Abolish the Income Tax: Steve Forbes and Peter Schiff

Quote from achilles28:

1) 10-20%

2) Same as any State or Sales tax already in place - for example, 15% on sticker price at the register for all end-consumer goods and services. In your example, Walmart would charge 15% on 50$ dollars. 15% of 50 cents (import price of glasses) is considered an import tariff or customs duty and something altogether different than a consumption tax.

3) Why would a sales tax be applied to wages? A consumption tax is only applied to end-consumer goods and services - a haircut, electronics, car wash, a guitar lesson, a new pair of shoes, a car etc. The point of the consumption tax is to get rid of the income tax and only tax purchases instead of income. Exemptions would be the same as they are now for homes, interest, (maybe) insurance.
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This my encourage saving. The Federal Reserve is all about debt. Remove the Fed and we all prosper.
 
Quote from FattBurger:

This my encourage saving. The Federal Reserve is all about debt. Remove the Fed and we all prosper.
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The thought of widespread prosperity once central banks are removed is just as ridiculous as the idea of central banks being the only way trough which prosperity can be build.

It's really false retoric.
 
Quote from Free Thinker:

actually its even less. i plugged it into my turbo tax software. married filing jointly =$99230.00. thats before deductions so i could get it even lower in actual practice.
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That's still just Federal income tax though not OASDI, sales taxes, use taxes, fuel taxes, all the taxes diguised as fees and all the other penny ante crap.

It's still moot though, it's not like they just don't get it that a flat tax is more logical, the income tax has nothing to do with revenue it's just central planning in disguise.
 
Quote from FattBurger:

This my encourage saving. The Federal Reserve is all about debt. Remove the Fed and we all prosper.
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Right....because the past ~ 100 years since the Fed has been around has been soooo terrible for America.......
 
Quote from Debaser82:

The thought of widespread prosperity once central banks are removed is just as ridiculous as the idea of central banks being the only way trough which prosperity can be build.

It's really false retoric.
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he is an example of what happens when you eliminate history from education. before the days of the fed the us went through many more boom and bust periods.
 
Quote from Kassz007:

Right....because the past ~ 100 years since the Fed has been around has been soooo terrible for America.......
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All you get from the fed is debt and inflation, tell me otherwise.
 
Quote from Free Thinker:

he is an example of what happens when you eliminate history from education. before the days of the fed the us went through many more boom and bust periods.
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The current state of employment is what you get from over educated fiscal flunkies who have never run a business.
 
Quote from FattBurger:

All you get from the fed is debt and inflation, tell me otherwise.
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You need to ignore him.. he's a total idiot! His understanding is small, but he runs his mouth BIG.
 
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