LoneLaugher
Diamond Member
Are there any modern, industrialized nations currently using either a fair tax or a flat tax?
Russia has had great success with their flat tax
They have?
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Are there any modern, industrialized nations currently using either a fair tax or a flat tax?
Russia has had great success with their flat tax
We need a combination of revenue streams.
First of all, we need progressive income tax with limited deductions like mortgage interest deductions (for the primary residence only). This would prevent people from shielding their income from taxation.
Secondly, we need a national sales tax with exemptions for absolute necessities (like food, for example).
This approach would tax both earnings and spending, and it would also promote a higher savings rate due to the national sales tax collected at the point of sale.
Are there any modern, industrialized nations currently using either a fair tax or a flat tax?
Russia has had great success with their flat tax
They have?
We need a combination of revenue streams.
First of all, we need progressive income tax with limited deductions like mortgage interest deductions (for the primary residence only). This would prevent people from shielding their income from taxation.
Secondly, we need a national sales tax with exemptions for absolute necessities (like food, for example).
This approach would tax both earnings and spending, and it would also promote a higher savings rate due to the national sales tax collected at the point of sale.
Russia has had great success with their flat tax
They have?
Indeed. In 2001, Russia switched from a system of 12, 20 and 30 percent tax rates to a 13 percent flat income tax. Adjusted for inflation, revenue from Russias personal income tax increased by 26% in the year after a flat tax was implemented, and by nearly one-fifth as a percentage of GDP. Russia also saw strong GDP growth throughout the 2000s, ranging from 6 to 8 percent from 2003-07.
How will our massively bloated military budget be sustained with a "Fair Tax"?
How will our massively bloated military budget be sustained with a "Fair Tax"?
That's the point. It WON'T be.
The Fair Tax replaces income tax, social Security tax, capital gains tax, Medicare tax and replaces it with a consumption tax at the point if sale.
So no more filing of taxes, you keep all the money you earn, businesses produce and export with no taxes attached (help compete in the global market.) This will also help keep jobs in US. Everyone pays it including the illegal workers, underground economy (drug deals, etc.) and foreign visitors. Very hard to avoid but easier to regulate.
Most of all it is a level playing field. Politicians can not play favorites. If you raise the tax you raise it on everyone.
The bill in on Capital Hill and it is only 33 pages long compare that to 77,000 pages of the income tax.
Fair tax,but too many people favor the status quo and change scares the crap out of them.
And the elites wouldn't be in favor of anything that would eliminate their power to manipulate the masses.
How will our massively bloated military budget be sustained with a "Fair Tax"?
That's the point. It WON'T be.
Is it now?
Fair tax,but too many people favor the status quo and change scares the crap out of them.
And the elites wouldn't be in favor of anything that would eliminate their power to manipulate the masses.
I don't like that prebate crap and some of the other provisions. In short almost 100% of Americans and American families would be DEPENDENT ON A GOVERNMENT CHECK!
They have?
Indeed. In 2001, Russia switched from a system of 12, 20 and 30 percent tax rates to a 13 percent flat income tax. Adjusted for inflation, revenue from Russias personal income tax increased by 26% in the year after a flat tax was implemented, and by nearly one-fifth as a percentage of GDP. Russia also saw strong GDP growth throughout the 2000s, ranging from 6 to 8 percent from 2003-07.
Is that the whole story?
Indeed. In 2001, Russia switched from a system of 12, 20 and 30 percent tax rates to a 13 percent flat income tax. Adjusted for inflation, revenue from Russias personal income tax increased by 26% in the year after a flat tax was implemented, and by nearly one-fifth as a percentage of GDP. Russia also saw strong GDP growth throughout the 2000s, ranging from 6 to 8 percent from 2003-07.
Is that the whole story?
No. They were also moving into a free market economic model.
Fair tax,but too many people favor the status quo and change scares the crap out of them.
And the elites wouldn't be in favor of anything that would eliminate their power to manipulate the masses.
I don't like that prebate crap and some of the other provisions. In short almost 100% of Americans and American families would be DEPENDENT ON A GOVERNMENT CHECK!
The new campaign slogans; 'I'm running to increase your prebate checks from the government!' and 'I'm running on decreasing your prebate check from the government!' .
Fair tax,but too many people favor the status quo and change scares the crap out of them.
And the elites wouldn't be in favor of anything that would eliminate their power to manipulate the masses.
I don't like that prebate crap and some of the other provisions. In short almost 100% of Americans and American families would be DEPENDENT ON A GOVERNMENT CHECK!
The Fair Tax replaces income tax, social Security tax, capital gains tax, Medicare tax and replaces it with a consumption tax at the point if sale.
How about this?
FLAT SOCIAL SECUITY taxation.
Do you want that?
Of course you don't. Your masters would have to pay at the same rate as working people do.
Hypocrital liberatarian ALERT.
Corporations pay no taxes. They collect them.
We all agree the tax system is broke. The question is how do we fix it or do we replace it with something else?
Do you support a Flat Tax or the Fair Tax plans and why?
I believe, as did our founders, that taxing a person's labor is immoral.
It's also worth mentioning that if the federal government operated within the confines of the enumerated powers, there would be no need for an income tax of any kind.
Just a thought.