Tax time!

[agedman]

Who is in favor of a single percentage Tax everyone must pay?

Perhaps 10% of the total value of a persons holdings.

Not an income tax, do away with that, but a tax on the value of all that person has. No exclusions.

The poor would pay little to nothing, for they hold little of value. Those who posses much in holdings such as land, stocks, savings, … would pay 10% of that to the government. No more, no less.

The collection would be divided evenly between the Federal level and the State level.

No other taxing of anything would be allowed. No gas tax, no inheritance and housing taxes, no leisure or commodity taxes on goods and services…

A clearly definable and provable tax that everyone (foreigner if residing in the US or citizen) must pay.

And, that the percentage not be easily changed, two thirds of the states would half to agree to the change.

What is your thoughts and scheme?

 

[Salty]

You mentioned 10% of - as you say " but a tax on the value of all that person has."

So my total value - is $1,000 - my tax due is $100. I am now worth 900 dollars - no income this near - next year, my tax is 90 = current net of $810 --following year tax= $81.....
eventually all you have will be gone.
And then who determines you total net worth?? This year you house is worth 10, grand (tax = $1000.00) but next year someone determines your house is now woth $12,000 so now your tax actually goes up.....


The current tax code is over 2,000 pages long.

NOPE - I prefer the Automatic Electronic Tax.
Auto Deposit Tax (The Tiny Tax)


of course the biggest issue is spending - Govt MUST stop excessive spending!!!

 

[KenH]

Welcome | FAIRtax | fairtax.org

 

[Salty]

Welcome | FAIRtax | fairtax.org

I will consider the Fair tax - when they give up that silly notion about the pre-pate - that is nothing more than more govt paperwork and red tape......

 

[Reynolds]

Who is in favor of a single percentage Tax everyone must pay?

Perhaps 10% of the total value of a persons holdings.

Not an income tax, do away with that, but a tax on the value of all that person has. No exclusions.

The poor would pay little to nothing, for they hold little of value. Those who posses much in holdings such as land, stocks, savings, … would pay 10% of that to the government. No more, no less.

The collection would be divided evenly between the Federal level and the State level.

No other taxing of anything would be allowed. No gas tax, no inheritance and housing taxes, no leisure or commodity taxes on goods and services…

A clearly definable and provable tax that everyone (foreigner if residing in the US or citizen) must pay.

And, that the percentage not be easily changed, two thirds of the states would half to agree to the change.

What is your thoughts and scheme?

I don't support that type tax at all. You would force people to sell off old family land etc. You would make the older retired people homeless and give all their stuff to the young.

 

[Reynolds]

Welcome | FAIRtax | fairtax.org

My only problem with fair tax is that I have scraped and saved all my life. Most of my retirement has already had tax paid on it. My CDs, cash accounts, gold and silver bullion, etc are all tax paid money. Fair tax will tax it again. To me, fair tax would be a double tax.
The only way the fair tax is a fair tax is if the govt refunds you the taxable value of your tax paid savings.

 

[JonC]

I am not in favor of any type of federal tax on individual citizens. I am in favor of States taxing citizens and the Federal Government taxing States for those things it was created to provide.

 

[Bible Thumpin n Gun Totin]

This would probably stop greedy investors like Blackrock from buying up all the single family homes in the housing market at the expense of families, but it would also destroy farmers, and as Reynolds mentioned family land owners, who have many acres of land.

My neighbor makes something like 50k a year and has 150 acres of land his family has owned since the 1700s. He'd be destroyed at current inflated Crony-Capitalist market rates.

 

[KenH]

My only problem with fair tax is that I have scraped and saved all my life. Most of my retirement has already had tax paid on it. My CDs, cash accounts, gold and silver bullion, etc are all tax paid money. Fair tax will tax it again. To me, fair tax would be a double tax.
The only way the fair tax is a fair tax is if the govt refunds you the taxable value of your tax paid savings.

They have an answer to that on the website:

"Are seniors taxed twice on savings , once when they saved it, and now again when they spend it?

Simply put, the FairTax is a revenue-neutral proposal, raising no more money than does the current system. The FairTax only changes where the money is raised, not the amount.

