Fair tax

[moneymonger]

Let me clairfy. I am not talking about tax evasion or avoidance.
I am just challanging the inherent inequality of the current progressive income tax and how many citizens(and corporations)
derive special rights and privegles(subsidies) at the expense of others who are not so fortunate. To me, this is a worthy cause to
challange in court(although I admit it would probably fail in the Supreme Court at this time) Let us not forget ,though, the Courts once ruled that humanbeings were property. The current tax
system is now stacked in favor of corporations at the expense of
individual rights and freedoms.

 

[peilthetraveler]

You like the fair tax until uncle sam says...Hey...you just bought 100 shares of GOOG. Wheres our 10k in taxes?


If fair tax is passed and the government isnt getting the same or close to the same taxes as they hoped, you know they will come after traders for more income.

Not to mention there will be a black market for goods. I mean, why buy that plasma TV for 2500 in a store when theres a ton of guys selling them on the street for 2000?

 

[AlpineTrout]

Quote from peilthetraveler:

You like the fair tax until uncle sam says...Hey...you just bought 100 shares of GOOG. Wheres our 10k in taxes?

Do you see a sales tax on stocks you buy now? Why do you think the FairTax would apply to stocks?

 

[futures_shark]

Quote from AlpineTrout:

Do you see a sales tax on stocks you buy now? Why do you think the FairTax would apply to stocks?

Maybe a better question is why do you think it wouldn't? They plan to have it apply to real estate and there is no sales tax on real estate now.

 

[AlpineTrout]

Quote from peilthetraveler:

If fair tax is passed and the government isnt getting the same or close to the same taxes as they hoped, you know they will come after traders for more income.

How would they do that? If they want to increase the FairTax from 23%, they'd have to raise the tax on EVERYONE. This is one very nice part of the FairTax. It won't be easy to change when they'd be effecting EVERYONE. Plus, it would require a super majority vote.

 

[AlpineTrout]

Quote from peilthetraveler:

Not to mention there will be a black market for goods. I mean, why buy that plasma TV for 2500 in a store when theres a ton of guys selling them on the street for 2000?

There will always be a black market. Do we just throw away a great idea, because of black market assholes?

 

[AlpineTrout]

Quote from futures_shark:

Maybe a better question is why do you think it wouldn't? They plan to have it apply to real estate and there is no sales tax on real estate now.

Only tangible goods & services.

 

[gnome]

Quote from peilthetraveler:

You like the fair tax until uncle sam says...Hey...you just bought 100 shares of GOOG. Wheres our 10k in taxes?


If fair tax is passed and the government isnt getting the same or close to the same taxes as they hoped, you know they will come after traders for more income.

Not to mention there will be a black market for goods. I mean, why buy that plasma TV for 2500 in a store when theres a ton of guys selling them on the street for 2000?

No sales tax on investments, only "capital gains" taxes on profits at the "fair tax" rate.

Sales tax on consumables and services... with perhaps exemptions for non-prepared food, utilities, and the like.

 

[AlpineTrout]

Quote from gnome:

No sales tax on investments, only "capital gains" taxes on profits at the "fair tax" rate.

Nope. No capital gains tax either. Guys, this is a no brainer for traders. Really.