Fair Tax = no more IRS problems - Page 3 - TigerDroppings.com

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a want
LSU Fan
North America
Member since Oct 2010
9185 posts

re: Fair Tax = no more IRS problems


Just for clarification: Should earnings/dividends be taxed at the same rate?





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Zach
LSU Fan
Member since May 2005
62544 posts
 Online 

re: Fair Tax = no more IRS problems


quote:

BTW Zach, thanks a lot - I have a crappy song stuck in my head all day now (from other thread).


Here ya go..

LINK






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doubleb
LSU Fan
Baton Rouge
Member since Aug 2006
5822 posts

re: Fair Tax = no more IRS problems


quote:

Just for clarification: Should earnings/dividends be taxed at the same rate?


Corp pay taxes on earning (C corp), individuals pay taxes on dividends.

I can see taxing a corporation (and in turn their shareholders) but dividends should not be taxed at all.






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Green Chili Tiger
LSU Fan
The House of Black and White
Member since Jul 2009
14242 posts

re: Fair Tax = no more IRS problems


"What parties are opposed to this besides the IRS and the people who make money off the complex tax code?"

All the folks who benefit from the loopholes.

Let's just call them "campaign donors"






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Matrixman
LSU Fan
Texas
Member since Apr 2010
528 posts

re: Fair Tax = no more IRS problems


As much as I think this is the way to go....it will never happen. Why not? Because the entitlement mentality has so consumed the electorate to the point, many folk have learned they can elect people who will feed them the "free stuff".

Once the "Entitlement Mentality" is institutionalized (as it is now) and the liberals gain TOTAL control (which they are about to do with proposed Immigration Bill),the government will sit there and slowly drain (through fees and taxes) the assets, resources, of the middle and upper middle class folk.

Do you recall BHO saying no one making under $250k would see an increase in their taxes. How did that work out for us? Keep this in mind....THE MIDDLE CLASS PAYS TAXES. Large corporations and wealthy individuals do not pay taxes. Corporations (and wealthy) can use the lobbyist to funnel money to the politicians to influence legislation which favors their economic interest. I mean does anybody still believe the Campaign Reform enacted a few years ago ever worked?

Folks...follow the money. GE does not pay taxes....but they're in bed with BHO. How many billions and billions of dollars were funneled to "Green Companies"? Companies that basically existed on paper only, and were nothing more than "front companies" to launder money to politicians. Hell....study history, particularly how the Nazi machine used their power, and manipulation of currency, to influence German corporations prior to WWII.

We in the middle class are screwed. Worse than that political activist in government (with the help of the liberal media) have used the politics of division to "pit the American people against each other." Classic Marxist "modus operandi".

Case in point. The European Common Union (ECU) is going through that right now. Suddenly the perceived advantages of the ECU is not so good, as industrious countries like Germany are now being forced to support countries with a history of reckless spending habits. Ask Angela Merkel what she thinks of pure socialism?

Here in our once great America....the entitlement mentality is entrenched and WILL never go away. IMO we have a choice....we (the ones left paying the bills) can sit there and let the government drain our resources (and they will) or we can choose to take action. I believe I know what should be done.....but unfortunately most (slightly under 50%) loyal patriotic Americans still cling to something that no longer exist.....which is a Constitutional Republic Free Market Based Economy. The takeover of General Motors (GM) forever shattered the free market based economy. Obamacare will complete the destruction of what is left of the free market system as we know it.

Get the facts.....then decide for yourself.

Good Day!



This post was edited on 5/23 at 12:12 pm


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LSUnKaty
LSU Fan
Katy, TX
Member since Dec 2008
3521 posts

re: Fair Tax = no more IRS problems


quote:

All the folks who benefit from the loopholes.
This is why it will never change.






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RockyMtnTigerWDE
Auburn Fan
Posibarner CoCaptain 4eva
Member since Oct 2010
40000 posts

re: Fair Tax = no more IRS problems


quote:

flat tax, fair tax, just get rid of the damn IRS






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ForeLSU
LSU Fan
The Corner of Sanity and Madness
Member since Sep 2003
33493 posts

re: Fair Tax = no more IRS problems


quote:

What parties are opposed to this


the R's and the D's






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CajunAngele
LSU Fan
Member since Oct 2012
11168 posts

re: Fair Tax = no more IRS problems








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Beerinthepocket
LSU Fan
Dallas
Member since May 2011
531 posts

re: Fair Tax = no more IRS problems


quote:

Matrixman


Had to jump back in when I saw this post.

So many of your points are ridiculous. The wealthy and corporations not paying taxes? Are you just saying that because you heard someone else say it? Because that statement is not based in reality.

In 5 seconds I'm able to pull up the GE 2012 Form 10-K and see that GE's income tax expense was $2.5 billion in 2012, $5.7 billion in 2011, and $1 billion in 2010.

Don't just spout off talking points that are blatantly false, it makes the rest of us fiscal conservatives that think before we speak look bad and distracts from some of your points that are spot on.







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Rex
LSU Fan
Here, there, and nowhere
Member since Sep 2004
54127 posts

re: Fair Tax = no more IRS problems


Let's see... you're an IRS manager, you have a secure and cushy well-paid government job, you even get BONUSES for some fanciful reason...

