Note- I would like to become an acctountant and then eventually a CPA; and I was thinking possible in some form with the government, wouldn't this eleminate the vast growing acctounting field?
2007-08-27 07:18:55 · 6 answers · asked by Diane D 2 in Business & Finance ➔ Taxes ➔ United States
Were you concerned when the manufacturers of vinyl records were put out of business when 8 track tapes came out? Were you concerned when 8 track tape manufacturers were put out of business by CD companies?
There are many changes that come about with new products or services. People will adjust to the new system and find a new job.
Most of the accountants have college degrees, therefore should be able to adapt. There will be tremendous growth in the job market with the foreign businesses coming to the USA.
It is rather interesting to see the responses to this question and how people that do not understand the Fair Tax respond to the answers. People vote against the answers that are correct and vote for the answers that are totally incorrect!
People should look into the Fair Tax to better understand it. It will cause the greatest transfer of power from politicians to the American People.
Individuals will be able to control how much they will pay in taxes and not be penalized for doing a good job. You get to keep all the income you earn. You will not pay taxes on your savings, investments or earnings.
2007-08-27 16:58:12 · answer #1 · answered by chiefcook 3 · 2⤊ 1⤋
1) Work on your spelling. As an "Accountant", I compose quite a few letters every year.
2) The Fairtax has as much chance of passing as I have of being elected President (That chance is 0 as I was born in Canada). Many accountants do nothing related to income taxes. Whatever tax system we have, there will still be a need for accountants to prepare financial statements, do audits (internal and external) and the like.
2007-08-27 14:33:29 · answer #2 · answered by Wayne Z 7 · 2⤊ 2⤋
No, accountants would still be needed so companies could determine whether they were making money and how much. And accountants and auditors would still be needed to administer the 'FAIR TAX". The tax, and especially the prebate, wouldn't just "happen" without a lot of oversight.
2007-08-27 14:40:51 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
Absolutely.
Once the Fair Tax passes, career politicians, lobbyists, tax lawyers, tax accountants, IRS agents, and anyone else that makes a living on the current tax code will be out of a job.
They will be free to do something truly productive. They may be able to find new non income tax related jobs.
The Fair Tax will not pass as long there are archaic static analysis devotes left in charge of congress.
Static analysis is like taking a picture and assuming that will be the same picture tomorrow.
An interesting point is the Joint Committee on Taxation, the JCT, was not able to evaluate the FairTax until 2003. Their computer program did not understand it.
Support for the FairTax is booming, and now the JCT has dynamic analysis to evaluate it, AND people are realizing the huge economic benefit. People now realize that when you remove the tax drag on labor income and capital income, production soars.
Whenever there is a tax change proposal, the knee jerk reaction is “how much more will I pay” and “do we get the rich to pay more. Rarely do we think of the long term advantages.
The income tax equation is income - taxes -compliance dollars = spending
The Fair Tax equation is income = spending + taxes + compliance dollars,
so here we are taxed as we spend and get to keep the compliance costs. (IRS payroll)
Rarely do we think of positive change and long term benefits.
2007-08-27 14:58:59 · answer #4 · answered by Anonymous · 2⤊ 5⤋
Yes and I for one would be glad to see it. But the benefits of the Fairtax would open the door to an economy that would create more jobs than every before. Accountants and CPAs would still have work but tax preparers and lobbyists would have to find something else. I can live with that.
2007-08-27 15:34:34 · answer #5 · answered by Fairtax Fairy 1 · 4⤊ 4⤋
Work on that spelling, too. I can't put much faith in an accountant that can't spell accountant.
2007-08-27 14:25:05 · answer #6 · answered by Anonymous · 2⤊ 1⤋