how close is the fair tax to getting passed what exactly is required? and where are we at?
2007-11-12 05:49:22 · 8 answers · asked by supershrpy 2 in Business & Finance ➔ Taxes ➔ United States
The Fair Tax will be passed when the politicians find out that if they want to keep their job in D C. they need to vote for it.
It will take educating the truth about the Fair Tax to the American People. It is obvious that several of the responders to this question have not fully researched the Fair Tax. They are listening to bits and peices from others.
There are two groups that truely oppose the Fair Tax. The first group are those that have a vested financial interest in maintaining the current income tax code. This includes lobbyists that earn six figure incomes getting the tax code changed with tax loopholes.
There are the wealthy that have their money invested in these tax loopholes and other other items such as tax exempt bonds. Brittney Spears spends $750,000 plus each month. She pays very little in taxes as most of her money is not taxable income. Under the Fair Tax, she would be paying over $150,000 per month in taxes!
Then there are those that milk their customers through the income tax systems such as accounts, tax preparers and tax lawyers. True CPA's would rather not have to deal with the tax code and work with their clients to help the business grow and be more profitable. They spend in excess of 50% of their time keeping up on tax code changes or researching the effects of the tax code on their clients. They would much rather be doing productive work for their clients.
The second group are the politicians! They use the tax code to reward their friends, punish those that oppose them and do social engineering. There is over 37% of federal taxes collected that are embedded/hidden taxes. The individual does not know they are paying these taxes. The politician said they were taxing the greedy businesses! The business just passes that tax cost on to the consumer! Individuals pay all the taxes. They are either the employee (SS & Medicare tax, personal income taxes etc), the consumer (embedded business taxes as well as tax compliance costs) and the stockholders (lower dividends from the corporation)
Under the Fair Tax, there will be no loopholes, no exemptions, and everyone will see exactly how much taxes they are paying. The politicians cannot raise taxes on one individual and lower them on another! EVERYONE pays the same percentage, but those that spend more money will pay more in taxes.
If a politician realizes that the voters in his/her district support the Fair Tax and want to get re-elected, they will vote for the Fair Tax.
There are currently 68 Co-Sponsors in the House of Representatives. Ther are others that will vote for the Fair Tax if it gets to the floor of the House.
2007-11-12 12:46:06 · answer #1 · answered by chiefcook 3 · 0⤊ 2⤋
It has been introduced every year since the mid-90s in the House and it has thankfully never made it out of committee.
It had about a 1% chance of passing when the Republicans were in charge but, with the Democrats in charge, it now has a 0% chance. The Dems will retain control in 2008 so, if you are an (Un)Fairtax supporter, cross your fingers for 2010 or 2012 so you can get that chance up to 1% again.
2007-11-12 06:12:19 · answer #2 · answered by Wayne Z 7 · 1⤊ 1⤋
particular, because of the fact is regarding the only stable element our Lord Prescott did for the Senior voters.(lol) Why is, while Pensioners are gifted with fairly of "Freebies" like the BUS pass and the iciness gas Allowance, questions like this are asked. the factor is that any small allowance is something that Pensioners have earned actual and unlike those "who in no way make blunders" pocket 1000's of our funds regardless Have an excellent day.
2016-11-11 06:39:33 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Play the lottery, you have a better chance of winning than the fair tax passing.
2007-11-12 05:57:10 · answer #4 · answered by Anonymous · 1⤊ 1⤋
Not going to happen. And by the way, calling it "fair" might sound nice, but it's far from fair depending on what you thing is fair. And if you read N. Boortz's book, there are gaping holes in the details.
2007-11-12 06:11:29 · answer #5 · answered by Judy 7 · 4⤊ 1⤋
Fair tax??? Never gonna happen... The majority of politicians in Washington love taxes... And they love them even more when they are unfair.
2007-11-12 06:04:23 · answer #6 · answered by Anonymous · 2⤊ 2⤋
It will never be passed and has never been taken seriously.
2007-11-12 07:00:45 · answer #7 · answered by Anonymous · 1⤊ 1⤋
No chance. No one in Washington is taking it seriously. (fortunately)
2007-11-12 05:54:32 · answer #8 · answered by r_kav 4 · 1⤊ 3⤋