[rsmurano]

Originally Posted by Pballer

The whole point of getting rid of the income tax is to starve Medicare and Social Security. Payroll taxes will not fund nearly enough for benefits. Gutting Medicare and Social Security is the Republicans' dream.

Far from the truth. Read prior posts, SS and Medicare are not funded by income taxes.
It’s been proven for many decades that a flat tax will fund the country but that doesn’t fly with forcing the rich to pay 90% of all taxes.
Get rid of all the loopholes and have 1 line on your 1040, how much did you make times say 10% = income tax due.
This is for everybody, from somebody making $20k a year to those making $2B a year.
SS and Medicare would also have a flat tax.
Just like car insurance, for gas cars, this should be paid at the gas pump, meaning the more you drive the more insurance you pay. Right now there is not much difference on insurance rates if I drive 5000 miles a year compared to 20,000 a year. I have a bigger chance of having an accident the more you drive.

[swooner]

Originally Posted by Rainger99

I would like to know who writes these bills.

Idiots!

[tvbound]

Once again, the highly gullible are believing lies. First of all, the hiring of just under 87,000 new employees (under current law) are not all agents/enforcement and will help replace the roughly 50% of the current +-82,000 IRS employees eligible for retirement in the next 5 years. Secondly, the IRS currently audits nearly 80% fewer millionaires than a decade ago and the total shortfall of those not paying their fair share, is estimated at $310 BILLION. Thirdly, if the new bill wasn't really about protecting the wealthy and large corporations from paying their fair share, which it obviously is, the new proposal could have put a floor for increased audits, such as only individuals making more than say $2 million - and a minimum net income for small/mom & pop businesses.

Those simple steps would ensure that the false fear now being spread about the middle class and small businesses being the primary target...totally moot. I think most people, deep down at least, know why those simple steps will be opposed by a certain demographic.

[Battlebasset]

European countries have this, it's called VAT (value added tax). When I was in Germany it was around 20%, but that was awhile ago.

I would support a reduced, simplified flat income tax with this as well as a national sales tax, in order to capture more illegal income (drug dealers have to buy food and clothes) as well as have everyone pay something, but that will never happen.

And yes, SS and Medicare needs to be phased out to the greatest extent possible. There, I said it.

[wsachs]

Originally Posted by Byte1

This "Fair Tax" is an excellent idea, ONLY if they do away with the Federal Income tax. This makes it fair for everyone, not just the wealthy carrying the load for everyone else.

Just a moment...
Interesting read.

[Nordhagen]

Originally Posted by CoachKandSportsguy

https://buddycarter.house.gov/upload..._act_118th.pdf

Replacing all taxes with a consumption tax. . . basically a sales and service tax. . .

not sure how this bill will get implemented, and even if its a good idea. . . switching from income earned to good and services purchased . . .

Great idea! Eliminate the IRS! With a consumption tax even people who get their money illegally will pay. Also, if you are concerned about “rich” people paying their “fair share”, they tend to purchase more expensive cars, etc and they would pay more. Solves almost all issues with a tax code that is unbelievably complex and unfair.

[GizmoWhiskers]

Some on here are implying a sense of ignorance in not knowing the "WHO", I am thinking the reference is not the literal who but rather the lobbyist who. A country without borders turns into a non-country. Long term, a world economy is in the works. T V will eventually see global digital currency so why would we need the irs when fair tax covers the borderless land we live in? Good thing we are in a bubble.

[Blackbird45]

Bermuda has no income tax and works on a consumption tax instead. But most of their products are imported and there is more control. If you try that here before you know it a large portion of the population will move to the barter system to avoid paying tax and it will be the wealthy that will exploit it more. Also, what will shock people will be the sticker price of the items you purchase. I've never been a fan of a flat tax but if you want to be fair remove all deductions and have everyone pay one set percentage.

[SusanStCatherine]

This may be part of "The Great Reset"?

[Snprentice]

Originally Posted by Rainger99

I would like to know who writes these bills.

Lawyers!!!

[Two Bills]

Originally Posted by Battlebasset

European countries have this, it's called VAT (value added tax). When I was in Germany it was around 20%, but that was awhile ago.

I would support a reduced, simplified flat income tax with this as well as a national sales tax, in order to capture more illegal income (drug dealers have to buy food and clothes) as well as have everyone pay something, but that will never happen.

And yes, SS and Medicare needs to be phased out to the greatest extent possible. There, I said it.

UK has 20% VAT.
Income tax is 20-45% according to earnings.
National Insurance (Pensions and Benefits) 13%. tax.
Tax on gas and fuel. Government adds 35% tax to every gallon, and the motorist then pays another 20% VAT on every gallon on that tax! Double Whammy.
Basically the working person loses one third of their weekly wage in tax before they see a penny.
The rest goes on all the other clever Government ways of relieving you of your hard earned.
Yet we survive!

[NoMo50]

Originally Posted by Rainger99

I would like to know who writes these bills.

Staffers and lobbyists. Don't think for a second that your elected representatives spend any of their precious time writing, or even reading, proposed legislation. Remember "we have to pass it to know what's in it."

[Ski Bum]

Originally Posted by petsetc

In high school in the 60s we learned that this is a type of regressive taxation designed to shift the burden from the wealthy to the poor.

i.e, i f I earn $40K to support my family, I spend every penny of it and pay tax on every penny spent. I have nothing to save and grow. BUT if I earn $400K to support my family and I spend (lets say) 200K living well and pay taxes at the same rate as the first guy on what I spent, I have left over $200K to invest and grow...and grow...and grow. And I can pass that on to my heirs forever because they won't have to work or pay an inheritance tax. The rich get richer, the poor get poorer!

FWIW In 1944, the top rate peaked at 94 percent on taxable income over $200,000 ($2.5 million in today's dollars)

History of Federal Income Tax Rates: 1913 – 2023

Nice job not reading the bill and passing judgment anyway. Every proposed flat tax, consumption tax, national sales tax, whatever iteration, has always had credits and deductions for the poor, including this one. So it's not regressive. The only regressive tax was implemented by FDR.

[meridian5850]

Those who get paid under the table, who have cash only side gigs, don't report all their income and so forth will finally pay their fair share because everyone buys "stuff".

[Dgodin]

Originally Posted by CoachKandSportsguy

https://buddycarter.house.gov/upload..._act_118th.pdf

Replacing all taxes with a consumption tax. . . basically a sales and service tax. . .

not sure how this bill will get implemented, and even if its a good idea. . . switching from income earned to good and services purchased . . .

When I was ststioned in Germany in the 1980s, the VAT(value added) tax applied to purchases was14%. Imagine a 14% tax on an auto purchase. I was glad we were exempt.
I don't think its a good idea.