greatest sense of comfort.

 

[Birchtree]

Nothing will happen in this vein until Sarah owns the White House.

 

[grandma]

Re: Flat TAX, Would it Be GOOD!

Almost eliminating the IRS, all the forms, and booklets.

Just the paper/tree save alone should bring the Earth People on board this train! And seems like the Eco group does wield some influence, don't they?

 

[nnuut]

GREAT Conversation, I changed the name of this thread, it really should include the Fair TAX!!! I'm learning a great deal about a subject that I didn't understand completely!! You Can't beat that, thanks Folks!

Flat TAX/Fair TAX, Would it Be GOOD!

 

[Show-me]

Re: Flat TAX, Would it Be GOOD!

Sorry I hijacked the thread but I want you all to know that there is a even better alternative that will save the taxpayer money.

Allowing workers and retires to keep all of their paychecks.

Almost eliminating the IRS, all the forms, and booklets.

Save the consumer money by eliminated the tax industry as it would no longer be needed.

Eliminate the lobbyist used to form the loop holes.

Eliminate wasted time legislating so that Congress can do more important work.

Collect revenue from the underground.

Collect revenue from non US citizens buying goods and services.

 

[Show-me]

Re: Flat TAX, Would it Be GOOD!

www.fairtax.org

 

[Show-me]

Re: Flat TAX, Would it Be GOOD!

The FairTax Act (HR 25, S 296) 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:

• Enables workers to keep their entire paychecks
• Enables retirees to keep their entire pensions
• Refunds in advance the tax on purchases of basic necessities
• Allows American products to compete fairly
• Brings transparency and accountability to tax policy
• Ensures Social Security and Medicare funding
• Closes all loopholes and brings fairness to taxation
• Abolishes the IRS

We offer a library of information throughout this Web site about the features and benefits of the FairTax plan. Please explore!

 

[Show-me]

Re: Flat TAX, Would it Be GOOD!

Not too sure what you mean here. I kind of figured flea markets and hookers dealt in USED, not new merchandise.

Of course, I could be wrong.

Since you are theorizing a flat-tax- why are you saying only on New products? Does that not suddenly reduce demand for "new", when people can buy used, and save having to pay the tax? Would that not put a damper on "new sales", whether it be cars, or boats, or any number of a variety of consumer goods that can be had second hand for a good price, without paying your "fair tax"?

(P.S-- European VAT taxes usually include used goods. If you buy a used car in the UK, you pay a 16% VAT tax over again).

A flat tax is not the same concept as the FairTax system. FairTax only taxes new goods and services and this is why progressives should jump on the bandwagon.

It promotes savings. You only get taxes on what you spend.

It promotes conservation of resource's. We buy and use up our used good and get the full potently out of them before buying another. No more keep up with the Joneses next door. The wealthy that have to have the latest and greatest will pay the tax if they want the top of the line and bragging rights.

Taxing the underground income folks like the flea marketers when they use they under the table income to buy a new good or service. Same with hookers, pimps, and drug dealers. They like new cars, flat screen TV's, iPhones, etc. Their income would get taxed when they spend it.

Same with tourist who buy new goods and services in the good old USA.

Everyone get a break at the start to compensate for the poverty level. You spend above that poverty level you start feeling the taxing.

 

[KevinD]

Re: Flat TAX, Would it Be GOOD!

All the accountants, tax lawyers, software companies that make our current complicated software needed to figure our current taxes, and the entire tax industry. There's too many of them who would go out of business if it were simply that "flat tax simple. "

Thats not a good enough reason to NOT change the crap system we have now. Any change, whether it's a flat tax or the FairTax would shift power from the politicos to the people and THATS why it'll never happen.

 

[KevinD]

Re: Flat TAX, Would it Be GOOD!

My biggest love of the idea is that the underground would have to pay their fair share from the flea marketers to the hookers and drug dealers.

Not too sure what you mean here. I kind of figured flea markets and hookers dealt in USED, not new merchandise.

He's talking about the money that these people make being taxed when they buy things. Hookers and drug dealers don't pay income tax on their income but, under the FairTax, they will when they spend that money. I'm sure there are some honest flea marketers that actually report their income from the flea market and pay taxes on that income.

This thread is/was about a flat tax compared to the current method of collecting taxes. The FairTax is something completely different.

 

[grandma]

Re: Flat TAX, Would it Be GOOD!

All the accountants, tax lawyers, software companies that make our current complicated software needed to figure our current taxes, and the entire tax industry. There's too many of them who would go out of business if it were simply that "flat tax simple. "

I understand that, I have some very fine upright personal friends involved in the tax industry. In all un-seriousness - would they qualify for Bail-outs??
However, the how-many-ever millions of folks who are out of work at this very moment - many of them are looking into a change in their professions, just to find job openings. Career changes are not always a bad thing. I would expect that there are as many of this occupation/profession employed & paid by the Federal Government as in their own offices. If they made quick transfer requests would they then fall under the `employed by which Party' disclosure edicts??

 

[grandma]

Re: Flat TAX, Would it Be GOOD!

Not too sure what you mean here. I kind of figured flea markets and hookers dealt in USED, not new merchandise.

Of course, I could be wrong.

The thing is - that `type of income' doesn't usually get reported... BUT - They would get `caught' for taxation if they had to pay the Value tax at purchase - for their Mercedes, their Victoria's Secret, their ammunition....
(whatever variety it is - personal or bullet...)