solemole
War Child
– Read think discuss, don’t criticize, don’t antagonize
Required/recommended reading:
FairTax - Wikipedia, the free encyclopedia
Amazon.com: FairTax: The Truth: Answering the Critics: Neal Boortz, John Linder: Books
FairTax :: Home
DISCLAIMER: I’ve SKIMMED through the topic of “fair tax” and discussed a bit with acquaintances before… But lately, I’ve been daydreaming/meditating on what “fair tax” could mean to the U.S. economy.
Now I don’t assume to know everything about “fair tax” and I don’t know much about economics. But I bring these half-baked ideas on the table to share with people and am curious to see what they have to say about it.
I don’t want negative discussions or attacks. I will not get into arguments in this thread. I am only willing to listening to those people who have something constructive to say or have more thoughts for contribution. Therefore, I will not and cannot offer much more input, unless there is a reasonable and thoughtful discussion. In other words, I will stay out of sight for a while.
So please…
Don’t criticize, don’t antagonize… SUGGEST
What’s your contribution to the situation?
CAVEATS
Things I don’t know how Fair Tax would affect the following issues:
Some other caveats I can’t remember… but maybe someone will bring it up.
(Kidding myself but… If this works, the rest of the world just might follow and the world economy might readjust itself.)
There, I’m finished talking.
Required/recommended reading:
FairTax - Wikipedia, the free encyclopedia
Amazon.com: FairTax: The Truth: Answering the Critics: Neal Boortz, John Linder: Books
FairTax :: Home
DISCLAIMER: I’ve SKIMMED through the topic of “fair tax” and discussed a bit with acquaintances before… But lately, I’ve been daydreaming/meditating on what “fair tax” could mean to the U.S. economy.
Now I don’t assume to know everything about “fair tax” and I don’t know much about economics. But I bring these half-baked ideas on the table to share with people and am curious to see what they have to say about it.
I don’t want negative discussions or attacks. I will not get into arguments in this thread. I am only willing to listening to those people who have something constructive to say or have more thoughts for contribution. Therefore, I will not and cannot offer much more input, unless there is a reasonable and thoughtful discussion. In other words, I will stay out of sight for a while.
So please…
Don’t criticize, don’t antagonize… SUGGEST
What’s your contribution to the situation?
- According to Fair Tax policies (as listed in recommended reading), abolish all forms of U.S. taxes and April 15th Tax Day.
- According to Fair Tax policies, only collect RETAIL SALES TAX, things from which people buy.
- Fair Tax Logic: What you spend as a consumer will determine how much tax you will pay to the government. So the more extravagant, luxurious items the ridiculously rich (by any manner or means) buy, the more they also pays in taxes. And everyone else will pay taxes accordingly to their sales purchases.
- Fair Tax Logic (according to the book above, pgs. 14-16): Fair Tax would be simple, fair, voluntary, transparent, border neutral, industry neutral, and good for social security and medicare.
- Fair Tax Logic: People would be more considerate about their spending.
- Fair Tax Logic: Anybody (TOURISTS, FOREIGNERS, etc.) who spends anything in the US will pay retail sales taxes.
- My Own Idea (MOI): RETAIL SALES TAX should be 30% and distributed accordingly 5% local, 10% state, 15% federal.
- MOI: The advantage of consumer spending AND indicator of economy is PURCHASING POWER, not the GDP volume, stock prices, or the unemployment rate (as the 8 years ago would suggest). The more people could buy to live a comfortable life, should be the evidence of a healthy domestic economy.
- MOI: Should such taxes be too much a burden for consumer or business, then logic might dictate that consumer prices should be lower, and in turn, inflation by default would be moderated by the implementation of fair tax.
- MOI: With a impactful economic stimulus boost for consumer spending and current “deflation” of products and commodities, Fair Tax money should be enough to circulate more money for the current government to focus on other projects: such as, transportation and energy infrastructure, healthcare, and other government services, local state and federal.
- MOI: It would require restructuring major economic dynamics, institutions, and functions.
- MOI: It would also require strict regulation and oversight.
CAVEATS
Things I don’t know how Fair Tax would affect the following issues:
- Federal interest rate.
- “Following the money trail” for IRS, Secret Service, and other law enforcement.
Some other caveats I can’t remember… but maybe someone will bring it up.
(Kidding myself but… If this works, the rest of the world just might follow and the world economy might readjust itself.)
There, I’m finished talking.