Whew! Finally, what a bummer.

K

KRS

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Re: Whew! Finally, what a bummer.

How do you really feel boomer?
 
treedancer

treedancer

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Re: Whew! Finally, what a bummer.

Quote Boomyal

Solution? Fair Tax! Get rid of the intrusive IRS and all of the parasitic accountants. Stop the social engineering with our tax obligations.

http://www.fairtax.org/site/PageServer

Damn Boom we found something we can agree on at last.:)
 
roscoe

roscoe

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Re: Whew! Finally, what a bummer.

The fairtax idea is interesting.
But still leads to many questions that I can't find answers to on the website.

Supposedly, as I understand it, it is a tax on NEW goods and services.
But they make reference to applying it to real estate purchases.
Real property is not new, and is not a service. Real property just "is".
Is the fairtax only applied to NEW housing?
So the tax is only paid once, on NEW construction, then subsequent owners would not pay the tax, because it is not NEW?
Is it applied to the housing, but not the real estate on which it sits, since the earth is not new?
Is this tax paid for up front, at time of purchase?


Does the fairtax apply to rent? An apartment is a service, right?

Currently, I buy supplies from a wholesaler, at a huge savings over the retail price. What is to stop people from buying most of their personal items (home, energy, vehicles) under the name of a business? Since only people pay the tax, not businesses, all these purchases would go untaxed.

Can someone answer these questions, or point me to a place that can?
 
QC

QC

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Re: Whew! Finally, what a bummer.

No roscoe what you are referring to is a National Sales tax. The "fair" tax as I understand it is actually a flat tax. Flat tax rate for everyone . . . The only problem I have with that is the Mortgage interest deduction . . . It would wipe out California's economy if you ask me. We typically carry much higher mortgages as a percent of income and the deduction is the only thing that makes it work. Steve Forbes is the biggest flat tax proponent that I know of . . .

http://www.forbes.com/taxes/2005/08/15/taxes-forbes-webcast-cx_tm_0815flatax.html
 
Boomyal

Boomyal

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Re: Whew! Finally, what a bummer.

QC said:
No roscoe what you are referring to is a National Sales tax. The "fair" tax as I understand it is actually a flat tax. Flat tax rate for everyone . . . The only problem I have with that is the Mortgage interest deduction . . . It would wipe out California's economy if you ask me. We typically carry much higher mortgages as a percent of income and the deduction is the only thing that makes it work. Steve Forbes is the biggest flat tax proponent that I know of . . .

http://www.forbes.com/taxes/2005/08/15/taxes-forbes-webcast-cx_tm_0815flatax.html
Click to expand...

No, QC, Fair tax is a National Sales tax. It is not a 'flat' income tax nor is it a Value added tax like our European cousins have to endure. Flat Income tax does not get rid of the intrusive IRS nor totally elimate the parasitic accountants.

As an added note, Mrs Boomyal just brought me out a tabulation of the accounting fees that were charged for the handling of her Fathers final affairs. They were enough to choke a herd of horses. The amount was criminal.

Fair Tax is a tax on consumption, not on capitol, investment or income. It would bring home untold billions of dollars in offshore dollars that have been sent out of the country to escape taxation. The plan has rebates, if you will, that amounts to basic living expenses. Beyond that, what you spend is what you are taxed on. You don't spend it? no tax. You invest it? no tax, You save it? no tax on interest.

I don't have all the minutia digested but if executed properly, we would end up on top of the world financially. This of course is why the Libs would not subscribe to it, as well as any other polititians who have become accustomed to blinding us with unfathomable tax laws that were designed to accomplish their social engineering goals.

Basically the plan is designed so that below a certain income (thereby expenditure level) you would not pay any taxes.
 
QC

QC

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Re: Whew! Finally, what a bummer.

Sorry, I just skipped over the link . . . Doh :rolleyes:
 
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