FairTax.org

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Even as the big tree-hugging liberal that I am...I think this is a great idea? What does Thom think???

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

dkgross
Joined:
Sep. 25, 2010 8:04 am

Comments

Please, please, please do not be fooled by this "great" idea. Although our tax system needs to become simpler, this is not the way to do it.

rysl's picture
rysl
Joined:
Aug. 10, 2010 9:30 am

If all banks were government owned, governments could finance themselves out of interest revenues. Most taxes would go into the dust bin of history.

.N. Dakota has a state-owned bank. The state is self-financing. When it needs a new bridge, it loans itself the money with all interest accruing back to the taxpayer. It has a record budget surplus while the rest of the states are plunging into insolvency this year.

The bank generates revenues for the state treasury and has low interest rates. If N. Dakota owned all banks in the state, there would be few taxes in that state and no state taxes at all. The bank has operated for nearly a century.

However, we have a failed ideology to maintain. Let's pay taxes rather than do without them..Financing government out of interest revenues is a no no.

http://www.youtube.com/watch?v=Z0Gjj-uF9OE&feature=related

Retired Monk - "Ideology is a disease".

polycarp2
Joined:
Jul. 31, 2007 3:01 pm

Could you expand on why you don't like it? I'm a life long Democrat, and a huge fan of Thom. I just think this solution is so damn simple...Mostly what I like is that it TAKES AWAY a lot of power from politicians that continuously hold 'tax breaks' and 'tax hikes' over our heads like an axe.

dkgross
Joined:
Sep. 25, 2010 8:04 am

There is no need for taxes if we re-structured the banking and financial system..Does that explain my position? Think outside the box we've become accustomed to.

Retired Monk - "Ideology is a disease"

polycarp2
Joined:
Jul. 31, 2007 3:01 pm

Wow, the Fair Tax is actually fair. I am so use to things in politics being misnamed. The biggest problem I see with this concept is that it puts all the power in the hands of the people. Big corporations and politicians will never go for it.

Paleo-con
Joined:
Jul. 31, 2007 3:01 pm

Fascinating . Does anyone have any idea who is primarily paying for promoting this idea?

skitraindance's picture
skitraindance
Joined:
Apr. 16, 2010 2:19 pm

maybe you should get a copy of the fair tax book and read it before commenting abou it. some people thought that commenting on issues they did not research would not have any effect but clearly they looked foolish. by the way, it will be passed!

WE THE PEOPLE's picture
WE THE PEOPLE
Joined:
Sep. 27, 2010 3:06 pm

it is primarley a grass roots campaign. they hold fair tax railies to promote it. i see bumpers stickers all the time. i have one on my bumber! i get asked a lot about what is it about. i bought and gave away at least 10 copies of the fair tax book. most of those people bought multable copies and gave them away. the fair tax has been picking up a lot of of steam for a couple of yrs. clearly the currnet tax code is beyond repair. corrupt polticians writing tax code. no one understands it. we could for the most part abolish the irs. all that paper gone. april 15 would be just another day. no more working under the table and not paying taxes. drug dealers are now tax payers. can we see the revenue coming in to pay social security. no more hidden taxes in gas, cigs. beer. i have never had anyone read the book and not wonder why it is not already in place.

WE THE PEOPLE's picture
WE THE PEOPLE
Joined:
Sep. 27, 2010 3:06 pm

several yrs ago most people were saying the same thing. just did not think it would gain enough popularty with we the people but it has. the rallies are huge and they are all across America.

WE THE PEOPLE's picture
WE THE PEOPLE
Joined:
Sep. 27, 2010 3:06 pm

no, i don't get it. write a book. get it out to the masses with lots and lots of research. do you have any idea how many pages the current tax code is. the fair tax is out side the box. you can read the book (several hours) and grasp the tax code. what a concept.

