Tax Day (nothing happy about it)
MICHAEL BURGESS & NEWT GINGRICH: Reform the tax code. “Saving Time & Money”
KRISTINA RASMUSSEN: While Congress delays taxpayer refunds, the IRS mulls a ban on refund-anticipation loans. “More Tax-Time Headaches”
LARRY KUDLOW: Single-entry bookkeeping is bad economics and even worse national security. “What Price Freedom?”
A Century of Taxes By Christopher Chantrill
April 16th, 2008 at 7:43 am
At first blush, I like the proposal by Gingrich and Burgess. But here is my question for you: Would you want to enact a system like they are proposing even if it means that you would end up paying more in taxes?
April 16th, 2008 at 8:59 am
If their proposal would bring simplicity, less lobbyist, less manipulation of the tax code and transparency where everyone can understand what they pay, then I would be open to paying more. In other words, the issue of the amount I’m paying is secondary to my desire for a fair and simple collection process.
Of course, I’m more in favor of the FairTax because I think it is the best answer the the problems that we are currently facing, and it would help our economy more than any other change to the tax code.
April 16th, 2008 at 9:08 am
Why do you think that the FairTax would help the economy? Since it would be a sales tax (a very high one) would that not severely lower the amount of goods that non-citizens would want to buy? And since it would make luxury items that much more expensive, is there not a good chance that people would buy less luxury items?
April 16th, 2008 at 9:11 am
I like the FairTatx because of what I have read about it from both books.
The last link on Wednesday’s post describes it better than I can.
April 16th, 2008 at 9:12 am
This is an interesting website on the pros and cons of a Fair Tax.
April 16th, 2008 at 9:22 am
Yes, interesting because I don’t think they understand the FairTax. I’ll give you short responses to each of the NO comments:
1. Wrong. The Prebate makes the FairTax the most fair for the poor.
2. wrong.
3.wrong. faulty assumptions.
4. no true. a) education would be tax free, b) charity would not be hurt because people don’t give based on the tax breaks they get. they give because Americans are generous people.
5. we don’t say, “we can’t have the car because people who make horse shoes will go out of business.” and those people are still needed, just in different areas.
6. Wrong. Read the book, it explains this.
7. i don’t get this.
8. not true.
9. wrong
10. the FairTax is not meant to eliminate all cheating. people cheat, but this plan is better. read the book.
11.flat out a lie.
12. not true: we all pay embedded taxes now as it is, so this is just a scare tactic.
13. wow. someone likes the Income tax. not true either. Hardly anyone now knows the taxes rates (plural). the FairTax is a single rate and everyone would know what it is.
April 16th, 2008 at 9:26 am
I’m not saying the fairtax is perfect, it’s just the best idea that i know out there.
April 16th, 2008 at 9:30 am
just compare the FairTax, currently at 133 pages or so to the current system, volumes and volumes of pages…. No one person can understand it all anymore.
And I’m not saying pass the Fairtax as is; i’m saying let’s debate great ideas and make real change, real reform for the better of this country.
April 16th, 2008 at 9:33 am
I do think that the FairTax would be simpler (at least as it is now proposed), and that it would increase the benefits to savings - which is a good thing. I still am not convinced that the FairTax would help the economy grow since our economy is currently based on consumption which would be taxed heavily under the Fair Tax.
And I have read the book.
April 16th, 2008 at 9:38 am
why would it “be taxed heavily under the Fair Tax?”
All the FairTax does is change the way we collect taxes.
Right now when you buy stuff, you are paying and embedded tax. You don’t see it, but it’s there. It’s what corporations pay now. So items would not go up.
In fact, I was listening to Neal Boortz yesterday talking about this and he said that the Chairman of Walmart said that if the fairtax was enacted, Walmart was drop their prices by 23% (because the tax is 23%, thus the consumer price stays the same).
If you want, read the newest book. it explains it really good.
April 17th, 2008 at 3:19 pm
the FairTax is revenue neutral, which means that it is not a tax cut.