Thanks for posting this video. When the income tax is removed, prices will likely drop due to competition. That's the beauty of capitalism. The poor will pay no taxes, due to the Prebate of the FairTax. MORE people will be paying taxes because illegals and criminals will be contributing to the tax collection. Think about it. Over 300 billion dollars will be eliminated from the collection overhead. That alone will help lower prices.
A VAT won't generate enough revenue because it's designed to tax production and very little of what is sold in America today is made in America. The only way to bring production back to America is to eliminate all taxes on production and labor, which means replacing the income tax with the fair tax and avoiding a VAT like an STD.
When income is taxed, innovation and individual accomplishment is PUNISHED.
When consumption is taxed, PRODUCTION and INNOVATION is REWARDED individuals KEEP their ENTIRE PAYCHECK and decide for themselves how much tax they will pay based on the goods and services they consume. Individual responsibility is returned to the equation. LOW INCOME earners are PROTECTED from being unfairly taxed by the PREBATE feature of the bill. EVERYONE will get a check each month to OFF-SET TAXES on essentials.
@donfinder1 The problem is that the poverty line is actually higher than what is being reported by governments. I like the idea of the fairtax but I can't trust these politicians to dd the right things for low earners.
The FairTax proposal is the best chance for Americans to SIMPLIFY the tax collection system with a revenue neutral process. Here's the plan - pass the FairTax - implement the collection process - let the population experience the simplicity - watch the economy react with increased activity and job growth - in 4 years the success of the program will be apparent - then the process of repealing the 16th Amendment begins. The massive 70,000 page IRS tax code will be gone and sanity will return.
Please, Please, Please... Listen carefully to the discussion here. Rep. Jenkins was asking about the VAT tax proposal. That is such an important issue to consider. Layer upon layer of convoluted taxes added to the manufacturing process are being proposed by the VAT advocates. Each time you add a tax on manufacturing or productive creativity - it will stifle the creative process and add costs that will be hidden once again. We want a TRANSPARENT Tax Code that COMMON SENSE can understand.
7:14 the guy is talking about....wait for it... raising taxes on the welthy! He also is suggesting a compromise, VAT for 15 million americans AND a tax on the welthy And an adjusted tax on businesses. Wow, what a concept, compromise!
5:50 how would going with a Fair tax(where the product is taxed and not the people) only promote tax lawyers and accountans, isn't that what the current tax system do? after all, if I owe Taxes, i hire a tax lawyer to bring the amount down and hire accountants to figure out what i owe. If the tax was an over glorified sales tax, I would not need a lawer to dispute how much tax i owe on a snickers bar.
5:38 Lynn Jenkins did not listen to the previous pannel members. Going with a Fair Tax would not layer the tax code, it would replace it. Replace it with a simplER( not a simple, but a simpler) tax code.
If we can't repeal the 16th Amendment, which we can't, this opens us up to be taxed by income AND by national sales. Further, the Fair tax would also create the largest black market ever seen by man as well as opening ourselves up to privacy invasions even the IRS wouldn't dare. This is merely pushing for flawed pipedreams and so prefailed.
Incrementalism is how the traitors of this country dismantled our foundations of liberty and it is the only way to take our country back. Lets get started
Thanks for posting this video. When the income tax is removed, prices will likely drop due to competition. That's the beauty of capitalism. The poor will pay no taxes, due to the Prebate of the FairTax. MORE people will be paying taxes because illegals and criminals will be contributing to the tax collection. Think about it. Over 300 billion dollars will be eliminated from the collection overhead. That alone will help lower prices.
urgener 5 months ago
A VAT won't generate enough revenue because it's designed to tax production and very little of what is sold in America today is made in America. The only way to bring production back to America is to eliminate all taxes on production and labor, which means replacing the income tax with the fair tax and avoiding a VAT like an STD.
VerumAdNauseam 7 months ago
When income is taxed, innovation and individual accomplishment is PUNISHED.
When consumption is taxed, PRODUCTION and INNOVATION is REWARDED individuals KEEP their ENTIRE PAYCHECK and decide for themselves how much tax they will pay based on the goods and services they consume. Individual responsibility is returned to the equation. LOW INCOME earners are PROTECTED from being unfairly taxed by the PREBATE feature of the bill. EVERYONE will get a check each month to OFF-SET TAXES on essentials.
donfinder1 7 months ago
@donfinder1 The problem is that the poverty line is actually higher than what is being reported by governments. I like the idea of the fairtax but I can't trust these politicians to dd the right things for low earners.
im1greatman 6 months ago
The FairTax proposal is the best chance for Americans to SIMPLIFY the tax collection system with a revenue neutral process. Here's the plan - pass the FairTax - implement the collection process - let the population experience the simplicity - watch the economy react with increased activity and job growth - in 4 years the success of the program will be apparent - then the process of repealing the 16th Amendment begins. The massive 70,000 page IRS tax code will be gone and sanity will return.
donfinder1 7 months ago
Please, Please, Please... Listen carefully to the discussion here. Rep. Jenkins was asking about the VAT tax proposal. That is such an important issue to consider. Layer upon layer of convoluted taxes added to the manufacturing process are being proposed by the VAT advocates. Each time you add a tax on manufacturing or productive creativity - it will stifle the creative process and add costs that will be hidden once again. We want a TRANSPARENT Tax Code that COMMON SENSE can understand.
donfinder1 7 months ago
7:14 the guy is talking about....wait for it... raising taxes on the welthy! He also is suggesting a compromise, VAT for 15 million americans AND a tax on the welthy And an adjusted tax on businesses. Wow, what a concept, compromise!
djquazzy09 7 months ago
5:50 how would going with a Fair tax(where the product is taxed and not the people) only promote tax lawyers and accountans, isn't that what the current tax system do? after all, if I owe Taxes, i hire a tax lawyer to bring the amount down and hire accountants to figure out what i owe. If the tax was an over glorified sales tax, I would not need a lawer to dispute how much tax i owe on a snickers bar.
djquazzy09 7 months ago
5:38 Lynn Jenkins did not listen to the previous pannel members. Going with a Fair Tax would not layer the tax code, it would replace it. Replace it with a simplER( not a simple, but a simpler) tax code.
djquazzy09 7 months ago
If we can't repeal the 16th Amendment, which we can't, this opens us up to be taxed by income AND by national sales. Further, the Fair tax would also create the largest black market ever seen by man as well as opening ourselves up to privacy invasions even the IRS wouldn't dare. This is merely pushing for flawed pipedreams and so prefailed.
Incrementalism is how the traitors of this country dismantled our foundations of liberty and it is the only way to take our country back. Lets get started
ChipsShot 7 months ago
Do Kansas a favor and QUIT your job!!!
WolfeWizard1 7 months ago