Bruce Bartlett, served as Deputy Director on the Joint Economic Committee under
Ronald Reagan and Treasury official under HW Bush, wrote an article, "Why
the FairTax Won't Work." Anybody interested in this issue and
desiring a more thorough understanding should read this interesting evaluation.
I actually Googled up this tax proposal and read part of it. It's almost
as long as the Affordable Care Act.I'm not an attorney, but I
think I could see many, many loopholes in it. It MIGHT be a good idea. But
only if it is crafted very tightly and very carefully.
Most people smart enough to succeed in making money are also smart enough to
minimize their taxes. Our legislators who have been shielded from reality will
pass laws with unintended consequences and smart accountants and attorneys will
circumvent paying high taxes. This has been a historical fact and it will not
change. Finding the lowest tax bracket is not more unethical than finding ways
to receive government subsidies for those who do not want to work.
Thank you, Roy Newsom of Texas! Finally someone with sense! Raising taxes on the
wealthiest Americans by most estimates will create less than $100 billion per
year in added revenue. That's the upside. The downside far outweighs this
benefit. What is that downside? Well it's something that the incompetent
men and women in Washington simply must not have considered. That is, that the
wealthy are simply not going to pay that $100 billion. Impossible, you say. They
have to pay it, you say. It would be wrong for them not to, you say. Well
I'm saying no, they are not going to pay it. They'll hire an army of
accountants and tax lawyers to get them out of paying. Or, if that doesn't
work, they'll just move to Hong Kong or Singapore. It's simple
economics. Either radical changes need to be made to the tax code, like a Fair
Tax, or watch all of the moneymakers in this countries run for their lives,
taking everything of value with them. They simply are not going to keep
producing while freeloaders keep consuming.
The income tax creates a stagnant economy for the United States, is a lie. Threats like “Companies have moved overseas to give their
investors a tax advantage. They will not return to the U.S. until our system
gives them an advantage in the world market”, are referred to as
BLACKMAIL. The Fair Tax Act (H.R. 25) is not fair. The most fair
tax to support our government would be a flat income tax on every income, from
every source, without exemption and without deduction. It will
allow people to keep 100 percent of their paycheck, is a lie. We work to obtain
money to be spent on the things we want and need. Things we cannot live
without. If the price we pay is raised, we will only be able to buy less of the
things we need.“let them save all the money they want and pay
taxes only when they spend it, eliminate taxes they don't even know they
are paying, lower interest rates and make April 15 just another beautiful spring
day”, sounds awfully like the grandiose promises of the scam artists.
Dennis kucinich 2010 bill was a thousand times better than the fair tax bill and
it went no where. We wouldn't even have federal taxes if we would let our
own government create our money supply instead of privately owned banks.