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To: Triffin who wrote (84431)11/6/2004 2:04:59 PM
From: Jagfan  Respond to of 793817
 
It's a lot better than what we have now. I would prefer a national sales tax like fairtax.org

Simply put, the FairTax replaces the way we're currently taxed - based on our annual income - with a tax on goods and services. The FairTax is a voluntary “consumption" tax: the more you buy, the more you pay in taxes, the less you buy, the less you pay in taxes.
It's simple.

Everyone pays their fair share of taxes, and with the FairTax rebate, spending up to the poverty level is tax free. The Federal government is fully funded, including Social Security and Medicare, and you don't need an expert to determine your Federal taxes.



To: Triffin who wrote (84431)11/6/2004 2:18:55 PM
From: Lane3  Read Replies (1) | Respond to of 793817
 
Only deductions against gross income: interest on primary residence, standard deduction for families with children,
direct medical expenses, charitable contributions.

Why those deductions?



To: Triffin who wrote (84431)11/6/2004 2:25:33 PM
From: JDN  Read Replies (1) | Respond to of 793817
 
Whatever the method, it has to raise at least as much as current income tax does. IMHO once you START taxing at 50k+ there is no reason whatsoever to offer ANY deductions. I saw a study once that indicated if we had ONE flat tax it would have to be about 16% of all income over I believe it was 20k. Personally, I think thats too high, as many people under 50k a year or even more pay less then that effectively. jdn