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#1
02-16-2005, 09:32 AM
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This would stop all the Gambling Tax Confusion -Fair Tax Act
Maybe this should be in the politics thread but since there are so many people in this forum concerned (and rightly so) about there taxes...and I didn't want to hijack another thread (i.e. Poker and Taxes....This is why there is so much confusion )...I'll put it here.
Bill HR-25, the Fair Tax Act is a national sales tax and repeals the Federal Income Tax all together. Get more info here Fair Tax Act (www.fairtax.org). Did you guys know this is actually a bill being looked at in congress. And there aren’t many Senators or congressman against it, but a lot who won’t commit to it. Write your congressman. Or explain to me why you don't like this idea. As someone that must pay taxes on gambling, and being fed up with the way things are screwed up in every way in the current tax code, but especially for taxes on gambling, we need to support this bill. crap...wrong address, I fixed it now. 
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#4
02-16-2005, 09:58 AM
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Re: This would stop all the Gambling Tax Confusion -Fair Tax Act
i'm only barely familiar with the national-sales tax legislation.
I think there might be a lot of people in favor of this (obviously I certainly am). I was just talking about it the other day to a friend of mine....but admit to not knowing too much about it and also not knowing what kind of chance it has of actually getting passed. But people are pretty fed up with the current tax system so, who knows?? Is this something that small-business owners would be against (since they'll get clobbered on their purchases of goods and services) or are they already getting clobbered enough already that they would like it also? What groups are typically against this bill?? (speak slowly for idiots like me who struggle to understand stuff like that).
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#5
02-16-2005, 10:09 AM
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Re: This would stop all the Gambling Tax Confusion -Fair Tax Act
Actually the fair tax act is a “consumption" tax not a "sales" tax. What that means for small business owners it that if you buy goods for your business you do not pay the taxes on it, only things bought for personal use.
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#6
02-16-2005, 10:11 AM
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Re: This would stop all the Gambling Tax Confusion -Fair Tax Act
[ QUOTE ]
What groups are typically against this bill?? (speak slowly for idiots like me who struggle to understand stuff like that). [/ QUOTE ] Everyone who is against highly regressive tax structures, namely Members of the House of Representatives who want to keep their jobs.
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#7
02-16-2005, 10:20 AM
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Re: This would stop all the Gambling Tax Confusion -Fair Tax Act
How is this a regressive tax? Check this out.
How lower income families are protected
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#8
02-16-2005, 10:42 AM
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Re: This would stop all the Gambling Tax Confusion -Fair Tax Act
Regressive doesn't mean "hurts only the poorest of the poor." Such a system is clearly more regressive than the current federal income tax. We all can see that.
However, I am not trying to make an argument against this system. The point I am trying to make is policy makers view this system as regressive; as such, any fair tax bill would never make it through both chambers. Furthermore, to get the 16th ammendment repealed, you would need 3/4 of state legislatures or 2/3 of both houses. That is my point, legislators are against this bill and even a small minority can kill it. I do not want to go any farther with this discussion on this board. That's what the politics board is for.
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#9
02-16-2005, 10:43 AM
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Re: This would stop all the Gambling Tax Confusion -Fair Tax Act
It's pretty obviously a regressive tax. Do you consume a higher or lower percentage of your income when you earn more money? The answer is obviously lower and hence this is a regressive tax.
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#10
02-16-2005, 05:44 PM
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Re: This would stop all the Gambling Tax Confusion -Fair Tax Act
Microbob,
Various versions of flat taxes, or sales taxes are always circulating on the internet. They always include at least two misstatements of fact. The first is a wildly inaccurate guesstimation of the rate at which goods and services would have to be taxed to make up for the loss of the income tax. To make up for the loss of income taxes, the national sales tax would need to be somewhere in the 30-40% range - on top of whatever state and local taxes you already pay. The second lie is that income taxes are somehow inherently complicated. They're not. What makes them complicated is things like the home interest deduction - which (naturally) people who own homes like. You don't have to have a mortgage deduction to have an income tax. It's just that people like it, so it's there. Sales taxes are actually more complicated than income taxes, because they have to be paid every time you buy a donut (or whatever). Income taxes only need to be figured once a year. Besides, why should a single mother working at Denny's pay an extra 30% for diapers so that Bill Gates can collect his $20 billion a year tax-free? [ QUOTE ] i'm only barely familiar with the national-sales tax legislation. I think there might be a lot of people in favor of this (obviously I certainly am). I was just talking about it the other day to a friend of mine....but admit to not knowing too much about it and also not knowing what kind of chance it has of actually getting passed. But people are pretty fed up with the current tax system so, who knows?? Is this something that small-business owners would be against (since they'll get clobbered on their purchases of goods and services) or are they already getting clobbered enough already that they would like it also? What groups are typically against this bill?? (speak slowly for idiots like me who struggle to understand stuff like that). [/ QUOTE ]
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