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 was simple to understand and a very good point, too. I imagine the down-votes are from knee-jerk reactions from those who (erroneously) think you're against the FT completely. In fact, your point that already-taxed assets need to be considered and protected when implementing a FT don't detract from the benefits and good sense of a properly implemented FT system whatsoever; it strengthens the "fair" aspect of it. Thanks for bringing the topic up in this post.
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.
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 was simple to understand and a very good point, too. I imagine the down-votes are from knee-jerk reactions from those who (erroneously) think you're against the FT completely. In fact, your point that already-taxed assets need to be considered and protected when implementing a FT don't detract from the benefits and good sense of a properly implemented FT system whatsoever; it strengthens the "fair" aspect of it. Thanks for bringing the topic up in this post.
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
True, I don't like the fact that it doesn't go backwards but if it stops the bleed for me in the future, I'll take what I can get.
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!!!