Re: FairTax potential effects on gambling
 

[ QUOTE ]
The "Fair Tax" is the same as (essentialy)the Value Added Tax employed by many nations, including Canada.

There are many, many problems with the system.

All plans look good on paper, but usually suck
when implemented.

Not to worry, ain't happening in the next 10 years.

[/ QUOTE ]


It's different than the European VAT.. They never removed the income tax and just threw on the VAT in addition, which is outrageous considering the tax rates in socialist Europe.

Income Tax is a dreadful concept. Punish people for working, yea.. Brilliant!

Re: FairTax potential effects on gambling
 

Won't somebody please think of the poor people at H&R block?

Re: FairTax potential effects on gambling
 

One of the biggest stumbling blocks to tax reform is the massive middle class subsidy known as deductibility of home mortgage interest costs. We're saddled with in income/deduction based tax system forever, because nobody can touch this political third rail.

Re: FairTax potential effects on gambling
 

you can rest assured that the fair-tax will not reduce your tax liability whatsoever...the government is not in the habit of giving everyone tax breaks at once....they can't unless they want to ratchet up the debt...if the national sales tax were to go into effect and you are the average middle class american, my thinking is that your tax bill won't change whatsoever, and might go up a little bit.

In general sales taxes are very unfair because the average to lower class people spend a greater proportion of their income than the wealthy. Think about it. Guy making $2 million per year is not spending nearly all of his income. Say he spends $500k of it a year. He's taxed 23% on 1/4 of his income. Avg. Joe makes 50K a year. Under the currently tax laws he's taxed at like 10% on the firat 10k, 15% on the next 30 k, and then around 28% on the last 10, for a blended tax rate of WELL below 23%. Avg Joe pretty much spends 100% of his earnings....he is now paying MORE taxes, and the wealthy are paying less proportionally.

Re: FairTax potential effects on gambling
 

[ QUOTE ]
One of the biggest stumbling blocks to tax reform is the massive middle class subsidy known as deductibility of home mortgage interest costs. We're saddled with in income/deduction based tax system forever, because nobody can touch this political third rail.

[/ QUOTE ]


AKA.. The biggest stumbling block is Economic Morons.. Detailed earlier in the thread.. [img]/images/graemlins/smirk.gif[/img]