If you want to pay off debt and balance the budget;
-Base Federal tax for corporations at 30% of revenue.
-Raise minimum wage to $23.50/hr. Based on where minimum wage should be using 1970-2013 rise in food, shelter, and transportation.
-Eliminate all business subsidies (deductions/write-offs/write-downs) except for employee expenses which are deducted dollar-for-dollar on all city, state, and Federal taxes and fees with the Feds refunding city, State, and fees.
-Companies with 400 employees or less, employee expenses above the deduction are subsidized at 100% with funds usually give back to the States.
-Adjust Social Security and private/public retirement and pension payments using 1970-2013 price structure.
-Remove the FICA limit.
-Back down ALL costs, prices, fees, to January 1, 2009 levels and hold them for 10 years which will eliminate inflation.
-Recall ALL off-shore investments tax free, and disallow any further off-shore investments.
-Make inversion illegal.
sounds too complicated. 1st rule of budgeting - Keep things simple and not cluttered. Another words abolish the IRS. That eliminates 90% of the above.
A-freaken-men to ending federal taxes calculated from lawfully earned incomes and shutting down the IRS as we know it.
Now, which one of our so-called "conservatives" in Congress will introduce the Fair Share Balanced Budget Amendment?
JWK
“Honest money and honest taxation, the Key to America’s future Prosperity“ ___ from “Prosperity Restored by the State Rate Tax Plan”, no longer in print.
I believe I read that my newly elected Senator from Georgia, David Perdue and Senator Jerry Moran (R-KS) introduced a bill with the Fair Tax Amendment. That is a consumption tax that takes the place of all other taxes.
Here is the link
Fair Tax News Georgia for FairTax
The "fairtax" [H.R. 25] proposes to create two new taxes, a 23 % tax upon the purchase of articles of consumption, and a 23 % tax upon the sale of labor. In addition, the "fairtax" would not withdraw Congress' power to lay and collect taxes calculated from profits, gains and other lawfully earned incomes. But the Fair Share Balanced budget would withdraw Congress' power to lay and collect taxes calculated from all lawfully earned incomes in addition to balancing the annual budget!
Do you support the Fair Share Balanced Budget Amendment?
JWK
“Honest money and honest taxation, the Key to America’s future Prosperity“ ___ from “Prosperity Restored by the State Rate Tax Plan”, no longer in print.
The FAIR tax requires the repeal of the 16th Amendment, so your claim is bullshit.
THE "FAIRTAX" DOES NOT END TAXES CALUCLATED FROM LAWFULLY EARNED INCOMES!
I have stated the truth!
The truth is the alleged fairtax would be adopted and implemented without the 16th Amendment being repealed, and there is no proposed amendment contained in H.R. 25 articulating the actual wording of the "repeal".
The text of the proposed fair tax reads:
TITLE IV--SUNSET OF SALES TAX IF SIXTEENTH AMENDMENT NOT REPEALED
SEC. 401. ELIMINATION OF SALES TAX IF SIXTEENTH AMENDMENT NOT REPEALED.
“If the Sixteenth Amendment to the Constitution of the United States is not repealed before the end of the 7-year period beginning on the date of the enactment of this Act, then all provisions of, and amendments made by, this Act shall not apply to any use or consumption in any year beginning after December 31 of the calendar year in which or with which such period ends, except that the Sales Tax Bureau of the Department of the Treasury shall not be terminated until 6 months after such December 31.”
In other words, if H.R. 25 were adopted by Congress the 23 percent tax goes into effect immediately. But if after a seven year period, during which time the America People become use to paying and complying with the tax, and the Sixteenth Amendment is not repealed, Congress will end the 23 percent tax. And if one believe that baloney ….
But let’s pretend H.R. 25 is adopted and the Sixteenth Amendment is repealed before the seven year period. Well surprise, surprise! Congress still maintains power to lay and collect taxes calculated from profits, gains and other incomes.
The fact is, prior to the adoption of the 16th Amendment the Supreme Court in Flint vs. Stone Tracy upheld the Corporate “Excise” Tax of 1909 which was an “excise” tax laid upon the “privilege” of being a corporation, and the amount of tax to be paid was
calculated from the Corporations’ profits and gains! Although the tax is not an income tax as such, but an excise tax, it still allows Congress to collect taxes calculated from profits, gains and other “incomes”, which is exactly what we have now. And so, the repeal of the 16th Amendment is meaningless unless the wording of the repeal contains language I have been suggesting for years:
The Sixteenth Amendment is hereby repealed and Congress is henceforth forbidden to lay ``any`` tax or burden calculated from profits, gains, interest, salaries, wages, tips, inheritances or any other lawfully realized money
But the progressives behind the alleged fair tax are determined to keep alive Congress’ power to lay and collect taxes calculated from profits, gains and other “income” in order to get at those evil corporate profits, as would be done with a Nancy Pelosi type “windfall profits excise tax”. And this is one of the reasons H.R. 25 creates an “Excise Tax Bureau” which is in addition to the “Sales Tax Bureau” , and will be ready, if H.R.25 went into effect, to re-establish the very miseries which we now experience under the IRS and an “income tax” --- a tax also calculated from profits, gains and other “incomes”.
If the authors of the alleged fair tax were sincere about removing from Congress’ powers its power to lay and collect taxes calculated from profits, gains and other “incomes” and not trying to pull something slick over the American People, H.R. 25 would contain a stipulation in its language that the fair tax
shall not go into operation until the 16th Amendment is repealed and the repeal would contain the language I stated above. Keep in mind that our existing Constitution contained a stipulation which required its ratification by nine States
before it could be put into operation!
But don’t expect our fair tax point men such as Mike Huckabee, Neal Boortz, Herman Cain, and others, to address the above facts and unwind the con job written into H.R. 25. Their job is to mesmerize the unsuspecting with a con artists’ hook --- that our beloved IRS will be closed down and “income taxes” will come to a screeching halt.
JWK
Read the freaken fair tax bill so we don’t have to find out what’s in it after if passes.
