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Posted on 1/23/25 at 7:34 am to Indefatigable
quote:
ot disputing that. My point is that there is no one in Congress willing or able to do the work of setting that up.
But still wrong
quote:
Rep. Earl L. “Buddy” Carter (R-GA) today introduced H.R. 25, the Fair Tax Act, a bill to replace the current tax code with a national consumption tax known as the Fair Tax.
There are people in congress that want it.
quote:
Original co-sponsors include: Reps. Andrew Clyde (R-GA), John Carter (R-TX), Scott Perry (R-PA), Eric Burlison (R-MO), John Rutherford (R-FL), Warren Davidson (R-OH), Andy Biggs (R-AZ), Dale Strong (R-AL), Rich McCormick (R-GA), Barry Loudermilk (R-GA), and Andy Harris (R-MD).
This post was edited on 1/23/25 at 7:35 am
Posted on 1/23/25 at 8:54 am to VoxDawg
quote:
I've an extensive post history on this board about this very thing. You're welcome to revisit the thread to see links provided to previous discussions on the matter.
The pRiCeS wIlL rIsE! argument does not bear concern in our capitalistic market, as the embedded corporate income taxes which go away under a consumption tax model will be replaced by approximately the same rate on a NRST.
Nice picture. That said, without a reduction in spending, the same amount of revenue will have to be raised by the governement to pay the bills. And, without net additional people coming on board to pay taxes, your and my tax bill will remain the same.
As I said in my prior posts, the only thing positive about "consumption" tax or "fair" tax or whatever name someone wants to give it is that the tax will be built into what ever is purchased, preventing people from as easily hiding from the tax man.
By the way, I was only joking about being upset if income taxes went away, because I think it shoudl go away. However, I am 61 y/o, and it will not happen within my pre-Biden brain life, because
- there are too many questions people have to answer to get it done as to unwind - specifically how to not double tax current pre-tax and post-tax retirment money, social security benefits, post-tax savings, investments, real property, etc.
- we have a two-party system that has no desire to compromise on anything, and
- every politician has his/her own pet projects that may not be as easily funded with any such change.
It will take a cosmic event for income taxes to go away anytime in the near future...
Posted on 1/23/25 at 9:12 am to AUauditor
quote:
without a reduction in spending, the same amount of revenue will have to be raised by the governement to pay the bills
The shift from an income tax-based system to one that is a combination of consumption tax + tariffs or whatever mechanism they determine and hardcore reduction in spending are not mutually exclusive. The 2 ways to improve one's financial situation are always 1) earn more money & 2) find ways to reduce spending. Without the advent of the DOGE entity within the federal government, I'd say that cynicism would be much more warranted.
Even before DOGE came up in the discussion, Trump has been floating the Schedule F federal employee reduction plans. DOGE will only heighten those efforts. 80% of federal employees could likely go away and we'd all be better for it.
quote:
without net additional people coming on board to pay taxes, your and my tax bill will remain the same.
One of the images I posted yesterday (and every time the topic comes up) demonstrates that a consumption tax-centric system would be working from a base of approximately 100M more individuals paying into the system than are currently. That is a significant expansion and should be more than enough to make up the difference.
Posted on 1/23/25 at 10:13 am to Seldom Seen
Oh my god. Please... 
I'll be moving to Florida or Texas if that happens.
I'll be moving to Florida or Texas if that happens.
Posted on 1/23/25 at 10:15 am to Seldom Seen
I don’t know if he can unilaterally abolish income taxes or unilaterally declare a national sales tax. Think that would involve Congress.
But I suppose he could unilaterally disband the IRS lol
But I suppose he could unilaterally disband the IRS lol
Posted on 1/23/25 at 10:17 am to Tantal
Congress is not compelled to tax income. The 16th Amendment only allows for it. If Congress chose not to levy taxes on income nothing prevents that.
Posted on 1/23/25 at 10:22 am to SG_Geaux
quote:
What will replace the revenue? The money has to come from somewhere.
You can donate all the money you want! I'm tired of our tax dollars going to support other countries. The .gov can cut spending.
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