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In Reply to: RE: questions posted by gymwear5@hotmail.com on April 09, 2008 at 15:01:24
The poor are still to be taxed on everything whilst the rich aren't.
In your world that may pass for fair, but not in mine.
If work was so good for you, the rich would do more of it.
Follow Ups:
No, every one, including the poor receive a stipend to cover the tax on the "necessities of life" - determined by the number of people in the household.
NOBODY, even the poor is taxed - in fact they receive that stipend - called a "prebate" prior to every month and are free to use it on any purchase and even carry over any left over from month to month.
Don't be lazy, go to the FairTax site or read either of Linder's books on the subject. This stuff is spelled out there.
For Americans from the right to be proposing such a system is an extremely odd event.
I would have thought vouchers for a sponsoring supermarket would be a more typical way to go.
Do you remember food stamps?
The more we change, the more we stay the same.
Dave, with the exception of those who inherited it, how do you think people get rich. Everyone that I personally know who is rich is a very hard worker and a SMART worker. Sure they don't physically work hard like a coal miner, but they sure work smarter than a coal miner. And most took risks that would have cost them everything they owned had their risks not succeeded, myself included.
You need to stop resenting those who have more than you and start focusing on why you don't. Come up with a good plan or product, take some risks and hold own. Assuming you work hard (probably harder than you've ever worked) and your idea is a good one, you may become rich also. But stop blaming others for your lack of initiative.
Let's say I'm very wealthy and don't hold a pay-for job anymore - I have investments that make money for me. Today I don't pay any social security or medicare tax (the payroll taxes) and my capital gains on my investments are taxed at only 25%. So the effective tax rate on someone wealthy is much lower than a typical worker that pays 16% up to $100K income on payroll taxes and 20% or so on the adjusted gross income.
The wealthy guy though buys stuff all the time....expensive stuff, too and he will not be able to avoid the FairTax consumption tax.
This Progressive part of the tax is where most of the 1% difference in embedded tax (22%) and the FairTax(23%) is made up.
Who else is similarly effected (no income tax payers but will be FairTax payer? Criminals - those that buy legal stuff with illegally gained funds. Undocumented workers, those that spend inherited money. The so called death tax takes effect only on the value of estates above $1 million or higher.
The FairTax is Fair!
If he is buying art (not the initial purchase), vintage or classic cars, motorcycles and boats, antique furniture, vintage collectible jewelry, vintage watches, antique oriental carpets, older houses, "used" champion eventing or cross-country horses, champion dogs if they have already changed hands at least once, archaeological or paleontology artifacts, ultra exotic audio gear as long as it is not purchased new, first printing collectible books, first pressing collectible records, etc. all those purchases are not taxed as I read the description. If I had it and was so disposed I could easily spend hundreds of millions without being touched by the tax.
That's true.... I'll be able to buy that classic Porsche I need for my mid-life crisis
z
Thank you for agreeing with me.I have no idea why the rich need you to speak for them but I guess they thank you anyway.
I have absolutely NO resentment towards "those who have more" than me.
But I do not despise those who have less, much less, and I can only speculate why you do or at least appear to.
Your final comments show exactly how little you are aware of.
Obviously you have not followed or joined in many threads here or you would know more about my background.
Perhaps that is not surprising though, as it may be too much like hard work for you to read much.
And I have no idea why ANYONE in America needs you speaking for them.
Oh, and BTW, I'm new around here. LOL
I doubt I speak for anyone except myself.
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