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Thread: U.S. tax code rated third-worst in industrialized world

  1. #1
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    U.S. tax code rated third-worst in industrialized world

    U.S. tax code rated third-worst in industrialized world



    Thank God for Portugal and France.

    THIRD-WORST - According to the Tax Foundation's new International Tax Competitiveness Index, the U.S. has the third-worst tax code in the industrialized world.

    http://www.caintv.com/u.s.tax-code-rated-third-worst

  2. #2

    Re: U.S. tax code rated third-worst in industrialized world

    Agreed. The tax code is a mess. It could stand to be simplified.

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    Re: U.S. tax code rated third-worst in industrialized world


  4. #4

    Re: U.S. tax code rated third-worst in industrialized world

    Quote Originally Posted by Guckster
    This system would likely result in heavy losses of revenues. For example, the highest bracket under this fairtax would be 22.6%. However, the effective tax rate of this same bracket under our current system is 24.6%. Which means that those at the top would be paying a lower tax rate even if they spent every last nickel they made each year on new products and services. But that's a big "if." The fact is that the rich don't spend all of their income. They tend to save a lot of it. Which means that they won't be taxed on a lot of those earnings which will lead to even less revenues being collected.

    For example. Let's say I make $10 million a year. Under our current system, I will pay in about $2.5 million a year for taxes. But under this fairtax system, I will now pay about only about $2.2 million. So already we have a revenue shortfall. But that's only if I spend every last nickel of that $10 million on new goods and services under the fairtax system. But I likely won't. The rich wind up pocketing a substantial portion each year. So let's say I only spend $5 million on new goods and services. That means that the taxes I pay in will now be slashed to only $1.1 million a year. The government will only collect half as many tax dollars under the fairtax system.

    Now admittedly, the $5 million is an arbitrary number. It could be $2-3 million, $9 million, or any number in between. The point is that the rich won't spend all of their money, which means that we will see less revenues collected.

    And like it or not, but the rich do make up the bulk of the taxes paid in this country. Some 90% of it. If you cut their tax burden in half, which fairtax very well could, we would see massive budgetary shortfalls. Either our deficits would balloon, or we would have to cut government spending nearly in half. Neither of which I think is realistic.

  5. #5

    Re: U.S. tax code rated third-worst in industrialized world

    Clearly, you don't know squat about the FairTax. Do you think they pulled the number out of their arse? The tax rate (there are no "brackets") was established based on the amount of money needed to be revenue neutral based on taxable sales nationwide. The government would receive the exact same amount of money, but in a more efficient way.

    As for your roundabout "equity" argument, the impact of the "prebate" is much more significant to the poor than the rich, so that balances things out nicely. As a bonus, you control how much you pay in taxes. If you don't want to pay the tax, buy used instead of new where ever possible. Since rich people will probably not scour the Goodwill store looking for an evening gown to wear, this will have a greater benefit to folks with moderate incomes than large ones.

    http://162.144.59.223/~fairtaxorg/wp...on-FT-rate.pdf

  6. #6

    Re: U.S. tax code rated third-worst in industrialized world

    More light reading if you're actually interested in understanding the idea before you try to start trashing it:

    http://162.144.59.223/~fairtaxorg/wp...tes-110206.pdf

  7. #7

    Re: U.S. tax code rated third-worst in industrialized world

    Huey won't take the time to educate himself. The DNC won't allow his computer to click the websites to read the truth.
    Those who can make you believe absurdities can make you commit atrocities.


    Voltaire (1694 - 1778)

  8. #8

    Re: U.S. tax code rated third-worst in industrialized world

    Quote Originally Posted by NoleGrad83
    Huey won't take the time to educate himself. The DNC won't allow his computer to click the websites to read the truth.

    Ooohh, that line just keeps getting better and better.



    :roll:

  9. #9

    Re: U.S. tax code rated third-worst in industrialized world

    Even though its been used only once. Interesting.
    Those who can make you believe absurdities can make you commit atrocities.


    Voltaire (1694 - 1778)

  10. #10
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    Re: U.S. tax code rated third-worst in industrialized world

    As I say, school is always in, but the ones who need it, will condemn it before they will even consider it.

  11. #11

    Re: U.S. tax code rated third-worst in industrialized world

    Quote Originally Posted by The Tradition
    Clearly, you don't know squat about the FairTax. Do you think they pulled the number out of their arse? The tax rate (there are no "brackets") was established based on the amount of money needed to be revenue neutral based on taxable sales nationwide. The government would receive the exact same amount of money, but in a more efficient way.

