Fair Tax Nation

Replace All Federal Taxes on Income with the Fair Tax Act , HR 25

Information

NC DISTRICT 6

Website: http://www.ncfairtax.org
Members: 31
Latest Activity: Jun 20, 2013

Discussion Forum

Mortgage Interest Deduction

Started by Randy Stone. Last reply by Randy Stone Mar 12, 2010. 2 Replies

Where?

Started by Steve. Last reply by RUSSELL SOCKWELL Feb 23, 2009. 3 Replies

Comment Wall

Comment

You need to be a member of NC DISTRICT 6 to add comments!

Comment by Astor Kinney on March 12, 2010 at 10:06am
It is the right time for the FairTax to be introduced.
Comment by John Pierce on February 25, 2010 at 8:27am
Show up and ask the various candidates if they support the FairTax

Greeensboro RLC March meeting
Greensboro Republican Liberty Caucus

Joining us will be congressional candidates Jim Taylor (6th District), Doc Gillenwater (12th District), Dan Huffman (13th District), Bill Randall (13th District), and state house candidates Jon Hardister (57th district) and Theresa Yon (59th district)
The candidates will be speaking about their positions on the issues, with an informal get-together and discussion to follow
Mimi's Cafe is located in the Friendly Center, at 3322 W. Friendly Ave, Greensboro.


GREENSBORO, NC 27410 - USA

Monday, March 1 at 7:00 PM
Comment by John Pierce on May 31, 2009 at 1:23pm
Is anybody heading to the Take Back our State rally in Raleigh this Wednesday 6/3

I'm not on the bus so I can be a rider or driver in a seperate car going over.

Let me know via email reply or call 510-1466
Comment by Cindy on March 16, 2009 at 7:02pm
This is an email I received tonight from Americans for Prosperity. This may be good not only to attend and support but to talk about the FAIRTAX. Did any of you get this notice? You may want to go to the web site for updates.

Date: April 15, 2009
Time: 12 noon-1 pm

Place: UPDATE! Due to the fact that the Center City Park is privately owned, the Tea Party will be held at the Governmental Plaza in downtown Greensboro, near the Courthouse.
Comment by John Pierce on March 9, 2009 at 7:38am
The simpliest way to state it is that the FairTax simple moves the location of taxation from the front of your income where it isn't seen to the end of your consumption where it is seen.

First, ignore the standard deduction/personal exemption of the current system and likewise the FairTax prebate. They serve the same purpose but the prebate is larger (better) at every family size. So to compare, just focus on marginal rates. The lowest permanent rate today is 15%. Add in 7.65% paid by an employee in payroll taxes and you have a total of 22.65%. Since rent is paid with aftertax nondeductible dollars today, you must earn $130 before taxes for every $100 in rent. The FairTax simply allows you to take home the entire $130 and assuming NO pretax reduction in prices, the total after tax cost is $130. There is zero impact. However we have not included the benefits of removed embedded costs including the employers share of payroll tax, more control over your entire tax burden increased job opportunities (greater demand creates opportunity for higher earnings), increased productivity from new capital put to use, etc.

This same comparison can be made for food, clothes etc. The FairTax simply moves the point of taxation with many, many other benefits that spring from that simple action.
Comment by RUSSELL SOCKWELL on March 4, 2009 at 8:12am
Doug, et. al, there is no specific discussion of or special treatment of rents in the bill. Maintaining a property for the purpose of renting it is a business service, and as such, rents would be taxed. The business entity, and in many cases, the individual, holding the property are engaging in a business transaction, so those businesses and/or individuals would be responsible for collecting a FairTax on the rents and remitting it as all other businesses would. However, as always noted, those property holding entities would not be taxed on "income" and therefore they do not have to consider back side taxation in determining rent levels. Also, most property holding entities purchase used homes to rent out. Those used home purchases would not be taxed, and then the "service" of renting it out would. In the case of new construction, i.e. apartment complexes built specifically for renting out, the materials used would not be taxed to the builder (as with single family new construction), and since there is no "sale" of the property (it is placed into service when it opens for rent) then the rents are the end product, the "service" and therefore would include the FairTax. Again, with no worry of back side income taxes, the property holder can price the rents accordingly. There IS special consideration in the bill pertaining to "financing of lease contracts" which may, and I repeat, may, come into play for the "lease purchase" or "rent-to-own" contracts for housing that some people like to do. I do not fully understand these instruments, but my take is that, regardless the contract type, the "rent" portion of any instrument must include a FairTax and be collected and remitted as such. I welcome correction if any of this is incorrect.
Comment by Bill Tidwell on March 4, 2009 at 7:52am
The actual bill chapter 1, section 2-Definitions, (14) (A) (i). Leaseholds are taxable as a service so I would say yes rents you pay are taxable. Also check the Plain English version under taxable property and it also says a leasehold or any term or rents. This is just my interpretation so don't let it be the final word. Keep checking.

Bill
Comment by John Pierce on March 4, 2009 at 6:51am
There is no INCOME tax. It is a one time tax on purchases of new goods and services.
Comment by Kathy Lynch on March 4, 2009 at 6:45am
Good question Doug. How will any unearned income be taxed under this plan? I looked in my Fair Tax book and could not find anything specific to this question, so I emailed Neal Boortz. Will let you know what I find out.
Comment by Douglas L. Harris on March 4, 2009 at 1:04am
This may not be the correct place to ask this question, but here goes anyway. Can anyone tell me if rent is taxed under the FairTax? I haven't been able to find anyone who can answer this question. Is it considered a taxable service?
 

Members (30)

 
 
 

© 2024   Created by Marilyn Rickert.   Powered by

Badges  |  Report an Issue  |  Terms of Service