With all the talk about illegal immigration and ways to stop it, literal and virtual walls have been mentioned. Do you feel this is a good ideo or a bad one and why.
Personally, I say why not. Has to work as well if not better than anything else they can come up with.
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There is a talk radio host by the name of Neal Boortz. He is also a co writer of a book called the Fair Tax, it just hit paper back. If you see it buy and write your congresman it is the best tax plan that has come down the pike in about 60 years. It will help with the immigration problems too. The basics of it are that there will be no income tax taken from your pay check, or paid by corporations to the govt. Instead there will be a sales tax on all goods around 25%, if that sounds high then think of it this way, most everyone who reads this and the people they know around them are most likely in a 32% tax bracket now. not only is it a tax releif for the natives here but forces the illegals to pay taxes as well. They will have to pay taxes to our system (that they currently are not paying now) everytime they purchase anything.
I have heard rumblings of a straight sales tax, and it probably would be a better way to do things. I would need to research it more, but anything has to be better than our current system.
Without even reading that book I can tell you it won't work. The percentage of people in tax brackets below 25% is far greater than those above it. Therefore, it wouldn't pass. Also, for people above that bracket there are plenty of ways to defer income to avoid income tax, whereas you can't avoid the sales tax. In addition, how would you write off tax losses? For example, you buy a piece of rental property and sell it at a loss. You can't write the loss off against the sales tax. The tax rates in our country are far lower than our peers. We shouldn't be complaining about tax relief. In England they pay 50%+ in income taxes. And, if there is a 25% sales tax, I'm willing to bet we'll face a hugh problem with people buying things on the black market to avoid it. I think perhaps, if this plan is at all possible, it should be implemented very slowly. Perhaps, lowering tax brackets by 2% across the board and implementing a 2% sales tax to see the effect.
In theory...
Does that process take into account the fact that without paying personal property or other taxes, that you might not be able to claim a loss on realestate? If 25% is too high than start much lower. I think it is a crock of shit that we currently have a tax on our income. You then take that disposable income and purchase a car. You are taxed on the sales of that car. Then every year you own that until depreciation is over, you are taxed to own that vehicle. Now how about that for triple taxation?
without sounding like a smart ass, read boortz's book it will work. remember that the income taxes that companies pay is part of the selling price of the merchandise they sell, so the market will do a better job of dictating prices and we would see prices dwindle down to more accurate values. another piece of information for you...the poorest of the poor have a little program called the EIC, earned income credit, i know you've heard loverboy BILL CLINTON pushing it on the radio. It was supposed to help those lowest income people who do not make enough to pay taxesstay in the social security system and allowing minor releif by having taxes given straight to them. In other words the bring home more money than the wages earned and the difference is a reverse tax. I appload the intent but well over 70% of the EIC cases that the IRS reviewed were fraudulent and the sample reviewed was a small one of the people actualy using this program. There has to be a tax reform.
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