- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Repeal the 16th Amendment and abolish income taxes
Posted on 4/15/19 at 11:56 am to weagle99
Posted on 4/15/19 at 11:56 am to weagle99
quote:There's no way a national VAT would have the low income earners NOT getting some type of guaranteed income to offset their increased point-of-sale taxes.
Fairtax goes into effect after the 16th is repealed.
To pay them that guaranteed income would mean a continuation of some type of income tax or surcharge on the top income earners.
Retail sales would stall, unless you believe higher prices means everyone would continue spending the same amount. That doesn't happen. Ever.
That's just the practicality of it. Anything else is a pipe dream.
2
Posted on 4/15/19 at 11:56 am to weagle99
I would support either a national sales tax or a flat tax. What I DON'T support is "earned income credit". People receiving EIC are getting assistance all year long and then we give them a lump sum to go blow on tats, rims, and other non-essential items.
Posted on 4/15/19 at 11:57 am to Nguyener
quote:
Eveyone should have to write a check
Racist! Some POC do their banking at the Liquor Store (on Friday) and they won't issue checks.
Posted on 4/15/19 at 11:58 am to stuntman
quote:That will happen as soon as we get rid of unicorn farts fueling our levitating transportation devices.....
If they got rid of their income taxes, and only had vat taxes,
Posted on 4/15/19 at 11:59 am to LSURussian
Everyone gets a prebate check each month to cover the taxes on necessities.
Plus the price change for retail items is a wash due to the elimination of embedded income taxes that we are paying now.
Have you read the plan? All of your concerns are covered on the site I provided.
Plus the price change for retail items is a wash due to the elimination of embedded income taxes that we are paying now.
Have you read the plan? All of your concerns are covered on the site I provided.
This post was edited on 4/15/19 at 12:04 pm
Posted on 4/15/19 at 12:00 pm to LSURussian
How did America ever make it for its first 120 years....
Posted on 4/15/19 at 12:16 pm to weagle99
quote:Guess who gets the biggest checks? And what's a 'prebate' check? Is that a check in advance of spending?
Everyone gets a prebate check each month to cover the taxes on necessities.
quote:Most large corporations in the U.S. pay single-digit percent effective income tax rates (as Rush would say, "that means less than 10% for those of you from Rio Linda"). A VAT tax would have to be considerably more than that to create a revenue neutral plan.
Plus the price change for retails items is a wash.
Thus, those corporations would have their after-tax profit margins negatively impacted if they didn't raise their prices for their goods and services.
Companies like Amazon have a 0% federal income tax rates but the products they sell would have a VAT on them. Their sales would decrease.
A VAT decreases incentives for investing in new technology because that new technology would have a VAT due on it.
In theory, having no income tax but having a VAT would be wonderful and it would likely save me a ton of money in taxes.
But the unintended consequences would cause a terrible shock to our economy.
As Forrest Gump would say, 'that's all I have to say about that....'
Posted on 4/15/19 at 12:19 pm to weagle99
That’s the way it was originally intended..
Posted on 4/15/19 at 12:19 pm to stuntman
quote:So, you want our country to go back to the way it was 120 years ago? No strong military? No social services safety net? No federal spending on science research? No, infrastructure spending?
How did America ever make it for its first 120 years....
Seriously, whenever I read a cop-out statement that you just made I just have to
. Posted on 4/15/19 at 12:24 pm to LSURussian
(no message)
This post was edited on 1/10/21 at 3:54 pm
Posted on 4/15/19 at 12:28 pm to LSURussian
Posted on 4/15/19 at 12:35 pm to LSURussian
How is it a cop out? You basically just saud that only having sales taxes is a total impossibility.
I just showed you it has already happened.
And yes, I would LOVE to not be world police. Roads can be handled at the state level. And we had massive advances in sxience before the fed gov stuck their nose in it.
Oh, and I'm 100% agaimst government "social welfare" programs. They incentivize failure.
I just showed you it has already happened.
And yes, I would LOVE to not be world police. Roads can be handled at the state level. And we had massive advances in sxience before the fed gov stuck their nose in it.
Oh, and I'm 100% agaimst government "social welfare" programs. They incentivize failure.
Posted on 4/15/19 at 12:36 pm to LSURussian
quote:
No social services safety net?
This one could go.
Posted on 4/15/19 at 12:37 pm to weagle99
quote:
Repeal the 16th Amendment and abolish income taxes
Check my answer in the "You're dictator for a month" thread!
Posted on 4/15/19 at 12:39 pm to weagle99
That site is designed for old people that are simple minded and think it is still 1960. The economy has evolved since you were born into a global service based economy.
You must be a sales rep for books supporting the FairTax.
You must be a sales rep for books supporting the FairTax.
Posted on 4/15/19 at 12:39 pm to LSURussian
quote:TOTAL taxation in Europe is greater.
So, you've never been to Europe??
But, if my income is $1K greater and my cost of goods goes up $1K, that's a wash(intentionally simple for illustration purposes)
Posted on 4/15/19 at 12:42 pm to LSURussian
quote:Europe is being double whammied
The U.S. economy looks like Shangri-La compared to Europe's economy. But, sure, let's be more like Europe....
Taxing income is retarded because that is a tax on productivity which, we want MORE of.
Taxing consumption on the other hand encourages savings....which we want more of.......while simultaneously reducing the cost of production!
Posted on 4/15/19 at 12:43 pm to LSURussian
quote:Actually, it happens every year and has forever.
Retail sales would stall, unless you believe higher prices means everyone would continue spending the same amount. That doesn't happen. Ever.
It happens because income rises generally speaking with those prices.
No income tax, by definition, puts more $$ into people's pockets.
Posted on 4/15/19 at 12:47 pm to ShortyRob
what about taxes on investments? If I buy a municipal bond for tax exempt interest i'm gonna be charged 15% on the front end? That's gonna hurt a whole lot of cities and raise the costs of their borrowing which will raise property taxes and state taxes to cover the raise in interest rates.
Posted on 4/15/19 at 12:54 pm to yatesdog38
quote:Nope
what about taxes on investments?
quote:My knee jerk is to say no.
If I buy a municipal bond for tax exempt interest i'm gonna be charged 15% on the front end?
quote:
That's gonna hurt a whole lot of cities and raise the costs of their borrowing which will raise property taxes and state taxes to cover the raise in interest rates
Hmm
I think I need to add banning property taxes.
Page 2 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News