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

October 2012 Blog Posts (2)

The Only time a tax can not be passed on to the consumer.

The only time the cost of a tax can not be passed on, is when the cost of the tax along with the other costs of production, prices a product out of competition with imports.

Our present system of taxing cascades at each step of production, burdening domestic products with more cost that imports don't have to contend with. The United Sates is currently the only one of the 30 OECD member…

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Added by Keith Reynolds on October 24, 2012 at 10:14am — 3 Comments

The Romney 2011 Tax Return - a FairTax teachable moment

Romney's Gross Income was 13.7M and his bottom line liability from line 61, form 1040 = 1.5M for a 10.9% effective rate under the current system. This is a simplistic way of looking at effective taxes which combines earned and unearned income taxes, thereby taking us out of the “Warren Buffett” discussion.

The Romneys famously gave 30% of their income to charity last year which would have left 9.6M to spend. Assume they put another 30% into savings and investments, net…

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Added by Dave Boone on October 21, 2012 at 4:06pm — No Comments