Kevin McCarthy Introduces “Fair Tax” Which Would Abolish Federal Income Tax
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So a $54,000 truck means I pay $12,420.00 in tax… Yeah, NO.
Not exactly. Truck manufacturers, no longer having to pay income taxes, will adjust prices accordingly. An equilibrium will be found. You probably bought a truck in the past and paid just as much to the government, but you never thought about it because it was done behind the scenes with complicated IRS compliance b.s.
What I want to see is all the damn hidden taxes taken out. Taxes on top of taxes. Scrap everything. We pay taxes, and pay for people's taxes that they have paid. The entire system is a con.
Now, we all know this will never pass. Maybe try in two years.
Agreed... and think of it, it's all a fraud anyway - they don't need to tax us if they can just print new money to infinity.
Sure they will.
I'm curious what you mean by this?
By not paying Income Taxes though, the bar for entry is presumably lowered, making room for more competition in that market. Assuming capitalist principles still apply, it's a race to the bottom on prices, and the vendor who provides the best service for the lowest cost wins.
And I assume this doesn't include the local sales taxes.
We had roads and lots of them before 1913.
The problem with this is that even if people pay the same rate, taxation "hurts" those already established and wealthy less than those who aren't. Taxation will never be "fair" even if you make the rate people pay the same, in fact that is the quickest way to make it completely unfair. The issue here though is that if you try to make people pay various different rates based on how much they have or make, that too is not fair. So how do you make it fair? Making the rate equal isn't fair, likewise having different rates isn't fair. Is it even possible for taxation to be "truly fair" for everybody? Honestly, I don't think it is.
That's exacting what I've heard, but also heard it would be more like 15%. In addition once currency is gold back they expect prices to fall to the 1950's level.
So the pople who want this "fair" tax say everything's okay, go back to sleep, prices are going to drop to 1955 level.
Oh, sure, I believe that wholeheartedly. Doesn't everybody?
Got news for ya....prices of goods and services never go down.
Honestly if this thing passes I see bartering being a huge thing again.
This isn't quite correct. What happens with the Fair Tax is you get a monthly "prebate" from the Government, which is based on the Federal Poverty Level. This means, you're still paying the taxes at the retailer, but the Government has already given you the funds to pay for those taxes, so it "balances out". If you spend money on necessities at a retailer, which goes above what the Government deems to be your basic needs, then you're still paying Sales Taxes.