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Panthro

14.1%

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I have zero problem with this idea. Is it yours?

It's called the Fair Tax. I leaned about it from Mike Gravel in 2004.

It's based on what you take from society (through consumption) rather than what you contribute to society (through work).

It also encourages people to live within their means. It would make life for the poor SO much easier, while also discouraging stuff like Bentleys in the ghetto. And it also wouldn't punish the rich like income tax, because it only "penalizes" for excess. If you're responsible with your money, you're all set. If you are buying gold plated spaghetti noodles, you're going to pay a lot of tax on that.

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It's called the Fair Tax. I leaned about it from Mike Gravel in 2004.

It's based on what you take from society (through consumption) rather than what you contribute to society (through work).

It also encourages people to live within their means. It would make life for the poor SO much easier, while also discouraging stuff like Bentleys in the ghetto. And it also wouldn't punish the rich like income tax, because it only "penalizes" for excess. If you're responsible with your money, you're all set. If you are buying gold plated spaghetti noodles, you're going to pay a lot of tax on that.

Who's against it?

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I like the broad strokes of it. Let me amend what I've said....IF we're going to have income tax, THEN a flat tax is a must.

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Who's against it?

I don't know. I've heard arguments from liberals that it's not a progressive tax, and I can see the point and feel the rebate covers that problem.

I think it's just not known or popular enough for people to be "against it."

"Opposition to the FairTax is bi-partisan in Washington. While most co-sponsors are Republican, those supporting the FairTax represent a minority of Republican Members. Eight years of majority rule by the GOP did not see the FairTax enacted. Democrats have been even less moved by the potential of the FairTax."

http://www.fairtax.org/site/News2?page=NewsArticle&id=10339

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Would a consumption tax stymie the economy and industries?

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Would a consumption tax stymie the economy and industries?

The tax only applies to final consumption sale to the consumer, not wholesale or sales to processing/industry. Would cut production cost, which would actually lower prices to the consumer and thus improve the economy.

Of course, this has never been tested, so it's just a theory.

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And now it's about %.

Which is it?

So that's not enough, right? or you don't want to answer me cause you don't wanna face the truth. That this man has kept his legal obligation to the people by paying his taxes, which based by %, is far more than most will pay in alifetime. But he also kept his obligation to his god and donated 44% along with the inheritance his father left. not to mention what he paid the other years of his professional life. No you'd rather try to turn the arguement and not face the fact that your views are not fair and straight biased. This whole eat the rich mentality is stupid. Sounds like a bunch of haters to me. I am probably one of the poorest people I know. But if you're successful and make it big, I ain't gonna be mad at ya.

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The only thing I am jealous of is his tax rate. After my deductions I still paid 25% (payroll, fed, and state).

If I could pay 14% I could save, invest, or spend an additional 10% of my income.

That's what I'm jealous of...

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Fair Tax is just a consumption tax.

Rich people "consume" more right? Bigger cars...bigger houses...bigger food budgets...etc.

I'm for it.

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