Fair Tax Act of 2011

[flareback]

I was looking through some bills that have been submitted in Congress and saw one that would repeal the Income Tax and implement a National Sales tax. I like the idea of it, except they wanted to set the rate at 23%. I think they could do just fine with a rate around 15%

 

Link added

govtrack.us (there is a summary and full text link on the page)

Edited March 9, 2011 by flareback

[Guest_Jim_*]

I'd want to read more about it before I vote, but I do like the idea of simplifying taxes down to something like a National sales tax or flat tax (for federal taxes. States can do what they want). I also don't see an issue with it being at something as high as 23% as the goal, to me, is to simplify taxes while keeping the income the same. If it could be lower without reducing the income too much then lower it (I do believe we need cut backs but the government is probably so tangled and inbred at this point that to go too fast could do more harm than good, my uninformed mind thinks).

One thing that I do wonder about though, but am not saddened by and would still go for this, is what would happen to the the employees at the IRS? I'd hope they could find jobs elsewhere, but I also couldn't neglect how much money would be saved by not having to pay them, insure them, or provide a pension to.

That's my two cents.

PS. Could you put links to the bills up, so others can read them?

[Boinker]

I don't care what they do. I just want them to stop taking money out of my pocket so they can give it to some stranger that is physically able and cannot seem make it on his own or some foreign country that if we were in the same situation they would turn there head.

 

I would really like options when I go to support someone involving anything really. one of the implement i think they should look at is volunteerism rather then a bureaucracy that takes your money and gives it to other people that say they need it.

[flareback]

Here it is at govtrack.us you can read the summary below or there is a link to the full text at the link.

 

I don't think the gov't should need over 15%. Especially since some places already have a 7% sales tax. If they do the 23% then that's a 30% sales tax.

 

Fair Tax Act of 2011 - Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2011.

 

Imposes a national sales tax on the use or consumption in the United States of taxable property or services. Sets the sales tax rate at 23% in 2013, with adjustments to the rate in subsequent years. Allows exemptions from the tax for property or services purchased for business, export, or investment purposes, and for state government functions. Sets forth rules relating to: (1) the collection and remittance of the sales tax, and (2) credits and refunds. Allows a monthly sales tax rebate for families meeting certain size and income requirements. Grants states the primary authority for the collection of sales tax revenues and the remittance of such revenues to the Treasury. Sets forth administrative provisions relating to: (1) the filing of monthly reports and payments of tax, (2) accounting methods, (3) registration of sellers of goods and services responsible for reporting sales, (4) penalties for noncompliance, and (5) collections, appeals, and taxpayer rights. Directs the Secretary of the Treasury to allocate sales tax revenues among: (1) the general revenue, (2) the old-age and survivors insurance trust fund, (3) the disability insurance trust fund, (4) the hospital insurance trust fund, and (5) the federal supplementary medical insurance trust fund. Prohibits the funding of the Internal Revenue Service (IRS) after FY2015. Establishes in the Department of the Treasury: (1) an Excise Tax Bureau to administer excise taxes not administered by the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), and (2) a Sales Tax Bureau to administer the national sales tax. Terminates the sales tax imposed by this Act if the Sixteenth Amendment to the U.S. Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this Act.

[Locutus]

I think that a national sales tax would be a great idea. There are a lot of people out there that are making money "under the table" and not paying tax, and this would throw them under the bus.

 

Especially people like illegal immigrants.

[Guest_Jim_*]

I think that a national sales tax would be a great idea. There are a lot of people out there that are making money "under the table" and not paying tax, and this would throw them under the bus.

 

Especially people like illegal immigrants.

Would also encourage saving your money and earning interest on it, instead of spending right away.

[Waco]

Would also encourage saving your money and earning interest on it, instead of spending right away.

Which is bad for the economy...

[Guest_Jim_*]

Which is bad for the economy...

But if people save their money instead of spending what they don't have by way of credit cards or bad loans that would be a good thing.

My comment about saving money is more about how some will spend money loosely when they have got little in the bank. Also don't neglect the fact that your money isn't saved at a bank. The value you give them they use in loans for people to buy houses, start businesses, go to school, or is used to purchase stocks, bonds, &c and other investments that keeps money circulating and helps the economy. Paper sitting in a vault remains paper in a vault. Unless you save money in your mattress, it is in use by someone (so it really isn't yours anymore).

I wonder if my bank would tell me what they're using my money for? I've never tried asking.

Edited March 9, 2011 by Guest_Jim_*

[potatochobit]

I think that a national sales tax would be a great idea. There are a lot of people out there that are making money "under the table" and not paying tax, and this would throw them under the bus.

 

Especially people like illegal immigrants.

 

What kind of dumb butt comment is this

 

if they are citizens of another country they dont pay taxes anyway you doofball

it is only until they become resident aliens that they would pay taxes

 

and then you would be bitching you don't want to give them a temporary residence permit or green card either, would you

 

/slap

[bishop245]

um most illegal immigrants that work don't pay taxes here or in their resident country as they are illegal so they get paid under the table in cash My company has had a few in the past but we made our hiring process more detailed after getting a letter stating if we were caught with anymore illegal's working for us it would be a $5000 fine for the first offense and get worse from there.

[feetfats]

it would be a great way to tax illegals and drug dealers etc.

 

It would also be great for people that want to save their money and build their wealth because instead of getting kicked in the nuts every time you make a dollar you get to save your whole dollar and collect interest on it.

 

I'm all for this type of system, it's very simple. Simple is good.

Edited March 9, 2011 by feetfats

[F13Bubba]

What kind of dumb butt comment is this

 

if they are citizens of another country they dont pay taxes anyway you doofball

it is only until they become resident aliens that they would pay taxes

 

and then you would be bitching you don't want to give them a temporary residence permit or green card either, would you

 

/slap

 

...I believe what he is saying is that everyone else that lives here HAS to pay taxes to the government, regardless of their citizenship. Illegal immigrants are resident aliens, just not legally, so they don't pay income tax, but they do make use of resources that use/are funded by tax dollars. I personally love the idea of a federal sales tax, and I think 20% is a good number. It is progressive tax, without actually being progressive. Honestly, why should the rich be taxed higher than anyone else? They work as hard, or harder, and in our capitalist system, they are rewarded for that work with the extra income. Lately, people have decided they shouldn't have to put in the same work, but should still get a share of that pie. With a flat tax, or federal sales tax, the rich are going to be paying more taxes, but they pay the same fair share as everyone else. And yes, it means that illegal immigrants will have to start paying taxes as well, which, imo, is a damn good thing. (this coming from someone who was, at one time, in this country ILLEGALLY!!!)