The Fair Flat Tax Act

According to The Kiplinger Tax Letter, Congress is on the move to increase government revenues. Senate Democrats have a plan to raise nearly $1 billion more for their 2008 budget. This means you can expect to be paying more in taxes in the near future. Rick Kahler, CFP, resides in Rapid City, South Dakota and is a fee-only financial planner. He is the co-author of "The Financial Wisdom of Ebenezer Scrooge" and "Conscious Finance," both available on Amazon.com. You can learn more about Rick at wwww.kahlerfinancial.com

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[12FlyMe]

FT is a massive new hidden tax, which they hide in the fine print. Not only is it hidden -- its absurd nonsense, which is WHY they hid it to be begin with.

Fairtax fine print has ALL cities, counties, and states, even the fed government, paying massive taxes.

Where will they get the money - magic?

And why hide this in the fine print -- ? I know why they hide it - and so do they: Cause its BS

Google Fairtax absurdity.

[12FlyMe]

Interesting -- what's your opinion of the Fairtax -- and if you support it, did you know it puts the world's highest sales tax on all city and state spending? All government enties of all kinds, would suddenlly have to pay this tax.

How would they pay for this tax?

More important - why doesn't Fairtax tell state and local governments up fron they would have to pay this?

They sorta hide that fact. I wonder why?

Google Fairtax absurdity -- my blog comes up first.

[MarkDouglasC]

Who's plan is this? Im in favor of taxing all income the way we tax work, the self employed, the small businessman. Why should work be punished? Why should I invest in 400K in my education (say as a surgeon) or a million in my business, then pay very high taxes on my income? Someone else invest 400K in stocks, and pays far less tax than I do. Why? Why is my investment punished? Just tax all income alike, and let the market work.

[Piscivorus]

...23% inclusive.

[Piscivorus]

The fair tax only applies to federal taxes.

15% income taxes + 6% payroll taxes + 20% hidden taxes (corp, and capital gains taxes) means you're actually paying about 41%.

The Fair tax would replace all that with a 31% sales tax.

[Piscivorus]

Taxes on business, capital (which includes land) or income are totally anti-American. They do nothing but give Congress carte blanche on the people's wealth. As long as our elected leaders can take whatever they want from us without our permission or approval, they have no incentive to respect our rights or consider our best interests, but have every incentive and opportunity to exploit us for their own interests.

[cowboy1165]

Sorry these posts go from bottom to top. I'm sure there is some chance of a terrorist attack. But I am confident in our millitary to go back in (if provoked) with a full scale assult. This Micky Mouse policing of the middle east is killing out troops. Have you even given concideration that our forign policies interference over there has brought on terrorist attacks. Do the research yourself don't rely on the idiot mass media. You are loosing your freedoms by the day. (Take the red pill.)

[bs2137]

Ron Paul is mentioned in the comment below mine, he is not what this country needs. Are you saying you would rather put your and others life in jeopardy here on US soil than somewhere else? And did you really just compare our founding fathers to the liberals of today??? They didn't back down from a fight nor did they ignore their faith in God. And for the record, you tube is not a reliable source for research.

[cowboy1165]

First of all what did Ron Paul have to do with this?

Second, since you brought it up. I would rather brave the thought of a terrorist attack over allowing the republic of America to be lost forever. It's time to change our forign and monitary policy. Previous politicians created the insentive for the modern middle east to hate us. (If you want the proof do the research, It's right here on youtube.)Then watch the movie (Red Dawn). By the way our founders were liberals.

[ericblr]

The "fair tax" would really hurt Texans who already pay 8% state and local sales tax. So that would bring my sales tax to 31%. No thanks!