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Re: Letter to the editor: Re: MICRO & DE 

By: ribit in POPE 5 | Recommend this post (2)
Tue, 11 Jun 19 4:15 AM | 31 view(s)
Boardmark this board | Pope 5 		Msg. 33762 of 62138
(This msg. is a reply to 33754 by Decomposed)
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decomp
...as I understand the "fair-tax" the government would decide what the level of income would be "untaxable" If it was (for example) $25,000.00 then every individual in the country would receive a check for 23% of the $25,000.00. That is how they would reach out to those who currently make below the taxable rate. IMHO the "fair tax" is a boondoggle of biblical proportions.




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The above is a reply to the following message:
Re: Letter to the editor: Re: MICRO & DE
By: Decomposed in POPE 5
Tue, 11 Jun 19 12:28 AM 		Msg. 33754 of 62138

hydro_gen:

Re: "Gentlemen - with ALL due respect I do not think either of you have put forth the required effort to fully understand HOW the FAIR TAX plan would work."Naturally. You have undoubtedly known about HR 25 for some time; I only just heard about it today. I suspect the same is true for micro.

As I said in my earlier response, I am not averse to the idea of a national sales tax to replace the current income tax. It was the 23% that gave me pause, especially when I found that the average taxpayer today pays far less than this COMBINED to the Federal and state governments. The 23% proposed as part of HR 25 is only to fund the Federal government. States would still charge whatever they charge today.

My guess is that HR 25 would result in the average household paying 28% or so of their income... er... of their SPENDING. The Motley Fool article I posted earlier today said that the average household is now paying 14% of their income.

How do you resolve this and still conclude that the FAIR TAX is an improvement? (I have a suspicion what the answer might be, but I'd like to give you a shot at it before I speculate.)

I'm also curious as to how the federal government would implement it. What would stop large numbers of Americans from doing most of their purchasing under the table, buying things at yard sales and so on, in order to avoid this huge sales tax? I'm afraid that HR 25 might be passed integrated with a new digital currency that allows the federal government to track all transactions. That would be Orwellian. I would be horrified. Without doing something like that, I think it would be impossible to stop people from evading the tax by avoiding retailers.

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