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Replies to Msg. #1089001
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 Msg. #  Subject Posted by    Board    Date   
33750 Re: Letter to the editor: Re: MICRO
   ...eggzackly! It's easy to fool people on taxes if they don't know how... 		ribit   POPE 5   10 Jun 2019
 11:17 PM
33748 Re: Letter to the editor: Re: MICRO & DE
   Gentlemen - with ALL due respect I do not think either of you have put... 		hydro_gen   POPE 5   10 Jun 2019
 11:09 PM

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Re: Letter to the editor: Re: MICRO

By: Decomposed in POPE 5
Mon, 10 Jun 19 6:39 PM
Msg. 33741 of 62138
(This msg. is a reply to 33739 by micro)
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micro:

Re: "The 23 percent is deplorable."Very good catch. While I could support a National Sales Tax (instead of an income tax), I'd never go along with 23%. What's more, I'd be afraid that the National Sales Tax would be a Value Added Tax - meaning that whoever buys ore would have to pay 23%, whoever buys I-beams smelted from that ore would have to pay 23%, whoever buys the warehouse constructed from those I-beams would have to pay 23%, whatever vendor buys lamps stored in that warehouse would have to pay 23%, and the end user who buys a lamp at their local department store would have to pay 23%. At every step, the government would be collecting, causing prices to soar. Of course, higher prices mean still MORE $$ for the government.

According to Motley Fool:
With that in mind, the average American pays $10,489 in "personal taxes," representing 14% of the average household's total income. This includes federal and state income taxes, as well as other taxes such as personal property taxes, vehicle taxes, and certain other small taxes.

$8,367 of this amount is federal income taxes, $2,046 is state and local taxes, and $75 is other small taxes.
http://www.fool.com/taxes/2018/04/22/how-much-does-the-average-american-pay-in-taxes.aspx


If this is accurate, then the average American currently pays 14% in both federal and state taxes, but would pay 23% under the "FairTax" - not even counting its enormous "value added" implications.

Sorry, hydro_gen. It's not a good proposal. The rate would have to be something like 10 percent with no "value added" implications before it would make sense.


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Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months