The Conservative Cave
Current Events => Politics => Topic started by: Rebel on January 06, 2011, 01:45:34 PM
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ANALYSIS | When the 112th Congress convenes Jan. 5, 2011, there will be a new tax proposal on the table in the House. House Resolution 25, with the support of five congressmen, will be introduced for legislation. The bill is titled the Fair Tax Act and would abolish the IRS and have a national sales tax for everyone in the United States.
Not only have some elder statesmen endorsed the idea, but new members of Congress are also on board, including Georgia's Rob Woodall and Missouri's Billy Long, both Republicans. If enacted, the new law would be the first major overhaul of the tax structure since the creation of an income tax. Steve King of Iowa has a nice video explaining how a "fair tax" would work. Woodall says he has 55 co-sponsors of the bill and 10 fresh faces willing to support the measure.
A national sales tax would be based upon the Gross Domestic Product (GDP) of the United States. The higher the GDP, the more sales taxes the United States would collect. It would make the budget of the United States more in line with the current economy. If sales go up, the budget goes up. If sales go down, the federal budget goes down. ---MORE--- (http://news.yahoo.com/s/ac/20101229/bs_ac/7489858_fair_tax_debate_returns_to_congress_1)
:bday:
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It'd be fine with me, but it just seems the income tax is too entrenched and too many special interests have special deals under the existing system, including the home mortgage interest deduction but also accelerated depreciation for business property and all sort of other little special bells and whistles.
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Oh I so want the fair tax...it's just so damn...fair! That word absolutely dominates the left's world view. You'd think they'd be all for it.
Cindie
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Oh I so want the fair tax...it's just so damn...fair! That word absolutely dominates the left's world view. You'd think they'd be all for it.
Cindie
They're a lot bigger on rhetoric than reality. But then, you already knew that.
:cheersmate:
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Oh I so want the fair tax...it's just so damn...fair! That word absolutely dominates the left's world view. You'd think they'd be all for it.
Cindie
You and me both dear. Lord I would love to see the Fair Tax made law.
KC
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Oh I so want the fair tax...it's just so damn...fair! That word absolutely dominates the left's world view. You'd think they'd be all for it.
Cindie
The left are fond of Newspeak. Their definition of 'fair' is anything but..
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It'd be fine with me, but it just seems the income tax is too entrenched and too many special interests have special deals under the existing system, including the home mortgage interest deduction but also accelerated depreciation for business property and all sort of other little special bells and whistles.
Anytime you have to plumb 20,000 pages to ensure you're being a good citizen the state has made it too cumbersome to be good.
For on-looking civilian types, military folks like me and DAT call that: being set-up for failure.
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Oh I so want the fair tax...it's just so damn...fair! That word absolutely dominates the left's world view. You'd think they'd be all for it.
Cindie
I agree. I have no problem with it all. I'm all for the fair tax.
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Snowball's chance in hell but, it's nice to see some conservative thought on capital hill for a change.
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Right you are, MSB, as far as us poor law-abiding (or trying to be) taxpayers go, but I'm also talking about the fact the existing tax code is chock full of special nuggets for various industries and special interests, many of them not obvious at all, who will fight tooth and nail and call in every marker with Congress to prevent replacing the income tax code with a Fair Tax.
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Anytime you have to plumb 20,000 pages to ensure you're being a good citizen the state has made it too cumbersome to be good.
For on-looking civilian types, military folks like me and DAT call that: being set-up for failure.
I guess I'm just in the girl scouts now, huh? And you forgot TRG as well. Push, leg, til I get tired... :gunny:
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I guess I'm just in the girl scouts now, huh? And you forgot TRG as well. Push, leg, til I get tired... :gunny:
Let us know how fly-up time goes, kid. Neither you nor Tex had posted in the thread, which is probably why he omitted your pop-up-target-like self.
:tongue:
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I guess I'm just in the girl scouts now, huh? And you forgot TRG as well. Push, leg, til I get tired... :gunny:
Can you spare a brotha some Do-Si-Dos?
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It'd be fine with me, but it just seems the income tax is too entrenched and too many special interests have special deals under the existing system, including the home mortgage interest deduction but also accelerated depreciation for business property and all sort of other little special bells and whistles.
I'd gladly give up my mortgage deduction for a Fair/Consumption Tax. Even drug dealers have to buy toilet paper!
Don't tax what we EARN, tax what we spend !
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Can you spare a brotha some Do-Si-Dos?
And how many boxes would you like, sir? :-)
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abolish the IRS
This part put a huge smile on my face.
I am all for a fair tax.
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I think I'd rather see a flat rate tax. Quite honestly, though, I'm not sure which would be most beneficial to country and citizens.
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I think I'd rather see a flat rate tax. Quite honestly, though, I'm not sure which would be most beneficial to country and citizens.
If I were sufficiently wealthy I would liquidate my assets and divide the cash into 53 piles (one for each year to the age of 100),
and live on each pile (or less), and earn ZERO income. --And then campaign my butt off against any form of consumption tax...
With a consumption tax replacing the income tax, wealth (little or big) is taxed when it is enjoyed (used to buy goods and services) rather than when it is earned.
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If I were sufficiently wealthy I would liquidate my assets and divide the cash into 53 piles (one for each year to the age of 100),
and live on each pile (or less), and earn ZERO income. --And then campaign my butt off against any form of consumption tax...
With a consumption tax replacing the income tax, wealth (little or big) is taxed when it is enjoyed (used to buy goods and services) rather than when it is earned.
While that sounds great, that's not reality. Very few people in this country aren't in that position. Plus, the fair tax would make those who currently pay no taxes put some skin in the game, while disincentivizing illegal immigration (all purchases would be taxed, including those for living expenses, because illegals wouldn't get the prebate) and getting tax revenue from criminal activity (finally drug dealers will contribute something productive).
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Those are good points.
BTW, EGE... Where would you happen to be burying those 53 piles of dough? :wink: