The Fair Tax should concern everyone of any age who has managed to save any of their earnings. We already paid income tax on the money we earned. Now they want to tax those earnings again when we spend it.
Finally..the correct response! The elected rich want to keep their money flowing in…first to get re-elected by how much they spend to make you think you’re happy, but mainly to enrich themselves. They will NEVER allow it.
Tax is not the problem. The government does need income in order to operate, and you would not want to live somewhere with any sizeable population without some form of functional government.
The questions are how to appropriately fund the government and how to ensure that the government serves the population rather than itself.
Good points from u/Simpleton9 (not sure the person who down-voted you even understands what you're saying) and you. I would think that would be a simple enough mechanism to implement - whatever savings and already-taxed assets one has before a FT implementation date are exempt from further taxation. It could be as simple as getting an exempt debit card for whatever amount you choose to withdraw from your savings account, for example. Go to a store or shop online, purchase the goods, use the card and no tax can be taken. Banks would simply have to keep an additional data point on record until such a time as the already-taxed account shows a zero balance.
It eliminates the income tax so that there would only be a sales tax at the federal level. States would still be in charge their own tax plans whatever they may be.
Well right. But if i got paid 100,000 last year and was only able to get 60,000 because of taxes, then that 60,000 is already-taxed money. Fairtax bill passes tomorrow, now my taxed 60,000 in the bank is going to be taxed again at 30%. So it sucks for savers if this passes, your amassed savings accounts got taxed as income tax AND fair tax
I see your point. I am sure that before we can transition to the new system there needs to be the financial cleanup, and probably retunr of trillions already stolen by various means. Some of this can fund the transition.
If the tax on work for pay is actually eliminated, sure. If they are taxing one's labors as a service; No Way Over Hell. Same applies to taxing savings again once one decides to spend it.
If you think about it, you already are paying more taxes when you spend, even before the FairTax. It's just the hidden tax that every company has to build into their prices to pay their own income taxes, and payroll taxes. The FairTax removes those burdens from companies and consumer prices will come down.
The Fair Tax should concern everyone of any age who has managed to save any of their earnings. We already paid income tax on the money we earned. Now they want to tax those earnings again when we spend it.
How about zero taxes? Taxation is theft!!!!
Finally..the correct response! The elected rich want to keep their money flowing in…first to get re-elected by how much they spend to make you think you’re happy, but mainly to enrich themselves. They will NEVER allow it.
Tax is not the problem. The government does need income in order to operate, and you would not want to live somewhere with any sizeable population without some form of functional government.
The questions are how to appropriately fund the government and how to ensure that the government serves the population rather than itself.
Thank you. Only voice of reason here. This has the added benefit of bringing education back into the house.
fair tax is instead of income tax.
But what we have in savings account has already been income taxed. If it's Fair-taxed when spent it got double taxed
Good points from u/Simpleton9 (not sure the person who down-voted you even understands what you're saying) and you. I would think that would be a simple enough mechanism to implement - whatever savings and already-taxed assets one has before a FT implementation date are exempt from further taxation. It could be as simple as getting an exempt debit card for whatever amount you choose to withdraw from your savings account, for example. Go to a store or shop online, purchase the goods, use the card and no tax can be taken. Banks would simply have to keep an additional data point on record until such a time as the already-taxed account shows a zero balance.
Thanks. I re-read what I wrote. Seems pretty simple to understand.
It eliminates the income tax so that there would only be a sales tax at the federal level. States would still be in charge their own tax plans whatever they may be.
Well right. But if i got paid 100,000 last year and was only able to get 60,000 because of taxes, then that 60,000 is already-taxed money. Fairtax bill passes tomorrow, now my taxed 60,000 in the bank is going to be taxed again at 30%. So it sucks for savers if this passes, your amassed savings accounts got taxed as income tax AND fair tax
I see your point. I am sure that before we can transition to the new system there needs to be the financial cleanup, and probably retunr of trillions already stolen by various means. Some of this can fund the transition.
If the tax on work for pay is actually eliminated, sure. If they are taxing one's labors as a service; No Way Over Hell. Same applies to taxing savings again once one decides to spend it.
Zero taxes!!!
If you think about it, you already are paying more taxes when you spend, even before the FairTax. It's just the hidden tax that every company has to build into their prices to pay their own income taxes, and payroll taxes. The FairTax removes those burdens from companies and consumer prices will come down.