Nobody seems to talk about the worst part of the Fair Tax. Most personal wealth and savings has already been taxed. That is, if you have $1000 in the bank, you had to earn say $1400 just to have that $1000 left over. You have already paid an INCOME tax for the right to spend this $1000 without further tax. The Fair Tax will tax that same money again using a SPENDING tax. There is no exclusion to the Fair Tax for all existing tax-paid assets in the entire country. It places all existing tax-paid wealth into a 60%-70% tax bracket by fully subjecting it to both tax systems.
I confronted the Fair Tax advisers on this matter on their official website. They admitted that it is a problem that needs work.
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I am a complete layman in the way of taxation and cannot find the answers to my questions in the... [MORE]
Tami
Dec 19, 2007 03:45
to manufacturing in America when taxpayers opt for purchasing existing large budget items over new ones, to avoid having to... [MORE]
Lew Waters
Dec 17, 2007 23:40
Not much. First of, as we've covered ad infinitum and as you must obviously continue to ignore, prices do not... [MORE]
Tom
Dec 18, 2007 08:45
There is NO price increase. Corporate taxes are omitted and exchanged with the sales tax!!! [MORE]
Mark M
Dec 18, 2007 09:05
You either misread or misrepresent my words. I never said prices go up 30%, I said taxes charged will be... [MORE]
Lew Waters
Dec 18, 2007 13:07
I approached the so-called FairTax with an open mind, but the more I have learned about it, the more biased... [MORE]
sirius
Dec 17, 2007 23:08
So many in fact I'm loathe to address them one by one. My time is valuable, his obviously isn't.
1) All... [MORE]
ctyankee
Dec 18, 2007 09:48
But so would your take home pay! I'm betting that offset would be very much in your favor. [MORE]
thrakazog
Dec 18, 2007 15:34
The constant jabber about the rich and the poor makes me sick. I am far from rich, and alot closer... [MORE]
Tom Kropewnicki
Dec 18, 2007 16:46
"1) All taxes are tied to inflation, as your income rises so to will your taxes."
Wrong. Payroll taxes and... [MORE]
sirius
Dec 18, 2007 18:36
Idle: "You call that an argument?Cleese: "Yes"Idle: "Contradiction is not argument." Cleese: "Yes it is."
1) The income tax has brackets... [MORE]
ctyankee
Dec 19, 2007 10:13
Let's see, 30% more income, government grows stronger, poor (and all) covered with prebate, prices stay the same, 11 trillion... [MORE]
Mark M
Dec 17, 2007 19:34
This same article by this same clueless author appeared on Bloomberg.com last week, and here it is again with the... [MORE]
Tom
Dec 17, 2007 14:54
The FairTax is a fraud that shifts the tax burden to the poor and middle classes while making inheritance, gifts,... [MORE]
FairTaxFraud
Dec 17, 2007 06:50
I am responding to the poster named "FairTaxFraud", who has been all over the net posting verbatim the same silly... [MORE]
Tom
Dec 17, 2007 18:39
With the IRS politicians pick who gets punished with taxes. Corporations are one of their favorites. You even said that... [MORE]
Don J
Dec 18, 2007 10:06
Nobody seems to talk about the worst part of the Fair Tax. Most personal wealth and savings has already been...
George West
Dec 17, 2007 01:22
I'd gladly pay the 30% out of my current savings to get the existing tax system removed. Just look at... [MORE]
thrakazog
Dec 18, 2007 15:40
You have no idea of what you are talking about. The DailyPaul does not tell anyone what to do! People... [MORE]
Carolyn
Dec 17, 2007 01:12
Apparently, your newspaper is still ignorant of the nature of the 16th Amendment. It's actually a private law, not applicable... [MORE]
Jeanne Mount
Dec 17, 2007 01:06
The Fair Tax is an idea whose time has arrived. Take home your whole pay check, and pay a sales... [MORE]
Frank Fiordalisi
Dec 17, 2007 09:26
Taxes on earned income is placed on the wage earner by the city, state and federal government for the operation... [MORE]