I like it. A lot. When you think about it, the income tax is a very antiquated and inefficient way to fund a government. Of course, the govt likes all their control!
On the Fair Tax, what would happen to corporations? Amazon never made a profit for 20 years or so. Yet they had a huge amount of revenue and the ability to invest it wherever they liked, tax free.
How would that be changed? Or would it just go on?
So if I am Warren Buffet, why don't I just pay myself nothing and have my corporation buy everything for me? Company car, corporate housing, meals for working lunches etc?
This is a question I don't have an answer to, but know Stephen Hayes the President of FairTax.org does know. My guess is when the company buys the car, or leases the car, they pay a consumption tax.
Amen. I look at it on a larger scale the Federal unwind sans the military should be 10% reduction of headcount and assets and in ten years make DC the sleepy little town in a swamp it used to be.
I need to go back and look at the details on the FairTax again ... specifically, SS payments. If no FICA, no contributions, so no differences in payout? Meaning, does SS get totally levelized?
(I mean, yeah, if I could have changed my contribution from FICA to a self-directed investment years ago I would have.)
Er, not exactly what I meant. Meaning ... if you make more money now, contribute more FICA blood, then you (assuming no collapse, a large assumption) get more paid out to you when you retire.
If there's no FICA, and earnings are not (in theory) tracked, what determines your SSA payouts? Everyone gets the same amount? I mean, I can live with that for youngsters just starting their journey, as they will have better investment choices than SS. But for me, who's contributed significant amounts to SS over 43 years, would my return be reduced to an average?
You realize the 3 last ppts (unbiased, simple and objective) are anathema to Dems, right? How would they play their privilege game, then?
They will never agree.
I think there are Republicans that like that too.....sigh.
35% for incomes over $243,725 ($487,450 for married couples filing jointly)
32% for incomes over $191,950 ($383,900 for married couples filing jointly)
24% for incomes over $100,525 ($201,050 for married couples filing jointly)
22% for incomes over $47,150 ($94,300 for married couples filing jointly)
12% for incomes over $11,600 ($23,200 for married couples filing jointly)
Fair tax, baby, fair tax!
Love the Fair Tax Plan since I read Neil Bortz’s book. I wrote to my Senators and Representatives for years with little to no response.
These people in Government are not our friends. We are the cattle they milk.
I like it. A lot. When you think about it, the income tax is a very antiquated and inefficient way to fund a government. Of course, the govt likes all their control!
On the Fair Tax, what would happen to corporations? Amazon never made a profit for 20 years or so. Yet they had a huge amount of revenue and the ability to invest it wherever they liked, tax free.
How would that be changed? Or would it just go on?
0% tax for corporates. 0% dividend taxes. 0% stock buyback taxes.
So if I am Warren Buffet, why don't I just pay myself nothing and have my corporation buy everything for me? Company car, corporate housing, meals for working lunches etc?
It's categorized as compensation and would be illegal......that loophole won't fly....
Well, what if you need a company vehicle? Like a route salesman?
This is a question I don't have an answer to, but know Stephen Hayes the President of FairTax.org does know. My guess is when the company buys the car, or leases the car, they pay a consumption tax.
Amen. I look at it on a larger scale the Federal unwind sans the military should be 10% reduction of headcount and assets and in ten years make DC the sleepy little town in a swamp it used to be.
I need to go back and look at the details on the FairTax again ... specifically, SS payments. If no FICA, no contributions, so no differences in payout? Meaning, does SS get totally levelized?
(I mean, yeah, if I could have changed my contribution from FICA to a self-directed investment years ago I would have.)
It doesn't get leveled since the government will have more money coming in than before.
Er, not exactly what I meant. Meaning ... if you make more money now, contribute more FICA blood, then you (assuming no collapse, a large assumption) get more paid out to you when you retire.
If there's no FICA, and earnings are not (in theory) tracked, what determines your SSA payouts? Everyone gets the same amount? I mean, I can live with that for youngsters just starting their journey, as they will have better investment choices than SS. But for me, who's contributed significant amounts to SS over 43 years, would my return be reduced to an average?