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01-25-2016, 11:24 AM #1
judy wrote:
If they eliminate the Rebate and keep everything else the same, the 23% FairTax rate could be reduced to 20%, maybe less."The only thing necessary for the triumph of evil is for good men to do nothing" ** Edmund Burke**
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01-25-2016, 12:23 PM #2
Yes, they are so lets be sure you're telling them.
The effective mark up for the FairTax is 30%. But when you collect the tax the calculation is 23% not 30%, for example if someone pays you $100 in sales, 23% or $23 of that is FairTax to be sent to the State not $30 or 30%. If your monthly taxable FairTax sales are $10,000 that month, you send $2,300 to the State, not $3,000.
If the federal retail sales tax is structured the same as states compute it, you would charge the customer $77 for the item, add 30% in federal tax, which is $23, the total paid is $100, and you send $23 to the state of what you collected which is 23% of the sale, not 30%.
It's calculated the same way as income taxes called the inclusive method instead of the exclusive method. It's the same amount of money, but different ways of calculating it.
The FairTax is set up for that retailers price their goods and services including the tax, the way gas and cigarettes are taxed. But with the FairTax, your receipt shows the % and amount of FairTax you paid on your purchase. This is a much better way of collecting sales taxes because customers know before they get to the register what their item costs and how much money they need before they're required to pay for it.Last edited by Judy; 01-25-2016 at 12:45 PM.
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