Replacing the income tax with a consumption tax

[MikeWaters]

Originally Posted by Mormon Red Death

the good thing about the "fair tax" is that everyone receives a credit (called a prebate) every month to pay for basic necessities.

tp://www.fairtax.org/PDF/FairTaxPrebateExplained2007.pdf

i read from Novak that Thompson attended some sort of political meeting, and was blindsided by fair tax proponents. More people wearing fair tax pins than Thompson pins. And Thompson had done no research and had no response, which disappointed everyone.

Thompson is bush league. Or should I say, Bush league.

[BlueK]

Originally Posted by Indy Coug

According to their FAQ, other nations in the past have used it. I think they are neglecting to mention those nations in the past were in a completely different time and age with dramatically different economies..

It probably fits a modern economy even better because investment is so important and should be encouraged rather than discouraged by the tax system. Our current system discourages it. I think it's also common sense that in a world and economy that runs based on resources that we tax on the resources we consume rather than produce (income).

[Indy Coug]

Serious questions raised about the Fair Tax.

http://www.opinionjournal.com/extra/?id=110010523

[Mormon Red Death]

Originally Posted by Indy Coug

Serious questions raised about the Fair Tax.

http://www.opinionjournal.com/extra/?id=110010523

What Mr. Bartlett fails to disclose is that he would be out of a job as a "tax advisor and lobbyist" if the fair tax was in place. No wonder he raises questions.

[Indy Coug]

Originally Posted by Mormon Red Death

What Mr. Bartlett fails to disclose is that he would be out of a job as a "tax advisor and lobbyist" if the fair tax was in place. No wonder he raises questions.

Well, you can question his motives, but I think the points he raises have merit.

[Mormon Red Death]

Originally Posted by Indy Coug

Well, you can question his motives, but I think the points he raises have merit.

I'm not saying they don't have some merit. Just that one should keep in mind some of the motives behind writing these pieces.

[Detroitdad]

I never thought I would see the day that I would agree completely with Indy Coug on something.

[Indy Coug]

Originally Posted by Detroitdad

I never thought I would see the day that I would agree completely with Indy Coug on something.

Just for future reference, which item(s) do you agree with?

[il Padrino Ute]

Originally Posted by Indy Coug

Serious questions raised about the Fair Tax.

http://www.opinionjournal.com/extra/?id=110010523

I'm with Red Death here. The messenger doesn't want to lose his lucrative job.

There's a simple solution to his scare-tactic questions:

Exemptions would be food, clothing and shelter.

[DirtyHippieUTE]

Originally Posted by SeattleUte

The problem with sales/consumption tax is that it's steeply regressive. The rich pay a much smaller percentage of their income as tax than do the middle class and poor.

This is my main problem with a consumption tax. The burden is not shifted based on considerations of who has the greatest capacity to pay, just on those who consume the most.

Poor people need to buy stuff too... A tax on a car that might represent a 100th of a percent of a wealthy man's income could represent a huge chunk of a poor man's income.