Lets talk about the Fair Tax proposal

[mrsleeve]

well I must be on kishg ignore list. With a 16% VAT we would abolish the IRS NO MORE INCOME TAXES. The VAT would REPLACE THE INCOME TAX. But we all know the Govt is not gonna give up an income stream, we will end up with a VAT and higher income taxes

[z31maniac]

^The countries with sales/income tax.

I strongly support this system. I love the fact that it taxes all illegal forms of money (drugs/prostitution/gamblinh/etc.) by way of that money being spent. Would make small business owners and those who are self-employed (like my girlfriend) lives MUCH, MUCH easier.

However, it's simple, effective and not bogged down with red tape and gov't intervention and basically eliminates the IRS.

It will NEVER happen.

We will get a VAT, but it will be to pay for healthcare unfortunately.

[kishg]

no ignore list. my proposal is to scrap income tax and sales tax.

[Joey Link]

no ignore list. my proposal is to scrap income tax and sales tax.

So where does the country get it's revenue?

[kishg]

So where does the country get it's revenue?

why does it need it? to do what?

[Joey Link]

Have you read the constitution?

[gwb72tii]

until the current bastards in congress are disposed of, this will never happen, even if it is better than the current system, as i believe it to be.
there is a lot of attraction to not waiting for a refund and seeing exactly what you earn every paycheck. i think the savings rate would skyrocket as people paid off debt, which is a very good thing.
in addition, by eliminating corporate taxes the good ol' USA becomes extremely competitive cost wise around the world. no more 9%+ unemployment.

[Joey Link]

Actually I was quite surprised as to how much support it has in congress. It's listed on their site. I wouldn't take the time to talk about it if I didn't think it was feasible.

[z31maniac]

It would be great, I imagine I could pay off my remaining debt (excluding student loans) in the next 12 months.

Then I would buy all kinds of stuff.

[kishg]

It would be great, I imagine I could pay off my remaining debt (excluding student loans) in the next 12 months.

Then I would buy all kinds of stuff.

I love this idea, I could buy a new bmw every year! But i don't want to pay 16% VAT on it!

[mrsleeve]

Yup with no income taxes I would get to keep all 2k+ a week I make (when I am working that is), and I would be able to pay all my shit off in 10-12 months and save up form my house and buy with cash with in the next 24-30 months. The IRS is one of my biggest soap boxes

It would be great, I imagine I could pay off my remaining debt (excluding student loans) in the next 12 months.

Then I would buy all kinds of stuff.

[Joey Link]

Buy one with 200 miles on it :)

[mrsleeve]

This is the point of the vat, those that need/want to have all the new stuff all the time, and have the money to afford it will still buy it (aka the rich will still pay the lions share of the taxes). Those that want to pay as little tax at possible wont buy the new or buy very little that they dont need. There are lots of up sides with this system

I love this idea, I could buy a new bmw every year! But i don't want to pay 16% VAT on it!

[kishg]

This is the point of the vat, those that need/want to have all the new stuff all the time, and have the money to afford it will still buy it (aka the rich will still pay the lions share of the taxes). Those that want to pay as little tax at possible wont buy the new or buy very little that they dont need. There are lots of up sides with this system

not an upside as far as i'm concerned.. i don't see why i would pay 16% on top of the customs duty that was already charged on that car and bmw already priced into what they're charging me.. at most i'm willing to pay 5%

[mrsleeve]

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^6

Then dont buy a new one


Thats the point if you really want it you will pay that, if not you will buy used if you are un willing to pay the taxes.

Plus when you are keeping 30% more of your pay check every week you can pay that 16% much easier