Lets talk about the Fair Tax proposal

[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!

[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.

[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.

[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]

Have you read the constitution?

[kishg]

So where does the country get it's revenue?

why does it need it? to do what?

[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]

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

[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.

[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

[kishg]

Sorry, that was meant to go to mrsleeve. Where do they get their revenue?

who?

[Joey Link]

Sorry, that was meant to go to mrsleeve. Where do they get their revenue?

[kishg]

With the fair tax system there are no income or consumption taxes on business.

yes. i understand. just don't see why we need sales tax either. many countries have zero personal income or sales tax. they seem to do fine. i don't know about the rest of you but i'm a greedy bastard.. i don't like sharing..

[Joey Link]

With the fair tax system there are no income or consumption taxes on business.

[kishg]

why do we even need the 16% vat?