CNN Poll: Majority want tax increase for wealthy and deep spending cuts

[nutmeg]

Quote from Lucrum:

Thanks for taking the time. I've been an ardent proponent of an overhauled/simplified tax structure ever since I filled out my first 1040 form around 1980. Even with software like Turbo tax, I muse every April about how I'd love to be locked in a room with the assholes who dreamed up our tax code. So I could bash their fucking skulls with a baseball bat. And I don't even like baseball.

that's so funny. What makes that funny is it is almost word for word from the guy who does my taxes. He's saying this to me, my eyes glaze over, I say "how much do I owe, c'mon where do I sign, go home already".

 

[AAAintheBeltway]

The time you have to waste on preparing your taxes or keeping and organizing the necessary records for a preparer is like an additional tax. The amount of money wasted on tax planning and avoidance is extraordinary.

 

[seneca_roman]

Quote from BSAM:

Again SR, I'm not Neal Boortz or John Linder. (They wrote the book.) Yet, you keep ranting toward me as if I have all the answers. I may not be totally in favor of everything in the FairTax. However, having said that, the FairTax is a HUGE step in the right direction.

The FairTax wasn't written by BSAM, but in general, I support it. Does a tax plan have to be a perfect 10 to meet your level of acceptance? Good luck with that.

Yes, you do need to buy the book. And I will repeat this to you as often as necessary. You seem to be curious and want me to be able to satisfy all your questions about a tax plan that is probably not perfect in its current form.

Here are two ways you can do your own research on the FairTax plan. Not some similar (maybe) plan that was implemented in 21 other countries; but the FairTax plan.

1. Buy the book.

2. Go www.fairtax.org Then, near the top/left, click on "About the Fair Tax". Then, in the left hand column, click on FAQ.

This may surprise and enlighten you (and others) a lot.

Now...Do you believe there is a huge underground economy in the U.S., consisting of people who pay no tax?

(Before you get too excited again, remember, I didn't write the plan and it is not perfect, IMO. But, it would be a great start.)

I got the book and read a bit of it and was not impressed because the entire success of this approach is based on an economic assumption that is tenuous at best.

For example the author claims that about 25% of the price of everything we consume is embedded taxes. Yet in my gasoline example, an industry I'm familiar with, no where near that amount is embedded tax as oil price is set on a global basis and oil is at least 90% of the price of gasoline.

Seneca

Seneca

 

[Max E.]

You inadvertently shot yourself in the foot with The example you have provided and proved that taxes are cooked into the price of goods, this example works against you, the reason there is not a 25% tax price embedded in the price of gas in the U.S. is because the U.S. subsidises oil companies, if you go to canada where they tax the shit out of oil companies you pay 1 dollar more per gallon, even though canada has all the oil, and they supply a large percentage of U.S. oil. If you go to Europe you pay 3 more dollars per gallon. Here is an example from Canada. 32% of the cost of gas in Canada is taxes, because the government in Canada soaks the oil companies.




What You Pay at the Pump


2007 Canadian Average Pump Price
Data Source: MJ Ervin & Associates
Petro-Canada Refining & Marketing Profit


Here’s a breakdown of the factors that determine the price you pay at the pump. For more information about these factors, please visit our Pump Talk blog.

Taxes
Taxes are one of the largest components of Canadian retail pump prices.
In 2007, Canadians paid an average of 32.5¢ tax on every litre of gasoline. That represents a little over $16 on a 50-litre fill.
Taxes on gasoline vary by province, which often leads to regional differences in pump prices.
On July 1, 2010, the governments in Ontario and British Columbia will harmonize the Provincial Sales Tax (PST) with the Federal Goods and Services Tax (PST) to create a Harmonized Sales Tax (HST). For more information, visit the Canada Revenue Agency website.

http://retail.petro-canada.ca/en/fuelsavings/2132.aspx

Quote from seneca_roman:


For example the author claims that about 25% of the price of everything we consume is embedded taxes. Yet in my gasoline example, an industry I'm familiar with, no where near that amount is embedded tax as oil price is set on a global basis and oil is at least 90% of the price of gasoline.

Seneca

Seneca