"Hank, If we all get 100% of our gross pay (tax free), then as you mentioned prices there would be a large increase in retail prices (you said 18%), thus reducing the value of existing savings accounts. That is why for fairness, people with after-tax…"
Replace All Federal Taxes on Income with the Fair Tax Act , HR 25 and S 122
Ron Beyer's Page
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Ron Beyer replied to E Wolf's discussion On Implementation of Fair Tax - Taxed Twice on Savings?"Hank, I'm not assuming the same gross pay. I'm assuming the same after-tax take-home pay, so wages will be reduced by about 23% on average to keep take-home pay the same. This is consistent with retail prices (including consumption tax)…"
Ron Beyer replied to E Wolf's discussion On Implementation of Fair Tax - Taxed Twice on Savings?"I did some thinking to figure out how much withdrawals from tax-deferred savings accounts (traditional IRA and 401K) should be taxed under FairTax. (Hank suggested 10%.)
I like the following rule: A person who has all his savings in a traditional…"
Ron Beyer replied to E Wolf's discussion On Implementation of Fair Tax - Taxed Twice on Savings?"I did some more studying before reading the above messages of Terry and Hank, and came to the same conclusion that there is no problem with double taxation, but instead traditional IRAs and 401K's should be taxed. My reasoning is that take-home…"
Marilyn Rickert left a comment for Ron Beyer"Welcome to FairTax Nation!
This is the site where the grassroots share ideas, plan events, and work together to pass the FairTax!
We are asking you to write, call and/or your Congressman and ask them to cosponsor the FairTax bill, HR 25 in the…"
Ron Beyer replied to E Wolf's discussion On Implementation of Fair Tax - Taxed Twice on Savings?"Hank, Yes I meant to put traditional IRA (not Roth) in the "not already taxed" category. You are saying that even though the Fair Tax would be unfair to me, I should grit my teeth and make a big sacrifice by essentially donating a large…"
Ron Beyer replied to E Wolf's discussion On Implementation of Fair Tax - Taxed Twice on Savings?"I agree with Mr Wolf's point that saved money that has already been taxed will be taxed again under the Fair Tax, and that this is unfair. Someone who instead chose to put their money in a traditional IRA will have a great advantage, since they…"
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Comment Wall (1 comment)
- At 11:34am on September 23, 2010, Marilyn Rickert said…
- Welcome to FairTax Nation!
This is the site where the grassroots share ideas, plan events, and work together to pass the FairTax!
We are asking you to write, call and/or your Congressman and ask them to cosponsor the FairTax bill, HR 25 in the House and S 296 in the Senate. To locate your Congressmen go to: http://www.contactingthecongress.org/
We have 150+ other FairTax groups you may be interested in joining. Just click on the "groups" tab at the top of the main page.
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Again Welcome!
Marilyn
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