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Thread: HR 25, the "fair tax" bill

  1. #11
    A Blue Dog Jets Fan Jets's Avatar
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    HR 25, the "fair tax" bill

    Always supported the Fair Tax. Everyone should be able to take home as much of their check as possible. The prebate needs to be adjusted higher to benefit lower to middle incomes.

    Will it pass Congress,no.

  2. #12
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    Quote Originally Posted by cpicturetaker12 View Post
    That's silly. Someone will have to ADMINISTER collection of taxes for decades to come. Period. Maybe they can rename like one us those 'made up' sounds good DRUG names. How many of us have some kind of instrument with long term tax implications? They'll be around for a long long time.
    Of course it's silly. But this is what it says: "No funding is authorized for the operations of the Internal Revenue Service after FY2021."

    Silly is right.
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  3. #13
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    Quote Originally Posted by Jets View Post
    Always supported the Fair Tax. Everyone should be able to take home as much of their check as possible. The prebate needs to be adjusted higher to benefit lower to middle incomes.

    Will it pass Congress,no.
    You should do a very quick bit of research on exactly how a flat tax is regressive. I know you must have heard this before, so do it or don't, I suppose.
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  4. #14
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    Quote Originally Posted by Dittohead not! View Post
    [COLOR=#333333][FONT=Arial]Being considered currently in Congress:



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    This might make sense as part of a tax system, but not as the basis of it. Here's why:

    1. It makes little sense to tax consumption unless we want to discourage consumption. Doesn't that have a negative effect on economic growth? Doesn't our economy run on consumption?

    2. People with lower incomes have a much higher marginal propensity to consume. People with very high incomes (the very people we should be taxing most) consume very small portions of their income. There's no way tax exclusions like deductions are likely to counter this fact.
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  5. #15
    Scucca Æthelfrith's Avatar
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    Fair tax? Given diminishing marginal utility of income, that will be a minimum income guarantee with increasing marginal rates.

    For the right wing, that's Friedman's negative income tax but constructed to work (rather than zombify the supply side)

  6. #16
    Veteran Member Pragmatist's Avatar
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    Quote Originally Posted by Jets View Post
    Always supported the Fair Tax. Everyone should be able to take home as much of their check as possible. The prebate needs to be adjusted higher to benefit lower to middle incomes.

    Will it pass Congress,no.
    If we are 20 trillion in debt I think people are already taking home more than is possible.
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  7. #17
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    Quote Originally Posted by Dittohead not! View Post
    [COLOR=#333333][FONT=Arial]Being considered currently in Congress:



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    We already have consumption taxes at the state and local level.

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    Quote Originally Posted by Dittohead not! View Post
    [COLOR=#333333][FONT=Arial]Being considered currently in Congress:



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    How many times now has his bill been introduced?

    The fair tax is flawed on several levels.

  9. #19
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    Quote Originally Posted by Jets View Post
    Always supported the Fair Tax. Everyone should be able to take home as much of their check as possible. The prebate needs to be adjusted higher to benefit lower to middle incomes.

    Will it pass Congress,no.
    According to the authors of the fairtax, payroll taxes aren't necessarily part of your pay, but taxes paid for you by your employer.

  10. #20
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    Quote Originally Posted by labrea View Post
    According to the authors of the fairtax, payroll taxes aren't necessarily part of your pay, but taxes paid for you by your employer.
    They are part of total compensation. If the employer were not paying them, they could be offered as cash money to the employee.

    Most of us forget about all the extras our employers have to pay for us--it's all the same to them, "total compensation cost."

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