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re: Would you swap an income tax for a consumption tax?
Posted on 11/9/21 at 7:33 pm to BallsEleven
Posted on 11/9/21 at 7:33 pm to BallsEleven
quote:
And what effect would a tax system that discourages consumer spending have on our economy?
If you’re not spending, you’re saving.
So where do savings go? Interest bearing accounts. Maybe investments. Both sources stimulate the economy, no?
If people are spending less, don’t you think that means less debt?
If people have less debt, is that not a sign that people are making more productive decisions?
0
Posted on 11/9/21 at 7:34 pm to SlidellCajun
Yes. Absolutely. And here's why: Fair Tax
Posted on 11/9/21 at 7:36 pm to Aubie Spr96
quote:
National VAT tax that everyone pays is the only truly fair way to tax people. Don’t want to pay taxes? Don’t spend money.
VATs are not the same as a National Retail Sales Tax
Posted on 11/9/21 at 7:39 pm to Eurocat
quote:I'm paying mine. More than that are paying their share than you suspect.
The vast majority of people, not just the poor, pay less than their "fair share", only the top 5% do.
This post was edited on 11/9/21 at 9:03 pm
Posted on 11/9/21 at 7:41 pm to stinkdawg
quote:
If all taxes are consumer tax then obviously those goods will be more expensive.
Incorrect. The NRST is calculated at 22% to be revenue neutral to our current income tax structure. For Tennessee fans, that means at 22% NRST, it generates the same number of tax dollars as the IRS currently gathers.
Reconcile: The retail price you pay at the register INCLUDES 21-23% of corporate income taxes that are passed down from manufacturer to distributor to retailer and are ultimately paid by the end consumer.
If income taxes GO AWAY under the Fair Tax, how is the cost of goods going to go up? Market forces will dictate that they go down from what we see on the shelf now. (Hint: The advantage goes to the first producer of any given product who proactively removes those eliminated taxes).
Posted on 11/9/21 at 7:43 pm to Flats
quote:
Screw that. If everybody votes, everybody needs to pay.
Plot twist - EVERY household irrespective of income receives a check at the beginning of the month equal to the estimated cost of living taxes to be paid for that family size. FairTax baws refer to that as a "prebate".
Posted on 11/9/21 at 7:43 pm to Pelican fan99
quote:
Paying $50 for a loaf of bread sure sounds fun
Settle down Karen. People far smarter than you and I have already done the math. A “revenue” neutral consumption tax would be 30%.
So a $1.50 loaf of bread would be $1.95.
Posted on 11/9/21 at 7:49 pm to SlidellCajun
We already have a state and local sales tax. So this would basically be a federal sales tax. Don’t give them any ideas.
They would gladly add this tax onto the load of others to finance their agenda.
They would gladly add this tax onto the load of others to finance their agenda.
Posted on 11/9/21 at 7:58 pm to Eurocat
quote:
The vast majority of people, not just the poor, pay less than their "fair share", and the 5% overpay.
FIFY
Posted on 11/9/21 at 7:59 pm to SlidellCajun
Is this tax before or after my guaranteed minimum wage?
Posted on 11/9/21 at 8:00 pm to SlidellCajun
No income tax. Have a flat sales tax or vat
Posted on 11/9/21 at 8:07 pm to BallsEleven
quote:
And what effect would a tax system that discourages consumer spending have on our economy?
My income tax would allow me to spend and save more.
Posted on 11/9/21 at 8:15 pm to Swamp Angel
quote:
Yes. Absolutely. And here's why: Fair Tax
I’d actually be okay with this.
Posted on 11/9/21 at 8:56 pm to jcaz
quote:
We already have a state and local sales tax. So this would basically be a federal sales tax. Don’t give them any ideas. They would gladly add this tax onto the load of others to finance their agenda.
Which is why it's inspired brilliance that the authors of the FairTax have repeal of the 16th Amendment and abolition of the IRS as preconditions of implementation of the bill.
Posted on 11/9/21 at 8:57 pm to SlidellCajun
As long as it could be only a flat rate (no differences in the rate from good to good or service to service) and that rate were locked by Constitutional Amendment.
Posted on 11/9/21 at 9:04 pm to VoxDawg
quote:
The NRST is calculated at 22% to be revenue neutral to our current income tax structure
The Gov't is a machine that runs on money. You just killed their cash cow called income tax. Where are they gonna get their fuel? The lowest income will be effected the worst by consumer tax. Maybe consult the NRST about how to to pay bills and such. They don't do that. Call them when your hungry. They don't do that. Posted on 11/9/21 at 9:06 pm to SlidellCajun
quote:
Would you swap an income tax for a consumption tax?
In a world where "fair" is thrown around all the time, this is about the only way to set up a "fair tax." Income or no, you're going to pay the same tax rate. World class CPA or no, you're going to pay the same tax rate.
Posted on 11/9/21 at 9:10 pm to VoxDawg
quote:
Plot twist - EVERY household irrespective of income receives a check at the beginning of the month equal to the estimated cost of living taxes to be paid for that family size. FairTax baws refer to that as a "prebate".
What does that accomplish aside from trying to convince people who currently pay no income tax that their taxes wouldn't go up? I WANT them to realize that the government costs money. It's the only way to change their voting habits.
Posted on 11/9/21 at 10:03 pm to Flats
quote:
What does that accomplish aside from trying to convince people who currently pay no income tax that their taxes wouldn't go up? I
You're tilting at windmills. They don't visit this site or give a shite . Why would Liz C. give a shite? They don't. Why would they be elected? Ask the people that elected that piece of shiteee.
Posted on 11/9/21 at 10:26 pm to stinkdawg
quote:
The Gov't is a machine that runs on money. You just killed their cash cow called income tax. Where are they gonna get their fuel? The lowest income will be effected the worst by consumer tax. Maybe consult the NRST about how to to pay bills and such. They don't do that. Call them when your hungry. They don't do that.
frick the poor. But they would be getting a rebate. And used items are exempt from the tax.
And with all those jobs Biden is adding… they can work and keep more of their money.
This post was edited on 11/9/21 at 10:28 pm
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