Fair Tax and what it could do for everyone.
Last night in my presentation speaking class one student talked about the fair tax. He pointed out that some people who have a lot of money don’t pay any taxes because they have put it all in stocks. He also stated that having a fair tax would take care of this issue. I found this interesting and looked into it a little more at fairtax.org.
I found that having a fair tax set at 23% would actually provide more income for the government then the current tax system does. Now this tax would apply to retail items and the income tax would disappear. That means you would get more money in your pay check to offset the retail tax.
I like this because I then control how much I pay based on my input into the economy. This would also help with people who are paid cash for work as they too will have to pay this tax. I’m sure there is much more to it then what I have stated here, and I plan on doing more research, but I am wondering what you think of having a fair tax?
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I LOVE the Fair Tax. http://www.fairtax.com
You should also check out Neal Boortz and Herman Cain.
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Sorry I think it is fairtax.org.
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yes it is fairtax.org. I will have to check them out when I’m not so tired. Thanks for the tip
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I agree. It is ridiculous how those who have fat salaries barely pay anything into our tax system, yet little people like us get dinged with either heavily owing to the IRS or we end up getting measly refunds. Setting the bar up like that would allow ALL of us to figure out where we really want our money to go do. I bet people would stop buying the really expensive cars and start watching their wallets a bit more.
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A flat tax (percentage) or fair tax is the only way to go. They make their money and should not have to pay a higher percentage just because they do make it. If everybody pays 10% tax for example, then each person is doing their share. The people that make more money will be paying more in taxes, but not a higher percentage
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Karlana, I know I would think twice about making expensive, not needed purchases. I’m sure people will still buy these things, just more thought will go into it.
I have a signed copy of the FairTax book that Neal Boortz wrote…THAT’S how much I love the idea.
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You people are ignorant. How can charging people less taxes bring in more income to the government? Changing the way people are taxed doesn’t solve the real problem which is politician’s working without a real budget. They only way to solve the problem is to have a flat tax. For everyone.
“He pointed out that some people who have a lot of money don’t pay any taxes because they have put it all in stocks.” What do you think happens when those people sell those stocks? They pay taxes!
Why do you think people are calling it the Fraud Tax.
Michael; You do make a few great points but calling everyone ignorant is not going to get them to read these points. I agree that politicians need to make changes and a flat tax is a good idea also. Even a flat tax will still allow many people the ability to not pay taxes.
Yes, you pay taxes when you sell stocks, but the man used in my classmates example was Bill Gates, I think his accountant is good enough to figure out a way where he wouldn’t have to pay anything when he cashes those stocks in. That is where the problem lies with the current tax system and a flat tax, unless the flat tax take out all of the deductions.
Thae flat tax is anything but fair and a horrible idea, overall. Before jumping on the bandwagon here’s one article that lays out the other side darn well - <a href=”http://www.lewrockwell.com/vance/flat-tax-folly.html”Flat Tax Folly.
Somehow this country continued to grow until 1913 (Check the 16th amendment to the US Constitution) without ANY income tax at all. How about we return to that system?
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Criminy, I botched that link! It should be Flat Tax Folly.
Sorry
Aahz of Philaahzophy’s last blog post..Applied Anarchy: Why Taxes Are Theft
I think a flat tax would be a great idea if it truly was a flat-tax. No deductions, no exemptions, 10% off the top and that’s it. But that’s not what Steve Forbes proposed and what is knocked in Flat Tax Folly. I think a much better idea is the consumer tax. By taxing everything we purchase, except food, we really balance the playing field. That way Bill Gates can have all the stocks he wants but when he purchases a new $250,000 car he pays more in tax then I would pay in a year
What I completely agree with is that Congress and the Federal Budget needs to be overhauled completely and paying someone to do your taxes is completely insane!!
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