How in the world are you NOT going to be prejudiced against organizations that seek to end all that?

The system couldn't be more custom made for corruption and abuse if it were deliberately designed to be so.

The IRS needs to be abolished but it never will be. Republicans, too, love lobbyist money.






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Jbird
Iowa Fan
In Odramaville with EthanL
Member since Oct 2012
15532 posts

re: Fair Tax = no more IRS problems


quote:

Republicans, too, love lobbyist money.


Know how I know you are a hack?






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Matrixman
LSU Fan
Texas
Member since Apr 2010
528 posts

re: Fair Tax = no more IRS problems


Facts are stubborn things.....

1) 50 years ago, corporate income taxes made up a third of ALL federal revenues; now corporations account for just an eighth. Income taxes from the middle-class working families, in contrast, contribute roughly half of ALL revenue collected by the federal government.

Should I keep going? Okay!

2) In 2004, when Congree approved billions in corporate tax cuts, a report by Citizens for Tax Justice (CTJ) showed that the United State's biggest and most profitable companies had been paying decreasing federal income taxes over the previous three years - despite reporting higher profits.

3) The CTJ study found that the average effective tax rate for the largest 275 American corporations had dropped by a fifth over those three yeats, form 21.4 percent in 2001 to 17.2 percent in 2003. These 275 companies reported pre-tax profits of almost $1.1 trillion, yet they paid taxes on only $557 billion. That rate is around half the statutory 35 percent corporate tax rate that companies are obligated to pay the United States government.

4) Not only are some corportations payng no federal income taxes at all, but others are actually making more money after taxes due to tax havens and additional breaks passed by the Bush administration in recent years. Twenty-eight of the 275 companies surveyed paid no tax at all from 2001 to 2003, despite having profits of nearly $45 billion that period; more than 80 paid no income tax in at least one of those years. In 2003, 46 of the 275 companies surveyed paid no federal income tax. During the same period though, the Commerce Department reported that pre-tax corporate profits rose 26 percent. U.S. multinationals are earning higher profits, but they are also finding ways to protect money from flowing back into our country.

Blatantly false? Dude...if you cannot accept the reality the middle class in this country is being squeezed more and more, then I would argue you are delusional.

Get the facts.....then decide for yourself.

Good day!!



This post was edited on 5/24 at 9:46 pm


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Interception
Providence Fan
Member since Nov 2008
11089 posts

re: Fair Tax = no more IRS problems


1,000s of accountants would be out of jobs.

I just can't support a flat tax.






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Powerman
LSU Fan
Corpus Christi, TX
Member since Jan 2004
120338 posts

re: Fair Tax = no more IRS problems


I actually like the idea of the fair tax in principle.

One of the problems is how does it address issues that would seem to have "unfair" outcomes for people who have studied the current tax code well enough to try to position themselves better financially.

One of the things that comes to mind is the following scenario:

Let's say you have 2 responsible middle class people, A and B with the same income.

Person A makes 60K a year, keeps their cost of living below their means and contributes to a 401K and a traditional IRA to supplement their retirement.

Person B does the same thing but instead invests in a Roth IRA to supplement the retirement savings.

Obviously person B has postponed the tax advantage while person A is reaping the immediate benefit.

Is there anything in the fair tax that would compensate the behavior of person B to get them on the same playing field as person A who has already realized the immediate tax benefits?







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Powerman
LSU Fan
Corpus Christi, TX
Member since Jan 2004
120338 posts

re: Fair Tax = no more IRS problems


Does anyone have a legit response to the above scenario? I'm all on board with the fair tax but I would like to have that question answered by a fair tax expert.





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Asgard Device
The Daedalus
Member since Apr 2011
3349 posts

re: Fair Tax = no more IRS problems


quote:

What parties are opposed to this besides the IRS and the people who make money off the complex tax code?


The "big four."

CPAs.

Tax attorneys.

Companies that would pay no less in taxes, but still would depend on government to subsidize their employee's low wages?

Lawyers.

People who are for progressive/corrective rates.

Poor people.

Many retirees.

That's just off the top of my head.



This post was edited on 5/25 at 2:46 am


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Voorhies7
LSU Fan
Pecan Ave
Member since Oct 2012
3666 posts
 Online 

re: Fair Tax = no more IRS problems


Quote
The government uses the tax code to influence behavior and sold out favors. The Fair Tax would be one of the largest transfers of power from the government to the people ever. For this reason it will never be implemented.


^
Transfer of power.






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themunch
LSU Fan
OnaMission
Member since Jan 2007
9045 posts

re: Fair Tax = no more IRS problems


If you are paying taxes, the IRS will always be a problem/





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TrueTiger
LSU Fan
Chicken's most valuable
Member since Sep 2004
9848 posts

re: Fair Tax = no more IRS problems


quote:

If you are paying taxes, the IRS will always be a problem/


This is true even in a FairTax world. Someone will still need to collect and audit the businesses that collect the sales taxes.

That said, this would be a vast improvement over the harassment of ordinary citizens that occurs every April 15.
It also makes the audit question very simple, "what were your gross sales?"






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