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home : opinion : letters to the editor May 26, 2016

10/15/2013 10:34:00 AM
Fair Tax

Editor, Times-Union:
The Fair Tax is a National Sales Tax that replaces the National Income Tax. All the energy spent filing tax returns would be free for productive purposes. The IRS would be a thing of the past. As people had the freedom to choose what to do with all their income, our economy would grow. For more information go to www.fairtax.org
For the first time in history the Fair Tax will receive a vote in the House Ways and Means Committee. This vote will be sometime between late October to the middle of November.
We need your help. If you have had enough of Washington’s abusive, intrusive games, please call members of the House Ways and Means committee and ask for a vote in support of HR25, the Fair Tax, and we want a roll call vote so at the end of the day, we know who stood for the Fair Tax.
The list of the members of the House Ways and Means committee can be found on the main page of www.FairTaxNation.com
Craig Nayrocker
Warsaw



Reader Comments

Posted: Saturday, October 19, 2013
Article comment by: Stephen Eldridge

I answered Mr. Eppenebaugh, but it seems to disappeared.

The is a NEW IRS that will be MORE INVASIVE than the old one.

You failed to read what I wrote. "The FT hits us with a 40-70% in-your-face retail sales tax that would spark a taxpayer rebellion that would destroy our 70% retail-sales-sensitive economy. 40% = 30% FT + e.g., 10% State sale sales tax and 70% is the rate needed at a sample 30% FT evasion rate (the FT incredibly assumes ZERO evasion and ZERO intentional reduction in spending and some migration from new to used goods)."

If jeans cost $100 (BEFORE adding FT) the FT you add is $30 and the total is $130 (the FT tries to con us by telling us that $30 is ONLY 23% OF $130.

I am confident that I understand the FT in far more depth than does Mr. Eppenbaugh.


Posted: Wednesday, October 16, 2013
Article comment by: Gary Eppenbaugh

Mr. Eldridge,

A lot of what you wrote about the Fair Tax is a fraud. First and foremost, is the Fair Tax ELIMINATES the IRS. Any Revenue enforcement would happen under the Department of Treasury because the money would come from the states which are already set up to deal with tax collection. On top of that, the states get to keep 1/4th of 1% of revenue they collect from business.

I don't know where you get that 70% retail tax. The Fair Tax is a 23% embedded tax of new goods and services. So a pair of jeans that cost 100 dollars (it helps with math here) will still cost 100 dollars, with 23 dollars going to the government for tax and 77 dollars being the cost of the jeans. The only way that the Fair Tax is "progressive" is the more people buy new, the more they would pay in tax. With the prebate, the poor get the most benefit. The benefits are so good that eventually the states would have to eliminate their tax structures and create a state Fair Tax.

The Fair Tax turns the United States into the largest banking heaven in the world because NO money that is in U.S. banks is taxed by the Federal Government. We can bring 11 Trillion dollars in overseas banks that are held by Americans back to the United States (after they pay their fine for back taxes under the income tax code).

I don't think you have fully understood the Fair Tax, comment back and I'll be more than happy to fill you in.


Posted: Wednesday, October 16, 2013
Article comment by: Stephen Eldridge


The “Fair Tax” is a Fraud – we need a 10% Tithe!

I am a retired tax lawyer/CPA, with no continuing financial benefit from ANY tax system. I can support every comment I make - for supporting details, call Stephen C. Eldridge tel. 423-532-7337

The so-called “Fair Tax” (“FT”) is a fraud – it is MORE WEALTH REDISTRIBUTION, AND a Bernie Madoff financial scam.

In their own words, FT proudly advertises that it is MORE PROGRESSIVE (INCREASES WELFARE). The Prebate is advertised as merely repaying the poor for any FT they pay, but actually would pay them far more than any FT they might pay and also gives the working poor free SS/Medi.

The FT hits us with a 40-70% in-your-face retail sales tax that would spark a taxpayer rebellion that would destroy our 70% retail-sales-sensitive economy. 40% = 30% FT + e.g., 10% State sale sales tax and 70% is the rate needed at a sample 30% FT evasion rate (the FT incredibly assumes ZERO evasion and ZERO intentional reduction in spending an
d some migration from new to used goods).

IN ADDITION to that 40-70% tax, the FT contains several HIDDEN TAXES. FT’s 30% rate is really 42+% the 12+% is hidden by having fed + S/L govts paying FT – they must get that money from you. The initial 30% rate is 1-5% short and that plus any other revenue shortfall will have to be made up by raising more FT (or a NEW Income Tax), the fed budget for SS will rise because of the FT – SS COLA of almost 30% and fraudulent new SS benefits – and more FT (or a NEW Income Tax) we be required to fund these.

The NEW IRS will be far worse, far more invasive than today’s IRS b(the buyer is liable to pay FT and get/show a receipt) – we may well have to file an “Annual FT Summary”.

We may well wind up with BOTH a NEW Income Tax AND the FT.

What we need is a Flat Income Tax with No Deductions, No Exemptions, No Credits and a 10% rate, with business income taxed to shareholders on a very simple basis (i.e., no corporate income tax) – See H.R. 1040, but with changes as noted here. Call your representatives in Congress and let them know that this is what you want.




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