Robyn: That's the point, every does pay their fair share. Using 21% as the tax rate for the Fair Tax on new goods as the example: If you can afford a $100,000 boat, you would pay $21,000 in taxes on that new purchase. If I can only afford a $10,000 boat, then I pay $2,100 in taxes on that new boat. You've paid a considerable more tax based on what you can afford than I did, so you and I would both be paying "our fair share". Not sure how the leftists can use the bogus 'fair share' talking point argument when looking at those numbers. But I'm sure they still would try!!... LOL! Common sense is an uncommon virtue with the communists/socialists.
I agree with you! But people who are used to getting several thousands for a tax refund, when they barely paid in any, would disagree with us. They won't notice much increase in their net pay, because not much is deducted. Maybe there could still be eic and/or child tax credits, through a different avenue?
Exactly: "refundable" tax credits, where people get MORE than they paid into the system... talk about a 'vote buying' scam.
With the Fair Tax, there is a monthly "prebate" payment that is based off of the published poverty level and the Fair Tax percentage amount that would be paid on that amount would be divided into 12 monthly prebate payments to the household. He uses a family of four household as the example. The book I have was written in 2006 so the numbers are based off of what things were at that time. The rebate is to offset taxes on household necessities. As written, anyone near the poverty level would be considerably much better off with the fair tax than the current system. Too much to write in a post here, but it makes things much better. No payroll or FDIC tax either because the Fair Tax replaces those taxes as well. I have to go back and re-read the book, it has been a number of years since I've studied it.
But the rich wouldn't have to pay their "fair share." And there wouldn't be tax credits for lower income. I can imagine the push back that would get.
Robyn: That's the point, every does pay their fair share. Using 21% as the tax rate for the Fair Tax on new goods as the example: If you can afford a $100,000 boat, you would pay $21,000 in taxes on that new purchase. If I can only afford a $10,000 boat, then I pay $2,100 in taxes on that new boat. You've paid a considerable more tax based on what you can afford than I did, so you and I would both be paying "our fair share". Not sure how the leftists can use the bogus 'fair share' talking point argument when looking at those numbers. But I'm sure they still would try!!... LOL! Common sense is an uncommon virtue with the communists/socialists.
I agree with you! But people who are used to getting several thousands for a tax refund, when they barely paid in any, would disagree with us. They won't notice much increase in their net pay, because not much is deducted. Maybe there could still be eic and/or child tax credits, through a different avenue?
Exactly: "refundable" tax credits, where people get MORE than they paid into the system... talk about a 'vote buying' scam.
With the Fair Tax, there is a monthly "prebate" payment that is based off of the published poverty level and the Fair Tax percentage amount that would be paid on that amount would be divided into 12 monthly prebate payments to the household. He uses a family of four household as the example. The book I have was written in 2006 so the numbers are based off of what things were at that time. The rebate is to offset taxes on household necessities. As written, anyone near the poverty level would be considerably much better off with the fair tax than the current system. Too much to write in a post here, but it makes things much better. No payroll or FDIC tax either because the Fair Tax replaces those taxes as well. I have to go back and re-read the book, it has been a number of years since I've studied it.