    As for your roundabout "equity" argument, the impact of the "prebate" is much more significant to the poor than the rich, so that balances things out nicely. As a bonus, you control how much you pay in taxes. If you don't want to pay the tax, buy used instead of new where ever possible. Since rich people will probably not scour the Goodwill store looking for an evening gown to wear, this will have a greater benefit to folks with moderate incomes than large ones.

    http://162.144.59.223/~fairtaxorg/wp...on-FT-rate.pdf
    Actually I do think they made it up. Fairfax results in a lower tax rate for the top one percent, who happen to pay 90 percent of the taxes. It eliminates revenue from capital gains, estate, and corporations. And it doesn't even generate any revenue through the sale of used goods. If you want to buy their claim that it's revenue neutral, you're welcome to it. But please use some common sense first. It's nothing more than snake oil.

  12. #12

    Re: U.S. tax code rated third-worst in industrialized world

    Numerous studies, including those done by conservative think tanks, have debunked the revenue neutral myth. It simply can't be done with the percentages Fairfax gives. And we haven't even gotten into compliance yet. Without an IRS what exactly is preventing companies from underreported their sales? The honor system? And since Fairfax doesn't tax used goods, it would supply a heavy disincentive against buying new goods. Google it. Fairfax gets owned all over the place when real experts get into the meat and potatoes of it.

  13. #13

    Re: U.S. tax code rated third-worst in industrialized world

    [quote=Huey Grey]
    Quote Originally Posted by "The Tradition":1ircu9ak
    Clearly, you don't know squat about the FairTax. Do you think they pulled the number out of their arse? The tax rate (there are no "brackets") was established based on the amount of money needed to be revenue neutral based on taxable sales nationwide. The government would receive the exact same amount of money, but in a more efficient way.

    As for your roundabout "equity" argument, the impact of the "prebate" is much more significant to the poor than the rich, so that balances things out nicely. As a bonus, you control how much you pay in taxes. If you don't want to pay the tax, buy used instead of new where ever possible. Since rich people will probably not scour the Goodwill store looking for an evening gown to wear, this will have a greater benefit to folks with moderate incomes than large ones.

    http://162.144.59.223/~fairtaxorg/wp...on-FT-rate.pdf
    Actually I do think they made it up. Fairfax results in a lower tax rate for the top one percent, who happen to pay 90 percent of the taxes. It eliminates revenue from capital gains, estate, and corporations. And it doesn't even generate any revenue through the sale of used goods. If you want to buy there claim that it's revenue neutral, you're welcome to it. But please use some common sense first. It's nothing more than snake oil.[/quote:1ircu9ak]


    Showing your ignorance again. The FairTax actually goes after wealth, not just income. So, imagine the guy with $20 million in the bank and makes $1,000,000 a year. He decides to buy a $5,000,000 yacht. So, he's paying more in taxes than he would have under the income tax scheme.

  14. #14

    Re: U.S. tax code rated third-worst in industrialized world

    Quote Originally Posted by Huey Grey
    Numerous studies, including those done by conservative think tanks, have debunked the revenue neutral myth. It simply can't be done with the percentages Fairfax gives. And we haven't even gotten into compliance yet. Without an IRS what exactly is preventing companies from underreported their sales? The honor system? And since Fairfax doesn't tax used goods, it would supply a heavy disincentive against buying new goods. Google it. Fairfax gets owned all over the place when real experts get into the meat and potatoes of it.
    I provide links to academic papers and you provide "google it."

    I think this shows us a lot about you.

  15. #15

    Re: U.S. tax code rated third-worst in industrialized world

    Good God, man. Even Forbes thinks Fairfax will fail. It's a pipedream that you've bought into hook, line, and sinker.

  16. #16

    Re: U.S. tax code rated third-worst in industrialized world

    Still no link.

    I've never read anything in the mainstream media where the author actually understands the proposal. Any negative commentary I've ever read is chock-full of assumptions that aren't part of the FairTax.

    But if you think Forbes nailed it, post it and I'll see if this follows the trend.

  17. #17
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    Re: U.S. tax code rated third-worst in industrialized world

    He id full of Ish....


    Fairtax explains everything on it's website. You are a kicking and screaming Propagandist.

  18. #18

    Re: U.S. tax code rated third-worst in industrialized world

    Quote Originally Posted by Huey Grey
    Good God, man. Even Forbes thinks Fairfax will fail. It's a pipedream that you've bought into hook, line, and sinker.

    Is it really that difficult to type a t rather than an f when you write the word?
    Those who can make you believe absurdities can make you commit atrocities.


    Voltaire (1694 - 1778)

  19. #19

    Re: U.S. tax code rated third-worst in industrialized world

    Quote Originally Posted by Huey Grey
    Good God, man. Even Forbes thinks Fairfax will fail. It's a pipedream that you've bought into hook, line, and sinker.
    Well, you guys bought into the ACA... :o

  20. #20

    Re: U.S. tax code rated third-worst in industrialized world

    Quote Originally Posted by NoleGrad83
    Quote Originally Posted by Huey Grey
    Good God, man. Even Forbes thinks Fairfax will fail. It's a pipedream that you've bought into hook, line, and sinker.

    Is it really that difficult to type a t rather than an f when you write the word?
    I've got an f for you. It's an FU.

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