1098 members688 Comments 11 Likes
Started this discussion. Last reply by Judy O'Hare Apr 6, 2010. 4 Replies 0 Likes
We have rentals and are wondering how FT would affect our bottom line? I know we would have to pay the 23% but what would happen to the rest of our deductions. As you know we take a deduction for…Continue
© 2023 Created by Marilyn Rickert. Powered by
Comment Wall (6 comments)
You need to be a member of Fair Tax Nation to add comments!
Join Fair Tax Nation
Judy, My comment is more lengthy than that which FairTax Nation will allow for comments. If you will e-mail me at email@example.com, I will e-mail you back with my response. This comment would also apply to Tony Leach, as I will copy him the e-mail I send to you.
It depends on if the tax is imbedded -- the price on the "shelf" includes the tax or if it is added at the "cash register".
Which ever method is used the tax paid is the same and the tax would be visible on the receipt so people would know exactly how much they are paying in taxes.
Check out the answer to your question at:
When you sell you property, there would be no federal taxes due. You would keep 100% of your money -- except for state taxes. We are working to eliminate them too.
Keep asking questions!!!
Perhaps this is one of those areas of the current proposed legislation H.R. 25, that needs further review and perhaps be amended before the final bill is adopted. I plan to pursue that issue, as it appears to me to be contradictory to so many of the things the FairTax promotes, with the idea of a consumption tax being better than an income tax, yet (at least in this example) they are just shifting what was previously taxed as income to a service and now taxing the same income as a consumption tax.