Trying to be clever? Is that what’s making me yawn?
Not at all. It looks like we agree that the Fair Tax can't deliver on the claims.
The math just doesn't work.
Did you think we disagreed on something? What?
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Trying to be clever? Is that what’s making me yawn?
Otherwise known as a consumption tax.
From the Neal Boortz radio show, this is broken down into 5 parts but each part is pretty short:
Part 1:
Part 2:
Part 3:
Part 4:
Part 5:
And here’s another talk he had on it that gives more context:
Neal Boortz FAIRtax vs Republican Tax Plan
So, the key points are:
Eliminates all federal taxation from your check.
You get to keep 100% of your earnings (state taxes are addressed in the presentation as well)
Eliminates all corporate taxes, which will create an economic boom as companies all over the world will want to move their headquarters to America to take advantage of being able to operate tax free.
There is no longer a need to file taxes, so there is no longer a need for an IRS.
Not a single penny of the fair tax is paid until your very basic needs are met (housing, food, etc), this is done in the form of a prebate that the government sends you at the beginning of each month.
How it’s done:
A 20 million dollar study was done on the fair tax, and the result was, they found out that, depending on the product, from start to finish, the entire process from raw material to finished product, there is between 18% and 25% in taxes paid from manufacturers and suppliers that adds to the cost of the product.
The proposal is tax neutral, which means the consumer will pay no more for a product than they did before.
The idea is to eliminate those taxes, which will lower the cost of goods and services, but charge a 23% sales tax on everything you buy.
Here’s how it works:
The example given was a $100 toaster. They estimate the taxes paid in the process of manufacturing that toaster was 23%, or, $23 out of $100. So, if you take those taxes out of the process, the taxes that the makers would have to pay in the process of making that toaster, it would lower the cost of the toaster to $77. At the point of sale, a $23 tax is charged for that toaster.
$77 goes to the retailer and $23 goes to the government. The retailer gets paid, and the customer is still paying $100 for that toaster…the same as they did before. All of this is from you being able to keep 100% of your income, and getting a prebate so all your basic needs are paid for.
*****
My comments are…YOU could control the amount of tax you pay dependent on how much you buy/consume, those who buy more expensive things (rich people) pay more in taxes.
So, what is wrong with this plan? Where does it fail? Seems like a solid idea to me…thoughts?
The Fair Tax is a Libertarian concept, ignoramus.Whenever you hear a Dem use the word 'fair' secure your wallet and purse.
Do we need to post a montage of Dem leaders using the word 'fair' about 500,000 times? Go rest your puny cranium dimwit.The Fair Tax is a Libertarian concept, ignoramus.
The government raises revenue whenever you consume. The Fair Tax is a consumption tax which any economist will tell you is superior to taxes on production like the income tax.The proposal is tax neutral, which means the consumer will pay no more for a product than they did before.
If prices don't increase and I get to keep all my income, how does the government raise any revenue?
Stop conflating things, dipshit. You failed. Simple as that.Do we need to post a montage of Dem leaders using the word 'fair' about 500,000 times? Go rest your puny cranium dimwit.
I don't take orders from micro brain Dems. Or pay any real attention to their incoherent ramblings.Stop conflating things, dipshit. You failed. Simple as that.
You won't hear a single Democrat advocating for the Fair Tax, but you will find Republicans who have submitted bills to enact it.
Dumbass.
The Fair Tax is a consumption tax which any economist will tell you is superior to a tax on production like the income tax.Then there is no reason to change.
I am a proponent of the Fair Tax. I have been for a long time.
However, the idea this would eliminate the IRS is a gross violation of common sense? Who would collect the Fair Tax?
The one big downside of the Fair Tax is that the money retired people have in their savings is money which was already income taxed.
You really do like to double down on the tard, don't you.I don't take orders from micro brain Dems. Or pay any real attention to their incoherent ramblings.
I am a proponent of the Fair Tax. I have been for a long time.
However, the idea this would eliminate the IRS is a gross violation of common sense? Who would collect the Fair Tax?
The one big downside of the Fair Tax is that the money retired people have in their savings is money which was already income taxed.
Who would collect the Fair Tax?
Surprised you didn't read "pause" out loud.You really do like to double down on the tard, don't you.
The prebate offsets the cost of necessities. This was explained in the OP.And you buy groceries every month.
You pay utility bills every month.
You spend money on entertainment and going out (weekly?)
The Fair Tax is simply a consumption tax on every dollar spent on new goods and services.
"straight to the government".I think boortz said that it wouldn’t be a “tax” in reality, the 23% would just automatically be built into the price of the product. When a purchase was made, the retailer would keep their money, and then send the 23% straight to the government, no need for tax filings, no need for an irs.
Treasury? Ok, maybe a small irs just for the purpose of keeping the money flowing through government…but no need for tax filings anymore."straight to the government".
Um...what part of the government, exactly? Do they write the check out to "The Government"?
Come on, man. Use some common sense.
There will have to be some form of a revenue department.
Guess what department the IRS is in.Treasury?
Ahh, I actually didn’t know that. I thought they were separate.Guess what department the IRS is in.
Well, isn’t that the point? There won’t really need to be any tax laws. It would all be straight forward wouldn’t it? No loopholes, no deductions, just..buy a product…money goes to IRS…done deal.There would have to be some kind of revenue department to not just collect the consumption tax, but to also enforce the tax laws.
The government raises revenue whenever you consume. The Fair Tax is a consumption tax which any economist will tell you is superior to taxes on production like the income tax.
The success of the Fair Tax relies on there being zero exemptions which, of course, special interests will pay our politicians big money to put in exemptions like they do now.