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Fair Tax
Posted: Thu Oct 02, 2014 10:22 pm
by Dunn
From their website:
http://fairtax.org/how-fairtax-works/
The current federal income tax system is clearly broken — unfair, overly complex, and almost impossible for most Americans to understand. But there is a reasonable, nonpartisan alternative that is both fair and easy to understand. A system that allows you to keep your whole paycheck
and only pay taxes on what you spend.
The FairTax is a national sales tax that treats every person equally and
allows American businesses to thrive, while generating the same tax revenue
as the current four-million-word-plus word tax code. Under the FairTax, every
person living in the United States pays a sales tax on purchases of new goods and services, excluding necessities due to the prebate. The FairTax rate after necessities is 23% and equal to the lowest current income tax bracket (15%) combined with employee
payroll taxes (7.65%), both of which will be eliminated.
I know we have some folks with opinions on this and I'm curious. To be honest I'm not too well read on the issue but it seems decent on the surface. Reading more now but wanted see what folks here think.
Re: Fair Tax
Posted: Fri Oct 03, 2014 1:54 am
by Andy83
What about state income and sales taxes??
Re: Fair Tax
Posted: Fri Oct 03, 2014 2:31 am
by The Ginger Beard Man
Interesting idea. While the lack of income tax would put more spending money in everyone's hands, a large sales tax could discourage consumer spending, and that would be the death of our national economy.
Re: Fair Tax
Posted: Fri Oct 03, 2014 2:38 am
by Shafpocalypse Now
I already fucking pay 8.25% sales tax in Texas, the land of no income tax, but we'll fucking tax everything else you might think of.
Don't let anybody crow about how awesome no state income tax is, because the state government more than makes up for it in other ways.
Property taxes are high as fuck too.
Re: Fair Tax
Posted: Fri Oct 03, 2014 2:52 am
by Turdacious
Not a bad idea, but highly regressive.
The other thing that people tend to forget is that Social Security is an income tax that amounts to around 15% of what our employers pay most of us.
Re: Fair Tax
Posted: Fri Oct 03, 2014 2:54 am
by Protobuilder
Simplification of the tax code would be welcome and should be discussed. It won't be because why should people who make money off of complexity simplify it, but it should be.
People would bitch about paying higher prices at the cash register, even though they have more money in their pocket when they walk out of the store. If something like this would happen, I predict that you would see an increase in the number of things that used to be called taxes but are now classified as fees and surcharges.
Re: Fair Tax
Posted: Fri Oct 03, 2014 2:58 am
by Turdacious
Phaedrus wrote:Simplification of the tax code would be welcome and should be discussed. It won't be because why should people who make money off of complexity simplify it, but it should be.
People would bitch about paying higher prices at the cash register, even though they have more money in their pocket when they walk out of the store. If something like this would happen, I predict that you would see an increase in the number of things that used to be called taxes but are now classified as fees and surcharges.
That's why they'd hide it, like a VAT.
Re: Fair Tax
Posted: Fri Oct 03, 2014 4:56 am
by buckethead
Shafpocalypse Now wrote:I already fucking pay 8.25% sales tax in Texas, the land of no income tax, but we'll fucking tax everything else you might think of.
Don't let anybody crow about how awesome no state income tax is, because the state government more than makes up for it in other ways.
Property taxes are high as fuck too.
Truth. Texas "no income taxes" is the biggest scam. Property, MUD, etc... Way more than Virginia or Colorado where they do tax income
Re: Fair Tax
Posted: Fri Oct 03, 2014 4:29 pm
by TomFurman
Florida. No state income tax. Tourism. Drug money. Expensive real estate. Pain clinics. This truly is Casablanca.
Re: Fair Tax
Posted: Fri Oct 03, 2014 7:55 pm
by Shafpocalypse Now
I pay roughly 3x more per gallon of water and 1.25 more for power, plus power goes out multiple times a week, usually 2-3.
The area is growing rapidly so schools are becoming over crowded.
Texas, as a state, doesn't really have their shit together for their inhabitants. I laugh like crazy whenever I see a Texas Succession bumper sticker because it would basically become like Mexico here, I think.
Re: Fair Tax
Posted: Sat Oct 04, 2014 2:46 am
by The Nightman
Shafpocalypse Now wrote:I pay roughly 3x more per gallon of water and 1.25 more for power, plus power goes out multiple times a week, usually 2-3.
The area is growing rapidly so schools are becoming over crowded.
Texas, as a state, doesn't really have their shit together for their inhabitants. I laugh like crazy whenever I see a Texas Succession bumper sticker because it would basically become like Mexico here, I think.
You need to come to Dallas.