Do you think it is a good idea or not. Why ???
2007-07-16 09:55:58 · 9 answers · asked by Sweet Tea & Lemons 6 in Politics & Government ➔ Law & Ethics
I cannot imagine anything that would work any better and have no idea why this is not being immediately implemented. Even my tax accountant is all for it! Whats the hold up? Its a win-win for ALL AMERICANS!
2007-07-16 09:59:13 · answer #1 · answered by K9info 3 · 2⤊ 3⤋
Fair tax, is anything but fair.
First, look at what percent of imcome is actually spent, in each class. Middle and lower class people spend 100 percent of their income ... (some spend more than 100% once you factor in purchases made on credit & loans)
The upper class does not spend its income. Most is reinvested and not spent on goods WITHIN OUR OWN COUNTRY... It does us no good if they are buying things outside our country, and it does us no good when they LIVE OUTSIDE THE COUNTRY. They are not even buying gas here...
Lower class would end up paying 23% of their income in taxes... Where upper class may only pay as little as 10% of their income... maybe less depending on the persons spending habbits.
Above all, there would not be any taxes on the profits of the corporatons!!!!
No wonder why the media is behind this, and the corporations are tossing dollars at our politicians in support of this measure.
FLAT TAX on income is better than the not so 'fair' tax. It has been used with great success already in other countries. Hong Kong has used it for over 50 years to fund its government. Its simple, a set percentage tax, with No deductions, no corporate loopholes. Taxing begins at a set level somewhere above the poverty line, so those at or below do not have to pay tax.
Progressive tax is still the favored meathod for redistribution of wealth. I know its an evil term to repulbicans. The tax code needs to be redone, to a pure progressive tax. As with the flat tax, eliminate the loopholes, the deductions, etc, but put a simple progressive tax in its place.
Example... Households making less than 50k dont have to pay taxes, those making 51 - 1 million pay a set percentage. Those making more than 1 million pay a little larger of percent on the ammount over 1 million.
95 percent of housholds would see a large reduction in their taxes. The richest of the rich would see an increase with no loopholes to evade taxes with.
2007-07-16 17:36:01 · answer #2 · answered by Kacy H 5 · 2⤊ 0⤋
I assume you mean the Fair Tax as endorsed by fairtax.org which is bascially a huge sales tax to replace income taxes.
Bad idea because it will move more of the tax burden from the rich to the middle class and the poor. There is not really proof that the rich will pay their fair share of the tax. Unless the tax amount becomes graduated or progressive (ie people in the rich tax bracket will have to pay more tax on the same good as someone in a lower tax bracket.)
2007-07-16 17:02:34 · answer #3 · answered by Matt M 5 · 3⤊ 2⤋
The so called fair tax will make rich people richer and poor people poorer and eliminate the middle class, which is exactly what rich people want, especially people who control government who really hate that the middle class has so much influence over politics. It will give incentive for rich people to make all their purchases outside of the USA. Thereby there will be insufficient taxes collected. Then the sales tax will be increased, further screwing the poor, who not only won't have any money to buy anything with, but also won't have a job since all the rich people will be buying foreign goods.
2007-07-16 17:10:26 · answer #4 · answered by Anonymous · 0⤊ 2⤋
It's an excellent idea, as far as I can tell.
It is a direct tax upon consumption, less the annual tax rebate for necessities that everybody gets. It will streamline the tax system, and even criminals and illegals and undeclared wages will end up being taxed.
It would be better than the current BS we now have.
2007-07-16 17:12:17 · answer #5 · answered by Anonymous · 1⤊ 1⤋
I think Fair Tax is an oxymoron.
2007-07-16 16:58:36 · answer #6 · answered by Anonymous · 2⤊ 2⤋
Yes...I think that we should pay on what we consume...not our labor.
My labor is mine...all mine and the government has no business taxing it. Not to mention, everyone should pay the same %.
EDIT TO ADD---
Sorry, I was thinking of the FLAT tax....unless this is the same thing....
2007-07-16 17:01:11 · answer #7 · answered by Anonymous · 2⤊ 1⤋
"Fair" is just a name. No tax is fair when government forcibly takes money from citizens for whatever reason.
2007-07-16 16:58:56 · answer #8 · answered by regerugged 7 · 2⤊ 2⤋
I like the Flat Tax better, but anything would be better than what we have.
2007-07-16 16:59:09 · answer #9 · answered by LoneStar 6 · 3⤊ 2⤋