Blackguard
05-28-2005, 04:10 PM
I'd like to discuss a topic I've recently learned about which is very intriguing.
How many of you have just recently gotten some form of a job, and understand the crippling effects of our Income Tax in this day and age where essentials such as gasoline are reaching a near-luxury status?
Well, I've learned about a tax plan that has been in the works for over 15 years which is rapidly gaining bipartisan support, and a new book on it is being released soon. It is called the Fair Tax. The basic provisions of the Fair Tax are that we will eliminate the Internal Revenue Service and the Income Tax along with it. Under this plan, all taxes will be collected from the goods we purchase, and every month, the head of each household will fill out a simple report detailing little more than the size of the immediate family. The purpose of this report is to allow the government to decide upon proper reimbursement for the cost of basic necessities.
The effects of such a tax plan are far reaching. Let me cover the implications in all major areas of economic interest.
Inflation
Every year under the current tax plan, corporations are required to pay hefty taxes. Corporations are never harmed in this process, because they foot the cost of taxes onto the retail price of their goods, thus artificially raising taxes. As the nations tax rates increase, corporations raise the price of their goods, adding to the inflation rate's resultant raise of prices on goods.
Under the Fair Tax plan, corporations are no longer required to pay taxes. This will spark competition between corporations to lower the prices of their goods because they no longer need to charge as much to get the same money they are making now. This would theoretically work to curb the effects of inflation on the price of goods.
Illegal Immigrants
Currently, illegal immigrants do not pay taxes because they are not on record. When taxes are figured into the cost of consumables, and illegal immigrant who buys things from stores will be forced into paying taxes.
Unemployment
All unemployed households will receive their reimbursement for the basic necessities of life. This will assure that all people who are jobless, or between jobs, are guaranteed to receive at least what they need to live.
Foreign Industry and Number of Jobs
With no Income Tax or Corporation Taxes, the United States will be seen by the world as a tax haven. Many foreign corporations will take hold in America, and we will see more jobs, more industry, and more competition, resulting in a great boost in the strength of our economy, and ties with foreign countries.
Closing the Social Gap
Essentially under the Fair Tax system, the upper class will feel the hurt of taxes not because of their high income, but rather because of the value of frivolous purchases. All inhabitants of this country will be given the incentive to save more of their money. Studies show that households that save at least 10% of their income are thus able to live comfortably and retire rich. Social Security will still exist though money for it will not be taken out of our paychecks, and the higher rate of saving will lessen the strain on our Social Security resources. There are also exemptions on some of our more expensive necessities. An example would be that under the Fair Tax plan, no taxes are paid on the purchase of used cars.
The Fair Tax is recommended by 30 of our leading universities, including Harvard, and in scientific polls, when presented with all popular tax plans, and the choice of desiring any tax plan but what we have right now, the Fair Tax won with Anything but what We Have Now, came in second.
If the Fair Tax is made a reality, our nation will gradually move towards becoming a Socialist government that works, with at least 2 decades of planning and scrutinization by our leading economic authorities. Capitalism will finally start to die, and we will be a nation of smart consumers, great opportunities, and the American Dream will be realized by essentially everyone who will participate in this plan.
Right now the Fair Tax bill is slated to reach the Senate next congressional year, and the biggest obstacle for the Fair Tax is the fact that George W. Bush is in office, and change is not something that Conservative Republicans like. Congressional elections are less than 2 years away, so it is important that we are educated about this plan so that we can let our representitives know that this is what the American People want. It will be very important that we have a more Moderate Liberal such as Al Gore or Hillary Clinton run for the office of the President in 2008, and that this candidates runs on a platform supporting the Fair Tax. The Republicans have held their grip on government far too long and our nation's progress is stagnating.
What are your thoughts on the Fair Tax?
How many of you have just recently gotten some form of a job, and understand the crippling effects of our Income Tax in this day and age where essentials such as gasoline are reaching a near-luxury status?
Well, I've learned about a tax plan that has been in the works for over 15 years which is rapidly gaining bipartisan support, and a new book on it is being released soon. It is called the Fair Tax. The basic provisions of the Fair Tax are that we will eliminate the Internal Revenue Service and the Income Tax along with it. Under this plan, all taxes will be collected from the goods we purchase, and every month, the head of each household will fill out a simple report detailing little more than the size of the immediate family. The purpose of this report is to allow the government to decide upon proper reimbursement for the cost of basic necessities.
The effects of such a tax plan are far reaching. Let me cover the implications in all major areas of economic interest.
Inflation
Every year under the current tax plan, corporations are required to pay hefty taxes. Corporations are never harmed in this process, because they foot the cost of taxes onto the retail price of their goods, thus artificially raising taxes. As the nations tax rates increase, corporations raise the price of their goods, adding to the inflation rate's resultant raise of prices on goods.
Under the Fair Tax plan, corporations are no longer required to pay taxes. This will spark competition between corporations to lower the prices of their goods because they no longer need to charge as much to get the same money they are making now. This would theoretically work to curb the effects of inflation on the price of goods.
Illegal Immigrants
Currently, illegal immigrants do not pay taxes because they are not on record. When taxes are figured into the cost of consumables, and illegal immigrant who buys things from stores will be forced into paying taxes.
Unemployment
All unemployed households will receive their reimbursement for the basic necessities of life. This will assure that all people who are jobless, or between jobs, are guaranteed to receive at least what they need to live.
Foreign Industry and Number of Jobs
With no Income Tax or Corporation Taxes, the United States will be seen by the world as a tax haven. Many foreign corporations will take hold in America, and we will see more jobs, more industry, and more competition, resulting in a great boost in the strength of our economy, and ties with foreign countries.
Closing the Social Gap
Essentially under the Fair Tax system, the upper class will feel the hurt of taxes not because of their high income, but rather because of the value of frivolous purchases. All inhabitants of this country will be given the incentive to save more of their money. Studies show that households that save at least 10% of their income are thus able to live comfortably and retire rich. Social Security will still exist though money for it will not be taken out of our paychecks, and the higher rate of saving will lessen the strain on our Social Security resources. There are also exemptions on some of our more expensive necessities. An example would be that under the Fair Tax plan, no taxes are paid on the purchase of used cars.
The Fair Tax is recommended by 30 of our leading universities, including Harvard, and in scientific polls, when presented with all popular tax plans, and the choice of desiring any tax plan but what we have right now, the Fair Tax won with Anything but what We Have Now, came in second.
If the Fair Tax is made a reality, our nation will gradually move towards becoming a Socialist government that works, with at least 2 decades of planning and scrutinization by our leading economic authorities. Capitalism will finally start to die, and we will be a nation of smart consumers, great opportunities, and the American Dream will be realized by essentially everyone who will participate in this plan.
Right now the Fair Tax bill is slated to reach the Senate next congressional year, and the biggest obstacle for the Fair Tax is the fact that George W. Bush is in office, and change is not something that Conservative Republicans like. Congressional elections are less than 2 years away, so it is important that we are educated about this plan so that we can let our representitives know that this is what the American People want. It will be very important that we have a more Moderate Liberal such as Al Gore or Hillary Clinton run for the office of the President in 2008, and that this candidates runs on a platform supporting the Fair Tax. The Republicans have held their grip on government far too long and our nation's progress is stagnating.
What are your thoughts on the Fair Tax?