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Fair Tax

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Allthingznew

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Aug 26, 2007
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It is not my intent to start a political discussion, so please keep any response focused away from elections and/or candidates. That said, we had a candidate win in Iowa who favors the Fair Tax. His views are here http://www.mikehuckabee.com/?FuseAction=Issues.View&Issue_id=5 (MJ, if you find the link inappropriate feel free to delete)

I only reference this candidate and his view to ask the question, what if, and what does this mean for us?

Diane mentioned in another thread we may face both a Federal sales tax and a Federal income tax, which is what the Fair tax could mean for us.

Is it really possible for the president to put the IRS out of business? And if one could, what might that mean in future years, when that person is no longer in office? How does that effect us both on a personal level and on a business level, and what do we do? Thoughts?
 

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MJ DeMarco

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I'm all for a tax overhaul but that fact is, Congress dictates these changes. A president such as Huckabee or Ron Paul cannot "wipe clean" the tax code and immediately institute a "Fair Tax" or any other tax overhaul. The job of changing the code will come down to Congress and you can bet that will never happen ... if Congress can't get their monies and earmarks (which comes from TAXES) they can't serve their constituencies and special interests. This is on both sides of the aisle, not any particular party. A president can push it, but only Congress can do it.
 

WheelsRCool

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Aug 12, 2007
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Well from what I've read (I'm about to read the Fairtax Book) most tax revenue comes from sales tax, and since tax cuts always result in more tax revenue for the government (because people spend and invest more, etc...hence sending more in sales tax revenue), then theoretically no income tax would result in even a good deal more tax revenue for the government through all the sales tax.

But politicians make terrible economists, and also aren't balsy enough for something like that.

Sort of like how education is really for the States to handle, and Reagan wanted to eliminate the Department of Education, but the Congress said no.

Maybe if we ever get a large Congressional majority made up of Reagan-type Republicans and a Reagan-type of Republican for President again, it might happen, but otherwise, I doubt we will get the Fairtax ever.
 

Diane Kennedy

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Aug 31, 2007
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My best guess is that we're going to get income tax PLUS national sales tax.

BTW I am 100% a believer in the predictions of The Sovereign Individual. If you haven't read it yet, do so. That's where I think the US tax system is headed .....and why all the businesses that can will opt out of the system.

I was in Australia when Rupert Murdock had his little disagreement with the Aus tax authorities. Basically, as the wealthiest person in the country BY FAR, he decided how much he should pay in tax for his business. Tax guys disagreed and he said "Fine. I'm moving my company to a satellite" They settled for what he wanted to pay them.
 

Allthingznew

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Aug 26, 2007
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I'll check the book out. Thanks
 

WheelsRCool

Contributor
Aug 12, 2007
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My best guess is that we're going to get income tax PLUS national sales tax.

Yeah, that would be one reason not to pass the Fair Tax right now, because first we should get a Constitutional amendment that would prevent any income tax being added in addition to the national sales tax. But such an amendment would be especially tough to get passed right now.
 

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