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Karin
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I am for this…
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Catholig
Guest
Yeah tax the sucessful to death. That’s always the best way to go. How about we have the same kind of progressive tax for the middle class you know 20%+ how’d you like that?
Catholig
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Catholig
Guest
It would be fair if we eliminated all forms of double taxation (such as the death tax) and any taxes on gifts (which the giver already payed for), and then ended the progressive tax so that everyone would have to pay an equal percentage of their income.
Catholig
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rlg94086
Guest
How about the Fair Tax ? That would be even better IMO.
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Catholig
Guest
I visited the website but it makes no sense IMO. Can you explain it any better? What is this about a pre-bate, and what does a progressive retail tax look like? 20% tax on bread? on clothing? That’d be a bit much IMO. It much rather they levied tariffs on foreign goods. A conservative Conservative’s dream
This’d encourage the American Economy (even though it would entitle a bit more cost if you insisted on buying from China).Catholig
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Thekla
Guest
I’d rather tax the non-working wealthy and the inheritors of great wealth. It’s not work I want immersed in taxes but non-work. That would rule out the middle class because they are workers.
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Thekla
Guest
Who says I’m not in the very category you describe? I’m not proposing something for others that I and my family would not be subject to.
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hoosiertoo
Guest
If you don’t feel you pay enough, you always have the option to pay more. Knock yourself out!
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tamccrackine
Guest
well… we can’t have both and I’m poor… so I guess we’re in the same category.
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rlg94086
Guest
I was skeptical as well. The best place for answers is theirI visited the website but it makes no sense IMO. Can you explain it any better? What is this about a pre-bate, and what does a progressive retail tax look like? 20% tax on bread? on clothing? That’d be a bit much IMO. It much rather they levied tariffs on foreign goods. A conservative Conservative’s dream
Catholig
FAQ page:
fairtax.org/fairtax/faqs.htm
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jman507
Guest
Given that a tax on the rich is probably going to end up equalling a loss of middle class jobs, either directly by cutting the wealthy’s spending or indirectly by cutting the wealthy’s capital investment, go for it.
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steveandersen
Guest
The retirees would scream over that one. They live on pensions, investments, and other unearned income.
No politician would risk the wrath of AARP.
So they would have to set up some threshold value below which there would be no (or less) tax. But with returns of 2-5% if you want to get even a modest annual income you would need to have a big sum of money invested. To the poor man it might not sound to good to hear that someone with half a million in the bank is paying no taxes.
Besides a clever rich person could just set up an LLC to manage his investments for him and then pay himself a salary from it. How would the IRS distinguish between that and a lazy rich guy would just left the money in a bank?
Tax reform is always a bear. No one wants to pay; everyone wants the services; and we all think that we pay more than our fair share.
I just don’t know what the answer is.
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MrS
Guest
I suggest that if the politicians choose to work less days than we pay them for… the money for those unworked days be sent directly to the IRS… (or to me)
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Tom317
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So am I, it is the only fair way to do it.
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mary_bobo
Guest
And have they established what rich is?
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Al_Masetti
Guest
If a person contemplating retirement thinks he or she will need an income of $50,000 for some level of comfort (and pay for all the various expenses … taxes on your house are VERY high in New Jersey)… then, if they can get 4% by investing in CD’s (very safe), they would need to put … how much money in the bank?
Well … $50,000 divided by 4% = $1,250,000.
Now, that principle amount of $1.25 million doesn’t give much allowance for inflation … the erosion of buying power owing to the increase in the money supply. So, a retiree would need more than that.
Social security provides maybe half or less of the annual income amount. But basically, somehow, a person needs to be able to sock away in the vicinity of $1 million. That’s assuming they have a house and a car that are paid for.
Those prone to envy might say that’s would make the retiree “RICH”.
But is that really being RICH?
No Learjets there. No servants or mansions. No Rolls Royces. Hardly a jetsetting lifestyle.
And if you want to help your kids out or make a charitable donation (to CA??), then where does the money come from?
And how much must the retiree have scrimped and saved during his or her working life to put away that much money?
And what if the retiree, when he or se was working, encountered some sort of obstacle that caused loss of job or ill health? Does out tax structure allow the worker to save and invest during a few good years? Nope. Higher income results in much higher taxes … because institutional and bureaucratic envy result in the worker being called “rich”.
So, how is a “middle class” worker suddenly supposed to cope with being labelled “rich” because he or she works hard and sacrifices to put money aside for retirement?
Well … $50,000 divided by 4% = $1,250,000.
Now, that principle amount of $1.25 million doesn’t give much allowance for inflation … the erosion of buying power owing to the increase in the money supply. So, a retiree would need more than that.
Social security provides maybe half or less of the annual income amount. But basically, somehow, a person needs to be able to sock away in the vicinity of $1 million. That’s assuming they have a house and a car that are paid for.
Those prone to envy might say that’s would make the retiree “RICH”.
But is that really being RICH?
No Learjets there. No servants or mansions. No Rolls Royces. Hardly a jetsetting lifestyle.
And if you want to help your kids out or make a charitable donation (to CA??), then where does the money come from?
And how much must the retiree have scrimped and saved during his or her working life to put away that much money?
And what if the retiree, when he or se was working, encountered some sort of obstacle that caused loss of job or ill health? Does out tax structure allow the worker to save and invest during a few good years? Nope. Higher income results in much higher taxes … because institutional and bureaucratic envy result in the worker being called “rich”.
So, how is a “middle class” worker suddenly supposed to cope with being labelled “rich” because he or she works hard and sacrifices to put money aside for retirement?
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Karin
Guest
This is not rich by any standard especially in our state of NJ…
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Al_Masetti
Guest
[Sorry, Karin, I got carried away and spent so much time editing my post, that I “wrote over you”. Apologies.]
- Al
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Karin
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hoosiertoo
Guest
The best way to save is to work part time for unreported cash, use a full time job to put savings away pretax and secure benefits.
Even without a full time job, the benefit of working under the table saves you enough in FICA and Medicare withholding to make it worthwhile, and a minimum wage job will give you some legit income and you’ll qualify for a huge subsidy in the form of the earned income credit come tax time. Better yet, you can qualify for state health insurance and food stamps. If you’re really smart, you can “rent” your house from a relative and both of you clean up.
Four households with children can easily knock down in the area of a quarter mil a year.
If you live simply, you can live very well indeed.
The American people are suckers.
Even without a full time job, the benefit of working under the table saves you enough in FICA and Medicare withholding to make it worthwhile, and a minimum wage job will give you some legit income and you’ll qualify for a huge subsidy in the form of the earned income credit come tax time. Better yet, you can qualify for state health insurance and food stamps. If you’re really smart, you can “rent” your house from a relative and both of you clean up.
Four households with children can easily knock down in the area of a quarter mil a year.
If you live simply, you can live very well indeed.
The American people are suckers.
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