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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives
SPY 683.03-0.1%4:00 PM EST
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To: GROUND ZERO™ who wrote (25233)9/30/2011 11:44:23 AM
From: sandeep1 Recommendation  Read Replies (1) of 219775
 
Come on, it is a joke. Read the phase 1 -
  • Business Flat Tax – 9%
    • Gross income less all investments, all purchases from other businesses and all dividends paid to shareholders.
    • Empowerment Zones will offer additional deductions for payroll employed in the zone.
  • Individual Flat Tax – 9%.
    • Gross income less charitable deductions.
    • Empowerment Zones will offer additional deductions for those living and/or working in the zone.
  • National Sales Tax – 9%.
    • This gets the Fair Tax off the sidelines and into the game.
    This means that IRS is still alive and well. It doesn't matter whether the amount is 9% on business or 25% - the "need" to verify is still there. Charitable deductions - someone needs to be there to determine what that is. Empowerment zones - again boondoggles waiting to happen. Currently, states have a sales tax. So, now sales taxes in my state would be 19%! Imagine a poor person who lives paycheck to paycheck. They will now be paying 20% of their income in taxes. Is that fair by any imagination?

    Interestingly, his "summary" of phase 1 is longer than the phase 1 itself!

    In phase 2, he eliminates business and indiv taxes. That means sales tax has to go up.
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