Support the Fair Tax! No more taxes on your poker winnings!

[Smockstack]

This idea sponsored by congressman John Linder is getting alot of attention. I love the idea, there is a book coming out co-authored by Radio Talk Show host Neal Boortz that explains everything, from implementation to impact.

Link 1

link 2

I'd like to hear anyone else's thoughts on the subject and if anyone has heard any pros or cons of a national retail sales tax type system.

[tomdemaine]

It's another example of taking something horrible and naming it th exact opposite of what it is to decieve people into supporting it. A consumption tax is one of the most regressive (unfair) taxes in history that is until they decide to try and bring back the poll tax.

[Smockstack]

I just can't imagine anything more "regressive" than a tax that punishes hard work and accomplishment such as the system in place now.

Amercans spend billions of dollars and thousands of hours anually preparing for the income tax....something is obviously broken in the current sytem....so what is the best option?

I can't tell you how many times I've heard a fellow worker say that "I can only work 8 hours of overtime a week because anything more than that just goes to taxes" or heard the "expert" financial analysts advice to retain mortgage debt because of the tax impact.

In addition to all that, the income tax allows the imperial federal government to keep every citizen under their constant scrutiny and fear of "audits".

I would love to see a system that encourages hard work and *gasp* savings instead of selling your life to the bank becuase you're going to save some money in taxes.

Just my thoughts......

Thanks for the input!

[tomdemaine]

See my recent plan for fixing the tax system. I hope the same people jump on you with the opinions and a$$holes comments, would hate to think that they were biased in some way.

[superleeds]

[ QUOTE ]
I just can't imagine anything more "regressive" than a tax that punishes hard work and accomplishment such as the system in place now

[/ QUOTE ]

Then you havn't much of an imagination

[ QUOTE ]
I can't tell you how many times I've heard a fellow worker say that "I can only work 8 hours of overtime a week because anything more than that just goes to taxes"

[/ QUOTE ]

You work with some amazingly stupid people then.

[ QUOTE ]
or heard the "expert" financial analysts advice to retain mortgage debt because of the tax impact.

[/ QUOTE ]

Have a guess, I'd really be interested in the amount of times.

[Smockstack]

I truly hope you aren't referring to the 100% estate tax post.......

[MMMMMM]

[ QUOTE ]
It's another example of taking something horrible and naming it th exact opposite of what it is to decieve people into supporting it. A consumption tax is one of the most regressive (unfair) taxes in history that is until they decide to try and bring back the poll tax.

[/ QUOTE ]

This is a wrong way to look at it because the Fair Tax would completely exempt or credit the tax on amounts required for basic living expenses. In other words, people would pay NO consumption tax whatsoever on things like food, rent, basic clothing, etc.

So, it would just be a tax on consumption beyond necessary living expenses.

Hard for me to see how that would be hard on the poor or on anyone else, or how it would be regressive. A lower or middle income person could pay NO tax and bank some money just by choosing to not spend money on unnecessaries.

My only concern would be, would the revenues raised be adequate for the government to run effectively? Probably so but I am not aware that it has been proven that it would be.

[JackWhite]

[ QUOTE ]
A consumption tax is one of the most regressive (unfair) taxes in history that is until they decide to try and bring back the poll tax.

[/ QUOTE ]

Then naturally you are staunchy against cigarette taxes, gas taxes, alcohol taxes, existing retail sales taxes etc... You are correct, they are regressive. Just want to confirm how much you despise raising taxes on cigarettes because it hurts poor people (which it does).

[Smockstack]

From the studies posted on the fair tax page by Harvard economists, the fair tax would create a 25% growth in the present economy.

1: by brining businesses operating overseas back home
2: by encouraging increase in work and income
3: by collecting tax from monies presently being earned "under the table"

There are numerous points made on the site, but what I found most interesting was the list of 200+ persons that endorsed the program that were non-partisan.

[lehighguy]

From the info on the website, it is a different structure from the flat consumption tax sometimes discussed on the talk shows. But I'm guessing you didn't read the website or the plan.