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Thread: Our Tax Dollars at Work
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03-27-2006, 12:09 AM #31
Lets see what the super rich would pay.
Lets say someone earns $3,000,000 a year and spends 50% of that living high on the hog.
$3,000,000 x 50% = $1,500,000 x .23 = $345,000 - $5,745 = $339,255 in tax.
Today, with all the loopholes, its likely they are paying less than $50,000 a year if anything.
Teresa Heinz for example earned about $3,000,000 in interest. Most of it was interest from tax exempt bonds. She paid about $3,000 in federal income tax as a result.
So, now we would start getting some revenue from her and others like her.
The way it has been set up is really great because it is good for poor people; it's fair to low income earners; fair to the middle class; fair to working upper class; and finally tells the upper upper middle class and super rich....you are now going to pay...on what you spend. We've never been able to tax your income sufficiently with all the loopholes, so now when you spend on mansions instead of getting a mortgage interest deduction and deduct your leased Rolls Royce you claim for "business" and invest in tax exempt municipal bonds and earn your interest tax free; and at the end of the year have more loopholes than income....you will no longer get away scott free. You will now at least pay on what you spend.
It's really very thoughtful and well-planned. And if little arts and crafts people want to go around the country cheating Americans, well...then just tell them when they give you a ticket for the price of the goods plus 23%, you want a 25% discount or you're walking on to the next table.
For the vast majority of Americans it is tax relief and major tax reduction, plus you now control the situation.A Nation Without Borders Is Not A Nation - Ronald Reagan
Save America, Deport Congress! - Judy
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03-27-2006, 01:31 AM #32
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If we had a national sales tax then even the illegals could pick up some of the tab for CASA's free goodies.
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03-27-2006, 02:34 AM #33
If we had a national sale tax, every foreigner that enters this nation will not depart without having left something behind!!
I especially love the idea of the Princes visiting and renting their "FLOOR" of the Plaza Hotel in New York for a week to meet with the Carlisle Group and plot their next move against the Americans....all the while we rack up 23% of that "goat" and slide it right into our national pockets!!
There are just so many lovely "poetic justices" about the FairTax!!
And lest we forgot ALL THOSE MEXICAN CONSULARS....in nearly every city they sit plotting against US....now we get 23% of every dime those invaders spend here prancing around trying to finesse their Reconquista Plots while living the life of Riley....will now it will be Riley less 23%.
A Nation Without Borders Is Not A Nation - Ronald Reagan
Save America, Deport Congress! - Judy
Support our FIGHT AGAINST illegal immigration & Amnesty by joining our E-mail Alerts at https://eepurl.com/cktGTn
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03-27-2006, 09:25 AM #34
Judy, your concept of the little guys not being charged with the resposiblity of paying sales tax is frightening. I know at least 500 small vendors personally. If just that five hundred that I know, setting aside thousands of other small business people in this city alone, paid no sales tax, I can assure you it would put a big dent in the state's coffers. For ever one giant business there are literally hundreds of small ones.
but say they found a way to cut those people out of the loop by maybe making them pay sales tax up front at wholesale costs for the items they sell. Let's say a hotdog cart on the beach for an example.
OK, the hotdog guy buys a dozen of hotdogs for say fifty cents and a dozen buns for say thirty cents and the condiments for an equivalent amount of hotdogs for say fifty cents. He pays tax up front for a buck thirty and he sells the dozen hotdogs for say twelve bucks at a buck each. I can't see the government making that trade off, can you? Even if they guy drops a hotdog on the sand and has to write it off as a loss, he still would be expected to pay tax on eleven of them.
So, if you are working with any group making suggetions on this proposed bill, and I know you have the writing capability to say it a whole lot better than I can, maybe you should point out this flaw and see if someone can figure out how to get it fixed before they run the act up the flagpole again.
I do think that the concept is a good one. I just think that enforcement is going to be a problem for that one giant hole in the fabric.Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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03-27-2006, 09:42 AM #35
I really resent my tax dollars funding Day Labor sites. This is OUR MONEY and we should be able to contribute our ideas of where and how it is spent.
RIP Butterbean! We miss you and hope you are well in heaven.-- Your ALIPAC friends
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03-27-2006, 10:49 AM #36
JJ--I read through the Act and there are no exemptions on retail sellers. They register and small businessess collecting less than $20,000 of tax a month pay it the following month. The fines for cheating on sales tax collections include up to 20% of the uncollected tax plus interest up to 24%; a criminal charge (felony on your record); and one year in jail.
There will be additional regulations developed once the legislation is passed and the states who already have the experience and know the tricks will be able to recommend enabling rules and regulations to make it a good enforceable program.
Also under the FairTax internet sales will be taxed. This will help the states too generating more income for them. Right now they are getting cheated out of these sales taxes.
A Nation Without Borders Is Not A Nation - Ronald Reagan
Save America, Deport Congress! - Judy
Support our FIGHT AGAINST illegal immigration & Amnesty by joining our E-mail Alerts at https://eepurl.com/cktGTn
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03-27-2006, 02:17 PM #37
Judy, you were the one who suggested that the small retailers might be exempt. That was the only reason I painted the scenario.
And my position stands that there are too many ways for the tax money to be diverted from the consumer to the retailer's pocket and the gov't wouldn't get it at all.
I see that GOPUSA has it on their newsletter today. As long as Bush doesn't get behind it and cast aspersion on it, maybe it will pass.Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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03-27-2006, 10:05 PM #38
Yes JJ, I thought some of the smaller ones might be but when I checked the legislation it appears they are not. There is a definition you have to meet. It does give the smaller ones a longer time and different rules for reporting and later payment. The larger retailers have to pay it weekly. Any business that is not a retailer such as businesses that only sell to businesses are exempt except for any portion that might sell to the public as a retailer.
I hope it picks up steam and gets passed. I think there are many advantages for business, consumers, and taxpayers.
A Nation Without Borders Is Not A Nation - Ronald Reagan
Save America, Deport Congress! - Judy
Support our FIGHT AGAINST illegal immigration & Amnesty by joining our E-mail Alerts at https://eepurl.com/cktGTn
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03-27-2006, 10:11 PM #39
A National Sales tax is a regressive tax that actually favors the rich and elite of our society even more than the current tax system does...we would be far better off with a flat rate tax, and the elimination of most deductions.
Pinto BeanKeep the spirit of a child alive in your heart, and you can still spy the shadow of a unicorn when walking through the woods.
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03-27-2006, 11:04 PM #40
A Flat Rate is regressive too, Pinto Bean.
The Fair Tax gives you control over what you spend and thus at least gives you control over what tax you pay. Also with the rebate, it results in a lower tax rate for the poor and lower incomes including most of the middle class than any Flat Rate you could possibly justify.
Take another look at it.
http:/www.fairtax.org
A Nation Without Borders Is Not A Nation - Ronald Reagan
Save America, Deport Congress! - Judy
Support our FIGHT AGAINST illegal immigration & Amnesty by joining our E-mail Alerts at https://eepurl.com/cktGTn
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