WE THE PEOPLE's picture
WE THE PEOPLE
Joined:
Sep. 27, 2010 3:06 pm

i have to say, the fair tax is the last thing i thought i would see being discussed on the blog. i am not a democrat. my dad was a democrat until kennedy. not saying i agree with everything republicans have done. they have admitted to wondering from what they claim to stand for. but the democrats cling to power like it keeps them a live. play the tax issue against every group. rich to poor. haves to have nots. i listen to tom but it's not because i agree with what he says. i listen to callers into his show get riduculed and his tactic to discredit. for some reason he believes that the pie is only so big. that some how rich people have got a bigger slice of the pie unfairly. rich people really make the pie bigger. they make more pies. at one time rich people were celebrated in this country. no one is guaranteed is be that successful. no one can be guaranteed anything. but this country has done more for creating wealth for people that came here with nothing the any nation. i don't think many democrats understand what this regime is doing. what they have not seemed to understand is the democrat party was hijacked. everything obama has ever learned was socialism/marxism/ communism. progressive by definition means to inch slowy toward a goal or place. it does not take rocket scientist to see what obamas goal for America is. he is not the first with this agenda but has put the agenda on steroids. many say he is not moving fast enough. they say obama is a moderate. history has two Thomas Jefferson's. the one that tom talks about like he was a socialist and the real one.

WE THE PEOPLE's picture
WE THE PEOPLE
Joined:
Sep. 27, 2010 3:06 pm

I would REALLY love to know what Thom thinks about this. Has he ever had the people from FairTax.Org on his show??

dkgross
Joined:
Sep. 25, 2010 8:04 am

What I like about it is that it taxes consumption, not production.

Gotitdone's picture
Gotitdone
Joined:
Sep. 21, 2010 11:11 am

It will take a larger percentage out of the incomes of the poor for basic needs.

The fair tax is no tax. Restructure the banking system and use interest extractions to pay for government...with all interest being returned to the economy with the government's expenditures rather than disappearing into financial paper..

Shut down the Wall St. Casino operations. It's primary purpose is to generate increasing claims on what's produced without producing anything in return. It's a predator on the real economy most people live in. It's original function, buying a share of a firm to participate in its profits or provide venture capital has taken a back seat to gambling.

Or, of course, we can always continue the course of total economic collapse that we seem so enthralled with.

Retired Monk - "Ideology is a disease"

polycarp2
Joined:
Jul. 31, 2007 3:01 pm

The status quo is supported by those who designed it and by those who are benefitting from it. They are relatively few in numbers, but have the money to afford the loudest amplifiers that blare out a distinct and unwavering message. The rest of us provide an indiscernible background noise and our message is lost in the din of freedom of expression.

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Choco
Joined:
Jul. 31, 2007 3:01 pm

I didn't feel like buying the book so I went to fairtax.org and found the following interesting quote

Consider, for example, your typical billionaire, of which America now has more than 400. These fortunate few are invested primarily in equities on which they pay taxes at a 15 percent rate, whether their income comes in the form of capital gains or dividends. In addition to having the income from their wealth taxed at a low rate, the principal of their wealth is completely untaxed either directly or indirectly. Assuming they and their heirs spend only the income earned on the wealth each year, the tax rate today is 15 percent. In contrast, under the FairTax, the effective tax rate is 23 percent. Hence, the very wealthy will pay more taxes when the FairTax is enacted. In a nutshell, those who spend more will pay more but low, moderate and middle income taxpayers will benefit from the greatest gains in reduced tax liabilities.

Let's take a practical example. We have a person that makes 10 million dollars in capital gains and currently pays 15% tax on this income or 1.5 million dollars in taxes. Under the fair tax lets say we have an out of control millionare who squanders 1 million dollars on retail goods and services and only reinvests 9 million dollares in new stock. They pay 23% tax on the one million dollars they waste on retail purchases of goods and services or $230,000 in taxes. This reduces their effective tax rate to 2.3%

It doesn't take a rocket scientist to figure out who will benefit the most from this scheme. The rich will only pay a fraction of the severly discounted tax they pay today. I am currently paying 30% fedral tax rate because I actually work for a living. The idle rich only pay 15%. Under the fair tax they will only pay 2.3%

skitraindance's picture
skitraindance
Joined:
Apr. 16, 2010 2:19 pm

I think for the few millionairs who might 'squander', you'll get a hell of a lot more that will be spending their money.

dkgross
Joined:
Sep. 25, 2010 8:04 am

Currently Chatting

The other way we're subsidizing Walmart...

Most of us know how taxpayers subsidize Walmart's low wages with billions of dollars in Medicaid, food stamps, and other financial assistance for workers. But, did you know that we're also subsidizing the retail giant by paying the cost of their environmental destruction.

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