What are your thoughts on "The Fair Tax"?
09-23-2004, 08:42 PM
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What are your thoughts on "The Fair Tax"?
Just wondering what you guys thought about it. http://linder.house.gov/index.cfm?Fu...&Resource_id=1
09-23-2004, 08:56 PM
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In general, I like any idea that would replace our present system.
I'd have to crunch some numbers, but with the Federal Sales Tax rate at 23%, I'm guessing that $$-wise, there will be no difference.
I'd have to crunch some numbers, but with the Federal Sales Tax rate at 23%, I'm guessing that $$-wise, there will be no difference.
09-23-2004, 09:43 PM
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and the "rebate up to poverty level" bit seems kinda strange, I mean if people are at the poverty level, having to pay 23% and wait to get it back seems pretty crappy.
09-23-2004, 09:50 PM
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Anyone have more information on this "Fair Tax" from a non biased, or at least less biased source. On the surface this plan sounds pretty postitive, however one can think a lot of things may be better than they actually are if you anly find out about them from a supporter.
-Chris
-Chris
09-24-2004, 09:30 AM
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I'd like to see the analysis which backs up the claims of that web site. Interesting idea, but I think drastic tax changes like that would have unforeseen, potentially negative, side effects. On the surface it is pleasing - a tax based on consumption, not income.
09-24-2004, 01:53 PM
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Originally Posted by BlingBlingBlue
I'd like to see the analysis which backs up the claims of that web site. Interesting idea, but I think drastic tax changes like that would have unforeseen, potentially negative, side effects. On the surface it is pleasing - a tax based on consumption, not income.
That's what I'm saying, but the site is from a representative who helped creat the bill, so it CAN NOT BE TRUSTED as your only source of information. Many things known to be negative, can seem like awfully good ideas when only the pros are presented.
-Chris
09-24-2004, 07:49 PM
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Originally Posted by psoper
and the "rebate up to poverty level" bit seems kinda strange, I mean if people are at the poverty level, having to pay 23% and wait to get it back seems pretty crappy.
The rebate will be given in advance each month.
Effect of FairTax on families
The FairTax would provide every family with a rebate of the sales tax equal to spending up to the federal poverty level. The rebate would be paid in advance and updated according to the Department of Health and Human Services poverty guidelines. Based on the 2003 guidelines, a family of four would be able to spend $24,240 annually tax free. They would receive a monthly rebate of $465 each and every month ($5,575 annually). Therefore, no family would pay tax on essential goods and services, and middle income families would be effectively exempt from tax on a large portion of their annual spending. Info taken from http://usgovinfo.about.com/cs/taxes/a/aafairtax.htm.
Because of the current tax system all goods and services have hidden costs that affect the price the consumer pays (before sales tax). After companies are able to produce their goods and services without paying all of the taxes of the current system their cost should go down 20%-25% in the first year (acording to Dr. Dale Jorgenson who is the chairman of the Harvard University Economics Department). So if this guy is correct it looks like the poor would be getting their goods and services at a cheaper price than they do now.
Last edited by MO REX; 09-24-2004 at 08:21 PM.
09-24-2004, 07:50 PM
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Originally Posted by bassplayrr
Anyone have more information on this "Fair Tax" from a non biased, or at least less biased source. On the surface this plan sounds pretty postitive, however one can think a lot of things may be better than they actually are if you anly find out about them from a supporter.
-Chris
-Chris
Here is a link to a google search on "the Fair Tax. You can find a lot of different opinions with this search http://www.google.com/search?hl=en&ie=UTF-8&q=fair+tax
Last edited by MO REX; 09-24-2004 at 08:37 PM.
09-24-2004, 08:52 PM
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Originally Posted by MO REX
I agree with you 100% but the criticisms have to be questioned also. I posted that link since it had the actual bill for people to review. There is also a link on that page (recent news and editorials) that has interviews done by the Wallstreet journal, Fox news and CNN.
Here is a link to a google search on "the Fair Tax. You can find a lot of different opinions with this search http://www.google.com/search?hl=en&ie=UTF-8&q=fair+tax
Here is a link to a google search on "the Fair Tax. You can find a lot of different opinions with this search http://www.google.com/search?hl=en&ie=UTF-8&q=fair+tax
Thanks.
-Chris
09-25-2004, 06:13 PM
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it sounds interesting, but a bit too "out there" to be passed by all the paper pushers. the tax attorneys and accountants lobbies must be having a hissy fit over this 
09-25-2004, 08:59 PM
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Originally Posted by RussB
it sounds interesting, but a bit too "out there" to be passed by all the paper pushers. the tax attorneys and accountants lobbies must be having a hissy fit over this
09-25-2004, 11:00 PM
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so, how does this plan deal with things like property tax? i'd be perfectly OK with paying 23% tax on a house? just doing some quick number crunching, even that seems like it would be cheaper than under the current system.
09-25-2004, 11:14 PM
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Originally Posted by RussB
so, how does this plan deal with things like property tax? i'd be perfectly OK with paying 23% tax on a house? just doing some quick number crunching, even that seems like it would be cheaper than under the current system.