The Fair Tax

If anyone is following this bill but it looks like the Fair tax is starting to get a little bit more notice.

www.fairtax.org

I read through their website, and it never gives a good explanation of how it works, but they sure want you to petition, and support it. At least when you do your taxes you can see exactly where your money is going because it's broken down on your paystubs and W2 forms. If you remove all income tax and transfer all of your burden to sales tax, I think it would be a good way to mask government spending. You just pay out a percentage on purchases, but there is no breakdown of how it comes out.
Another thing is that we will get screwed by inflation. Now the money you earn has income tax taken out at the point of payment. With fair tax, you get 100% of your money, but when you go to spend that money that you have stored, your taxes on those monies will be higher than at the point of earning. It's really hard to form an opinion when the website itself seems to be only a biased, promotional tool for their cause.

I don't know too much about it, but I know it'll never happen. It would require so much change it's not possible.

QUOTE (hett @ Apr 5 2007, 03:02 PM)

I don't know too much about it, but I know it'll never happen. It would require so much change it's not possible.

I dont think it has 0 chance of passing, but the only way its going to be considered is if the public makes it a point of debate. IE stands up and says we want it addressed if you arent going to address it we will replace you.

I have read the fair tax book and listen to Boortz quiet often so I feel I have a pretty good grasp on the majority of it and I believe its a very good system, mainly because it takes ALOT of power away from lobbyists and the government in whole, and that is always a good thing as far as I am concerned.

I would suggest reading the book if you want to really see how they have it working out.

QUOTE (AAisforwimps @ Apr 5 2007, 04:13 PM)

I dont think it has 0 chance of passing, but the only way its going to be considered is if the public makes it a point of debate. IE stands up and says we want it addressed if you arent going to address it we will replace you.

I have read the fair tax book and listen to Boortz quiet often so I feel I have a pretty good grasp on the majority of it and I believe its a very good system, mainly because it takes ALOT of power away from lobbyists and the government in whole, and that is always a good thing as far as I am concerned.

I would suggest reading the book if you want to really see how they have it working out.

I've contemplated reading that book Neil talks about, but I don't get very much time these days for leisure reading.

Sales taxes by nature are regressive. I haven't seen this specific proposal but I would be surprised if it is not.

I think it would be great to be able to pay my taxes without filing a bunch of burdensome paperwork. People shouldn't have to pay money for trained professionals to figure out how much they should have to pay the government.

QUOTE (junkiecosmonaut @ Apr 5 2007, 07:30 PM)

I think it would be great to be able to pay my taxes without filing a bunch of burdensome paperwork. People shouldn't have to pay money for trained professionals to figure out how much they should have to pay the government.

they dont have to pay money to trained pros all you have to do is read a little and push buttons on a calculator im getting over $4300 back and didnt have to pay some jackass that went to a 3hr class to learn how to add and subtract then put it on a 1040ez

QUOTE (ibbangin @ Apr 6 2007, 01:42 AM)

they dont have to pay money to trained pros all you have to do is read a little and push buttons on a calculator im getting over $4300 back and didnt have to pay some jackass that went to a 3hr class to learn how to add and subtract then put it on a 1040ez

I always do my own, but if I owned a lot of property, had my own business, or did any serious investing, I would have to hire someone to do it. I think it's bullshit. Paying taxes shouldn't require nearly that much hassle. The tax code should not be 15 telephone books long and filled with literally millions of traps for the unwary. The fair tax would be easier to collect and easier to pay.

QUOTE (junkiecosmonaut @ Apr 6 2007, 06:59 AM)

I think it's bullshit.

You're outta here?!?!

You are correct, most people could prepare their own return if they would put in a bit of effort. I wouldn't be too proud of that refund though. All you are getting back is your own money which you were nice enough to lend to the government at no interest.

QUOTE (Littleman1 @ Apr 6 2007, 06:06 AM)

You are correct, most people could prepare their own return if they would put in a bit of effort. I wouldn't be too proud of that refund though. All you are getting back is your own money which you were nice enough to lend to the government at no interest.

believe me i was a little creative to get that much back when you consider what i actually paid in im getting almost every dime back

One man's creativity is another man's fraud. Also, there are very few things that are deductible on a 1040 that the IRS does not also receive from a third party.

QUOTE (ibbangin @ Apr 6 2007, 01:42 AM)

im getting over $4300 back and didnt have to pay some jackass that went to a 3hr class to learn how to add and subtract then put it on a 1040ez

You have your own business and are using a 1040EZ?

QUOTE (SW645 @ Apr 9 2007, 06:53 AM)

You have your own business and are using a 1040EZ?

Thats funny. The only thing creative you can put on the 1040ez is dependants. Being that it does allow standard deductions

QUOTE (SW645 @ Apr 9 2007, 06:53 AM)

You have your own business and are using a 1040EZ?

dont ask be creative..... i did sell it in nov so im not gonna have to do it again............. my biz was inc. and showed no profits by the time i was done paying workers i.e. myself and a few family members...... the taxes on my biz were handled by my secretary (mom)

QUOTE (AAisforwimps @ Apr 9 2007, 07:10 AM)

Thats funny. The only thing creative you can put on the 1040ez is dependants. Being that it does allow standard deductions

my brother lives with me goes to school and doesnt pay bills so yeah he was a dependant

QUOTE (ibbangin @ Apr 9 2007, 06:10 PM)

dont ask be creative..... i did sell it in nov so im not gonna have to do it again............. my biz was inc. and showed no profits by the time i was done paying workers i.e. myself and a few family members...... the taxes on my biz were handled by my secretary (mom)

What?

QUOTE (AAisforwimps @ Apr 9 2007, 07:10 AM)

Thats funny. The only thing creative you can put on the 1040ez is dependants. Being that it does allow standard deductions

"1040-EZ Income Tax Return For Single And Joint Filers With No Dependants"

Oops!

QUOTE (Littleman1 @ Apr 12 2007, 06:42 AM)

"1040-EZ Income Tax Return For Single And Joint Filers With No Dependants"

Oops!

Well in that case how does one get creative with that form

Easy-you have to be full of shit. If he owns his own business like he says he does, and is filling out a 1040EZ, I am sure he will struck down by the wrath of the IRS.

QUOTE (SW645 @ Apr 12 2007, 03:03 PM)

Easy-you have to be full of shit. If he owns his own business like he says he does, and is filling out a 1040EZ, I am sure he will struck down by the wrath of the IRS.

Which is why we should vote for the Fair Tax. I bet we would see a massive decrease in Tax fraud if we did