I see the captioned, What happened?. Its actually not as complicated as people think. First, 43 years have passed by. Secondly, our tax code has been changed or has had items added to it over 16,000 times. In case you think that is a typo, that is sixteen thousand! Think about this, if we switched to the fair tax system we would be a domineering country. Dont confuse the fair tax with a flat tax. The fair tax is a consumption tax. You simply pay a 23% imbedded tax on things you purchase. If you dont purchase anything, you dont pay a tax. This isnt a system to avoid taxes, it is a system to simplify the tax process. The government would not need to know your income and unless you own a business, April 15th is just another day. The IRS would shrink by over 50%. So now foreign tourist would pay a tax, illegal immigrants would pay a tax and the black market would pay taxes. Of businesses polled, 80% would build their next factory or location in the US and 20% would uproot and move here. Over seas bank account would also move back into the US. When Warren Buffet commented on his secretary paying more income tax than he did, this would not be the case. But if you knew the tax system you would know, Warren doesnt earn an income to pay taxes on! He never mentioned how much he pays in capital gains though. There is a lot to learn, all I know is this; the fair tax is the best way to fix our country. And as most people want, the rich would still pay most the taxes.
Posted on: Thu, 23 Jan 2014 00:01:47 +0000
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