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WallStreet Fair Tax

Jan 28, 2008 10:42 AM (16+ Years)
Actually the prebates help everyone. The idea is every american household gets a prebate check to compensate them for the sales tax they would pay up to the povery line ( about 20,000 for household of 4, which makes up about 12% of the population ).  The Checks go out at the start of the month.  The great part about this is it sticks it too non US citizens, ( tourists, illegal aliens ), they don't get checks.  I don't mind that the poor are essentially paying little to no tax. But this all depends on how they spend the money.  The Fairtax would encourage people to save their money, and use it wisely.  If you save your money, you essentially will pay no taxes. 
Jan 28, 2008 3:00 AM (16+ Years)
Just to play devils advocate (becaues I do not pity the poor) the people designated as below the poverty level spend ALL of their income on consumer goods...wouldn't this tax them when under the current system they wouldn't be taxed??  How can we put a mechinism in place to determine if you make enough to be taxed on your purchases??  Personally I LOVE this idea...yet another ploy to make the upper percentile of earners pay les taxes...go REPUBLICANS!!!  LOL
Jan 27, 2008 1:26 PM (16+ Years)
The Fair Tax would essentially be a 23% national Sales Tax on all goods at the retail level.  Since there would no longer be any corporate taxes, the prices of everything would drop.  They estimate that most goods and services have this 23% already built into the price.  The idea is to have all Taxes be transparent.  So if you bought some food at Kroger, the items would cost less, but then you have the local sales tax ( 8.25% ) + National sales tax ( 23% ).  This would put the total cost of your items just slightly above what we already pay.  The beaty of this is if you don't want to pay taxes, you just don't buy anything.  Since income is no longer taxed, it would encourage people to work more. 

The current tax system is flawed because too many people ( legal and illegal ) make money under the table.  They escape taxation.  The 20 million illegal aliens don't pay taxes.  Since we are taxing consumption, anytime they goto walmart they would essentially be paying taxes.  The prebate checks are only given to legal americans. 

Here is Huckabee on the issue

Jan 27, 2008 12:30 PM (16+ Years)
Okay that answers my question on what is the fair tax. Other than laying abolishing the IRS and putting alot of people out of work in that government section. What is the problem. If this will not lead the way to some crazy percentile on taxing the goods that we purchase. Plus it will fix the SSN problems that will plague us in the future. I am just looking at the over view of the summary. But on paper it looks pretty good. But alas so does alot of things.

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