Replace All Federal Taxes on Income with the Fair Tax Act , HR 25
The only fair tax is a flat tax
If you really wanted to be fair, treat everybody equal, (in AMERICA????) you would listen to the flat tax idea.
Give a floor for the poor, say $25-35,000. Above that, everybody is charged a flat 10%. No deductions, no ifs, ands or buts. Business too, 10% on all profits. The Good Lord doesn't ask for more than that and the Church is still alive and kicking!
Before the big "Zero" gave away trillions to the creators of our crisis, the flat tax would have put America in the black within 8 years. Now? Well, I hven't figured that out yet.
But look at it this way. We all pay 10%. We're all equal. Yes, some are paying "more" dollars than others, but still 10% of their income. Still "equal". Yes, some are paying less than others, but again, still 10% of their income.
$20,000 = 10% of $200,000.
$10,000 = 10% of $100,000.
$12,000 = 10% of $120,000.
Admittedly, all different, but all EQUAL. EQUAL as to their means. A business profits equals to $1,000,000 for the year. Their tax is 10%, $100,000. Equal.
Think too of the number of IRS agents it would put out of jobs they crush citizens with and forse them to find PRODUCTIVE work.
That would warm the cockles of anybodys heart!
Seriously though, the federal deficit would be diminished in record time and the Country would be making money, saving it too for our childrens future. I'm 55, with the current spending spree, it's too late for me, but not my kids.
The only fair tax is a flat tax.
Paul Kopper
Give a floor for the poor, say $25-35,000. Above that, everybody is charged a flat 10%. No deductions, no ifs, ands or buts. Business too, 10% on all profits. The Good Lord doesn't ask for more than that and the Church is still alive and kicking!
Before the big "Zero" gave away trillions to the creators of our crisis, the flat tax would have put America in the black within 8 years. Now? Well, I hven't figured that out yet.
But look at it this way. We all pay 10%. We're all equal. Yes, some are paying "more" dollars than others, but still 10% of their income. Still "equal". Yes, some are paying less than others, but again, still 10% of their income.
$20,000 = 10% of $200,000.
$10,000 = 10% of $100,000.
$12,000 = 10% of $120,000.
Admittedly, all different, but all EQUAL. EQUAL as to their means. A business profits equals to $1,000,000 for the year. Their tax is 10%, $100,000. Equal.
Think too of the number of IRS agents it would put out of jobs they crush citizens with and forse them to find PRODUCTIVE work.
That would warm the cockles of anybodys heart!
Seriously though, the federal deficit would be diminished in record time and the Country would be making money, saving it too for our childrens future. I'm 55, with the current spending spree, it's too late for me, but not my kids.
The only fair tax is a flat tax.
Paul Kopper
Replies are closed for this discussion.
Replies to This Discussion
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Permalink Reply by Dan Hunt on
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Paul
The Fair Tax Act was created out of extensive research years ago costing millions of dollars. It was determined based on this research that included feedback that a tax on consumption is the best method of taxation. The Fair Tax is a flat tax but on consumption instead of income. A tax on income is one of the planks in Karl Marx's Communist Manifesto. That fact alone renders any support of taxing income not only meaningless but also illustrates the reason it is espoused by Communists is because they understand taxing income discourages people from producing and therefore enables control over the people. Taxing consumption restores more freedom to the people as it will decentralize the power once concentrated in the hands of a few. Decentralization of that power is what our founding fathers intended when they wrote the Constitution. Founding father and first Secretary Of The Treasury Alexander Hamilton understood this fundamental concept with respect to taxation in his federalist paper #21. To quote Hamilton:
"It is a signal advantage of taxes on articles of consumption, that they contain in their own nature a security against excess. They prescribe their own limit; which cannot be exceeded without defeating the end proposed, that is, an extension of the revenue. When applied to this object, the saying is as just as it is witty, that, "in political arithmetic, two and two do not always make four." If duties are too high, they lessen the consumption; the collection is eluded; and the product to the treasury is not so great as when they are confined within proper and moderate bounds. This forms a complete barrier against any material oppression of the citizens by taxes of this class, and is itself a natural limitation of the power of imposing them."
You also fail to understand we have tried a flat tax on income and it has failed miserably. It happen to be our current income tax code. The income tax code taxed was only 1% on the first $20,000 of income and 7% on income over $500,000 when the 16th amendment was passed in 1913. It was essentially a flat tax on income since so few earned more than $500,000 in 1913. This flat tax has morphed into the oppressive, indecipherable mess of a tax code we have today. Another flat tax on income will evolve into the same tax system only faster thanks to the thousands of lobbyists today that didn't exist in 1913. Lobbyists support the innumerable loopholes and exemptions in the income tax code that distort the economy that favor their big business clients.
It is for the above stated reasons and many others FTN was born. The purpose of Fair Tax Nation is to advance the Fair Tax movement. Discussion of any other form of tax code is not open for debate at Fair Tax Nation. If you do not support The Fair Tax Act then you will need to move onto a website that supports your point of view. -
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Permalink Reply by Paul Kopper on
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If you want to stop the markets in their tracks, go ahead, tax everything we buy, up 10%. That will by and large shut down the majority of spending. Close businesses and put more people out of work. In the long run of things, it might be avery good idea. But a consumption (VAT) tax would shut down the majority of all buying for an initial period, and right now, we can't afford that.
Paul -
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Paul
It is clear you have not researched The Fair Tax. If you had done so you would realize The Fair Tax is not a VAT! It will impose tax only at the point of sale! It will eliminate the VAT's that are currently embedded in everything we purchase today. I can only reiterate this is not a website to debate The merits of the Fair Tax against another form of taxation. This website is only to support The Fair Tax and no other form of taxation.You are at the wrong website. -
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Let's see. The current budget proposal is $3.55 trillion. GDP (not income) is right around $14 trillion. I'm having a problem wrapping my brain around how you're getting 10% of income is going to get us in the black. It won't even fund half the budget.
Right now, the income tax brings in about $1 trillion as does payroll taxes. Corporate taxes are about $250 billion. Estate taxes offer another $20 billion.
Even with your elimination of exemptions, you will be putting more burden on the lower earning wage earners. Fair or not, the flat tax is a regressive form of taxation. The flat tax provides a prebate that eliminates estimated taxes up to a certain level of income. After that, its a level playing field. -
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Permalink Reply by Jamie Wheeler WA on
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NO to any tax that taxes my income!! The FairTax is the BEST way to go!! I'm pretty sure that drug dealers pay ZERO INCOME tax right now and will not pay 10%, they do however buy new goods and services. Those visiting in our country do not file and "income" tax and thefore do not help pay for our government, under the FairTax they would. The FairTax is a "FLAT" tax on consumption....vs. a "FLAT" tax on "INCOME"...when the government taxes my INCOME the only way I pay less is to not work as much which is so counter productive!
The FairTax ENCOURAGES working!! I can work 3 jobs and NOT PAY one cent in Federal Taxes until I choose to spend it! Now the incentive to get off the government dole will be there, currently is it NOT.
SO...the only "fair tax" is the FAIRTAX a FLAT TAX on one's consumption! -
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Permalink Reply by Jim Tomasik on
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Excuse me sir,
Your idea was first presented as the 2nd plank of the Communist Manifesto in 1846....
We here at FairTax Nation want the federal government out of our paychecks and the IRS totally out of our lives. We want our liberty restored. ANY income tax is a violation of that liberty.
End of discussion.
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