Additionally, some erroneously believe that people who have invested in Roth IRAs will never pay taxes on this money again. They may not know it, but they are paying corporate income taxes, employer payroll taxes, plus the associated compliance costs that are hidden in the price of every retail purchase they make. Under the FairTax, these hidden taxes are driven out of retail prices. And note, they can determine the amount of tax they pay through their own lifestyle choices.

Furthermore, used goods are not taxed because they have already been taxed once — when they were new. Therefore senior citizens, like all Americans, do not lose purchasing power, but gain it instead. Moreover, the FairTax preserves the purchasing power of Social Security benefits, and seniors receive a monthly prebate so they don’t pay taxes on the purchase of necessities. Tax-deferred investments get a one-time windfall. Savings invested in any long-term, income-generating asset such as a stock, real estate, or a long-term bond that can’t be called, increase substantially in value. Finally, complex estate planning is an artifact of an earlier age."

 

[Reynolds]

They have an answer to that on the website:

"Are seniors taxed twice on savings , once when they saved it, and now again when they spend it?

Simply put, the FairTax is a revenue-neutral proposal, raising no more money than does the current system. The FairTax only changes where the money is raised, not the amount.

Additionally, some erroneously believe that people who have invested in Roth IRAs will never pay taxes on this money again. They may not know it, but they are paying corporate income taxes, employer payroll taxes, plus the associated compliance costs that are hidden in the price of every retail purchase they make. Under the FairTax, these hidden taxes are driven out of retail prices. And note, they can determine the amount of tax they pay through their own lifestyle choices.

Furthermore, used goods are not taxed because they have already been taxed once — when they were new. Therefore senior citizens, like all Americans, do not lose purchasing power, but gain it instead. Moreover, the FairTax preserves the purchasing power of Social Security benefits, and seniors receive a monthly prebate so they don’t pay taxes on the purchase of necessities. Tax-deferred investments get a one-time windfall. Savings invested in any long-term, income-generating asset such as a stock, real estate, or a long-term bond that can’t be called, increase substantially in value. Finally, complex estate planning is an artifact of an earlier age."

The headline disagrees with the content.
Use this hypothetical account as an example.
Johnny has a savings account with $100,000 in it. The money is tax paid. Please explain to me how if the fair tax was implemented tomorrow, Johnny's money tomorrow will still buy as much as it will buy today.
You going to have to use Joe Brandon math to make that happen.

 

[KenH]

The headline disagrees with the content.
Use this hypothetical account as an example.
Johnny has a savings account with $100,000 in it. The money is tax paid. Please explain to me how if the fair tax was implemented tomorrow, Johnny's money tomorrow will still buy as much as it will buy today.
You going to have to use Joe Brandon math to make that happen.

You know, and I know, that no major changes, as overhauling the whole system into something different, are probably ever going to be made to the tax system, at least not in your or my lifetime. I haven't read much about the Fair Tax in years. If you really want answers, I suggest contacting them.

 

[Salty]

Ken,
What are your thoughts about the AET? (see post # 2)

 

[KenH]

Ken,
What are your thoughts about the AET? (see post # 2)

No. I think taxes should be on income. I don't think that individuals should pay real estate taxes on houses below a certain amount.

 

[Salty]

No. I think taxes should be on income. I don't think that individuals should pay real estate taxes on houses below a certain amount.

even at a very low % and everyone pays

 

[KenH]

even at a very low % and everyone pays

No. I'm old and stuck in my ways.

 

[Salty]

No.

and likewise - I will never accept the Fair tax "pre-bate"

 

[Reynolds]

You know, and I know, that no major changes, as overhauling the whole system into something different, are probably ever going to be made to the tax system, at least not in your or my lifetime. I haven't read much about the Fair Tax in years. If you really want answers, I suggest contacting them.

I know the answers. I studied it years ago. Double taxing preexisting savings has always been my hang up with it.

 

[Benjamin]

The poor would pay little to nothing, for they hold little of value. Those who posses much in holdings such as land, stocks, savings, … would pay 10% of that to the government. No more, no less.

NOPE! I worked hard to buy my land and then the pay for the materials to build my house with my own 2 hands AND I paid the taxes on all that money as i earned it and spent it. I worked 7 long days a week building my 5,400sf house for 20 months and I already pay a ridiculous amount of state property tax for the "privilege of being a hard worker" AND NOW some want me to pay taxes on the end result of my hard work?! Stuff that... !