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Thread: HR 25, the "fair tax" bill

  1. #31
    quichierbichen
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    Quote Originally Posted by Dittohead not! View Post
    When you get way up in the stratosphere of earnings, yes, it comes from the wealth begets wealth equation. Really, that probably doesn't discourage earning, as the earning takes little effort. It does encourage hiding assets overseas, however.
    The perfect is the enemy of the good.

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    A consumption based federal tax system would turn everyone in the country into a fiscal conservative screaming for fiscal accountability in DC. In other words, even though it is the fairest, most constitutional form of taxation, it will never get off the ground.

  3. #33
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    Quote Originally Posted by webrockk View Post
    A consumption based federal tax system would turn everyone in the country into a fiscal conservative screaming for fiscal accountability in DC. In other words, even though it is the fairest, most constitutional form of taxation, it will never get off the ground.
    Do people pay extra attention to where their sales taxes go?

    Didn't think so.
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    Quote Originally Posted by Rasselas View Post
    Do people pay extra attention to where their sales taxes go?

    Didn't think so.
    I think people will turn to tax free flea markets, and the black market before they scream about government spending. They'll be getting their free prebate money from government every month and won't want to give that up.

    Any system that taxes renters, and medical expenses while leaving the income landlords receive from rent untaxed, is not fair.
    Last edited by labrea; 17th July 2017 at 05:50 PM.
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    Quote Originally Posted by Rasselas View Post
    Do people pay extra attention to where their sales taxes go?

    Didn't think so.
    as long as they're reasonable, most probably don't. We in Florida are occasionally confronted with ballot initiatives that seek small increases for a specific project and voters do reject them, but I couldn't tell you how often (20% of the time, 50% of the time, etc.)

  6. #36
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    Quote Originally Posted by labrea View Post
    I think people will turn to tax free flea markets, and the black market before they scream about government spending. They'll be getting their free prebate money from government every month and won't want to give that up.

    Any system that taxes renters, and medical expenses while leaving the income landlords receive from rent untaxed, is not fair.
    Both in the UK and in Canada, when a consumption tax was being discussed, there were dire predictions from all kinds of sources about how the black market and an underground economy would flourish. It didn't happen. You can laugh off Canada if you choose, our VAT was only 7%, but the UK is 20% now.

  7. #37
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    Quote Originally Posted by RNG View Post
    Both in the UK and in Canada, when a consumption tax was being discussed, there were dire predictions from all kinds of sources about how the black market and an underground economy would flourish. It didn't happen. You can laugh off Canada if you choose, our VAT was only 7%, but the UK is 20% now.
    The fairfax isn't a VAT, and the rate is 30% (or 23% of the total). When state and local sales taxes are added, the rate becomes substantial.

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  9. #39
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    Quote Originally Posted by labrea View Post
    The fairfax isn't a VAT, and the rate is 30% (or 23% of the total). When state and local sales taxes are added, the rate becomes substantial.
    But in both Canada and the UK, it was added to income tax. My belief is that fairtax assumes no more income tax. And the only difference between the UK's VAT, Canada's GST (Goods and Service Tax) and fairtax is the name and minor variations. They are all consumption taxes but with varying goodies and exemptions.

  10. #40
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    Quote Originally Posted by RNG View Post
    Both in the UK and in Canada, when a consumption tax was being discussed, there were dire predictions from all kinds of sources about how the black market and an underground economy would flourish. It didn't happen. You can laugh off Canada if you choose, our VAT was only 7%, but the UK is 20% now.
    Regressivity of VAT is clear. The refocus on it reflected efforts to also remove progressivity in income tax.

    The Fair Tax is similarly ideologically driven, where folk hide from the equity considerations

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