"I have to agree that Congress could tinker with the Fair Tax after inception. Think about the last downturn, and what they did to encourage buying. We had Cash for Clunkers and tax incentives for green cars. Would Congress reduce…"
"What's to prevent a company to build a house as a business, and paying no tax, flip it and sell it as a residence and pocket the difference? It seems that a tax should be paid when it goes from business to residential.
On the flip…"
"I understand your broader base. It would be used to offset the taxes on new items. But, that also means that an item that has longer life would be taxed more than those of shorter life spans. A car could be taxed any number…"
"What would you call a real estate transfer tax? Its levied by states, counties, and municipalities. And that's on property, which includes raw land. Only 13 states do not have a transfer tax.
I'm not sure if…"
"Let's back up a little bit. You've come on like gangbusters, which I don't mind, but let's look at some of the economics.
The Fair Tax puts the tax at the point of sale, not the point of production. That means…"
"I've been following this thread with interest. Like Hank, Terry, and Bruce, I have some reservations about the passage of this bill. And, no, I haven't read the bill. I'm just looking at it from a practical…"
"My conclusion is that FairTax can only work if we try to keep take-home pay (and retail prices) about the same as before ON AVERAGE and accounting for the prebate. Thus, minimum-wage earners would NOT have a reduction in salary. This is the only way…"
"I'm coming to this party a little late. Hank, I agree with a lot of your thinking, and your math is right on. But, I'm wondering if we're not thinking about savings and retirement funds in a jaded light.
When we put a dollar into…"
"Thanks for that link. I've taken the time to go over some of the testimony before the committee back in June. There were 90 advisory groups and individuals that made statements. They can be viewed on line.
The Fair Tax was not represented.…"
"You're probably not going to like what I have to say. I find that one of the failings of the Fair Tax movement is that it is being associated with the political right. That isn't how this issue should be viewed. It isn't a left or…"
"When a raw product (farm land) is refined into a new usable product (lots for sale) it becomes a new product. If it is sold to another business (home builder) that will improve the product into an item for retail (home owner) use, the Fair Tax would…"
"The purchase of the farm question is something I've been wondering about. I think I understand that if I purchase an existing home then it would not be taxed.
Now if I purchase a 100 acre farm and keep it intact, there would be no tax on it.…"
"> The state tax collection departments would quickly develop methods that will detect this type of fraud. Few businesses need a Ferrari for instance. And if a yacht is used for business purposes an audit can determine if it is also used for…"
"Thanks. I sort of figured out the part about the percentage of income. My perspective is that we don't buy any goods or services where the fee is dependent up income. We don't pay a graduated sales tax that is dependent on income. Why…"
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