Fair Tax

Discussion in 'Politics' started by Hardsheller, Aug 22, 2009.

  1. Hardsheller

    Hardsheller
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    Are there any supporters of the Fair Tax on this board?

    If so what are you doing to spread the word in your communities?
     
  2. Salty

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    I do not support the Fair or Flat tax - though they are improvements over the current system.

    I support the automatic tax !!!
    Also known as the electronic tax

    Salty
     
  3. alatide

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    So this is the same thing as a Value Added Tax used in Europe? The thing I wonder about for both this proposal and the Flat Tax proposal is whether home owners will actually be willing to give up what for most was the only reason to buy a home. This would shift the home situation in the US significantly towards renting. This would be especially devastating right now with home prices taking a dive anyway. This would cause them to drop like a rock in my opinion.
     
  4. Salty

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    Negative - first, the tax is an extremely low rate - and second it is based on all electronic financial transactions
     
  5. alatide

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    The article says 5% on every transaction with electronic transactions automatically taxed and cash transactions subject to the tax as well. Let me see if I understand this. When I am paid my salary 5% is taken out. When I deposit the money in my bank another 5% is taken out, correct? If I withdraw money from the bank to buy stocks another 5% is extracted. When I sell my stock another 5% is taken out. When I deposit the proceeds from the stock sale back in the bank another 5% is taken out. Is this correct? Is every financial transaction subject to this tax? Wouldn't the government eventually get it all unless I used cash for transactions and (illegally) didn't report them?
     
  6. saturneptune

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    Hey, you should be on cloud nine. The more they tax, the more they can spend, and the more your buddies in Washington can hand out a living to the lazy, self-indulgent slobs that will not work at our expense.
     
  7. Salty

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    No, cash transactions would be perfect legal

    also from the website
    "Federal, State and Local taxes combined are 32% of national income (2002 figures)." So even if you deposit your pay and buy stock - the total would only be 10%.

    Actually, the E-tax in Australia is only .33% (note thats "point" 33%)
    So the 5% is a bit high.

    The problem is the Fair tax is the ridiculous "pre-pate". Just more govt red tape and ....

    Flat tax could be a mixed blessing

    Salty
     
    #7 Salty, Aug 23, 2009
    Last edited by a moderator: Aug 23, 2009
  8. Hardsheller

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    Sounds like it would be a higher tax on individuals than would the Fair Tax.

    The Fair Tax is a Consumption Tax. Everybody pays the same when they spend their money. What could be more fair than that?
     
    #8 Hardsheller, Aug 23, 2009
    Last edited by a moderator: Aug 23, 2009
  9. Aaron

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    Nope. I support NO income tax.
     
  10. Hardsheller

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    We're trying to have a serious talk here. I support NO income tax too but we both know that's an impossibility.

    So what would you support personally as a realistic alternative to the current IRS system?
     
  11. Aaron

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    I'm serious as a heart attack. The last thing we need is to look for more "fair and efficient" ways to exact an immoral tax.
     
  12. Hardsheller

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    You can be as "serious" as you want to be but it ain't gonna get rid of your taxes! In fact you pay taxes now so your high "moral" stance isn't doing you much good is it?

    Since you've already compromised your beliefs What other compromise could you accept as a viable alternative to the IRS CODE?
     
  13. Salty

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    Since you do not support an income tax, what kind of tax do you support?
     
  14. Aaron

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    At the federal level, sales and excise taxes.
     
  15. Hardsheller

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    Now we're getting somewhere. It's amazing what people can agree on when they actually talk about something.
     
  16. Salty

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    But what about the State or Commonwealth and the local level.

    I am totally against the property tax!
     
  17. Aaron

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    Same at the local levels. And yes, a property tax is an immoral tax.
     
  18. alatide

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    What are you babbling about? I'm trying to understand this tax proposal.
     
  19. alatide

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    I didn't say cash transactions wouldn't be legal. I said they would be taxed. So does the web site you quoted from.

    Q5: Is there any form of record keeping done to be able to at least exercise some control?
    A5: All transactions must be documented, but all transactions (deposits) that are done via a bank are automatically deemed documented. Cash transactions must be reported within 14 days after the transaction date on a declaration form available at any bank. Those declarations are to be presented to a teller at a bank and the 5% tax is to be paid at that time.
     
  20. carpro

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    Is there really any such thing as a "fair" tax?:confused:
     

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