Taylor Talks | Fair Tax Act

A group of House Republicans is proposing the fair tax act, a bill to eliminate federal tax. #taylortalks #bill #tax #IRS

[dalehull]

It sounds good to me! People with more money, spend more money and therefore would pay more tax.

[DeltaRoots]

basically consumption tax.
IRS are the real extortionist

[ToddJamieson]

I have been wanting this for a long time. The powers that be won't let it happen until the people make it happen. Great job.

[HolyBrainBible]

I am all for it do it do it do it do it do it do it do it do it do it

[joshhoward]

It is a good idea. Simple, fair and transparent compared to our current convoluted tax code. It wouldn’t be much different than most of Europe and the VAT tax system.

Has potential to put a lot more money in people’s income (7.65% FICA + potentially p
the payroll side your employer pays of another 7.65% + your fed taxes based on your bracket) and more control. A portion of the 30% would be offset by no corporate taxes (that are passed on to us consumers). The prebate accounts for essential items to the poverty level, but you get to decide what is essential not the government.

Add in no more income tax returns, no more audits of individuals…I’m all for it.

[lisamckenna]

I would be more in control of what I choose to give the government with this plan. I like it.

[J.D.Mc.]

Here's a better idea.
Everyone pays 12% tax to the government, it will never be seen again. No more income brackets, 12% evenly for all rich and poor alike. Then charge 10% evenly for goods at the stores like they do now. 🤷🏼‍♂️

[helenaroman]

Actually not grocery food, but yes on restaurant foods. Goods purchased.

[dljcs]

I feel like they should still tax used items, feels like that's a very exploitable loop hole

[richardgreen]

FAIR FEDERAL TAXES:
- Armed forces should be funded by a tax on individual and business capital. This is the same principle we apply to funding police and fire protection at the local level. (i.e. TAX WEALTH to fund DoD, CIA, NSA, VA, FBI, SS, Coast Guard, customs, border patrol, DEA, ATF, federal marshals, ...).
- USA should tax business revenue (not profit) to the extent necessary to fund Federal business services (DoA, DoC, DoD(R&D), DoE, HUD, DoI, DoJ, DoL, USPS, DoS, DoT, ...). Federal services with identifiable customers should be funded via fees. (e.g. parks, forests, Interstate highways, ATC, NRC, FERC, ...).
- Personal income should only be taxed to fund the few federal services that directly benefit people. (e.g. Medicare, Dept. of Health and Human Services, CDC, ...). A personal income tax provides a way for citizens to hire other citizens to do work that benefits everyone. The personal income tax revenue should match that part of the Federal payroll (including contractors) to fund the few federal services that directly benefit people.

Aside: It is a bad idea to fund operations with debt.
Debt should only be used to "buy now, pay later (as used) " on durable infrastructure that cannot be funded by service fees. (e.g. school buildings, highways, storm drains, ecological improvements). If the Federal Debt exceeds the properly depreciated value of Federally-owned durable infrastructure, we should TAX WEALTH to restore the balance.

[davidtoney]

We have black markets now. The money that is spent in a black market now would still be spent on legitimate markets and would be part of the tax base. The illegal under ground markets of sin and vice are still going to be there just like today. Only difference is, the money will be taxed when spent. Tourists will be part of the tax base as well. You have trillions of dollars in off shore accounts due to tax avoidance. With no income tax, that money can come back in the country and be invested. That investment will create a labor market boom that we haven't seen in our lifetime.

[darchelleskipwith]

I know it would act as a deterrent to my purchasing new things and did that say it would tax rent as well. Like we dont have a high enough homeless population now what do you suppose it would soar too if rents are taxed as well.

[RandyCessna-dhus]

Bull...remember the FAIR TAX folks have been pushing for years and the people don't want it.What if this prebate doesn't reach you.Why not start it at a way lower rate.Model after Texas or Florida.But 23.5%??

[carlosphillips]

Shes wrong there is no 30percent its 23

[briansharvill]

The fair tax proposal means that overnight everything gets 30% more expensive. the food you eat, the water you drink, your mortgage and credit cards, your utility costs, your education, the gas in your car, repairs, medical bills, insurance costs... EVERTYTHING. meanwhile your paycheck has NOT gone up by 30%, so you have LESS money to go around. And of course, what happens to Social Security and Medicare? How would the nation fund these programs that are funded by payroll taxes anyway? They would go out the window of course which means elderly individuals would have NO income so now you have that added financial burden to consider as you are forced to pay 100% of the costs for your parent and grandparents. Of course, we could just turn them all out into the street.
And the so-called fair tax would need to be raised to about a 44% rate just to maintain the status quo. Corporations would have ZERO tax liability and American families would have that additional burden.
The fair tax is not fair, it's another hand out to corporations an explosion in poverty.