April 20, 2015
Monday PM

The Fair Tax ( FT ) is a Fraud we need a 10% Tithe! FT is MORE WEALTH REDISTRBUTION, AND a deceptive financial house-of cards.

The FT advertises that it s MORE Progressive. The Prebate is advertised as merely repaying the poor for FT they pay, but would actually pay them far more than any FT they might pay (i.e., they pay ZERO tax and RECEIVE a large tax welfare check) and also gives the working poor free SS/Medicare.

The FT produces a 40-70% in-your-face retail sales tax that would spark a taxpayer rebellion that would destroy our 70% retail-sales-sensitive economy. The 40% is the sum of 30% FT + e.g., 10% State & Local sales tax the 70% is the rate needed at a sample 30% FT evasion rate (the FT incredibly assumes ZERO evasion and ZERO intentional reduction in spending).

IN ADDITION to that 40-70% tax, the FT contains several HIDDEN TAXES. FT s 30% rate is really 42+%; the 12+% is hidden by having govts paying FT they must get that money from you. The initial 30% rate is 1-5% short. The FT causes the fed budget for SS to rise by 1) SS & all federal pension COLA s of almost 30% and by 2) fraudulent new SS benefits.

The NEW IRS (i.e., the STAA) could be more invasive, than today s IRS if they decide to audit consumers and, we may have to file an Annual FT Summary .

Far worse is that we may well wind up with BOTH a NEW Income Tax AND the FT Congress would surely repeal FT's laughable Sunset Clause and the 16th Amendment will not be repealed any time soon the large tax revenue shortfall (because FT absurdly "assumes" no evasion/avoidance) would be all the excuse Congress needs to add a NEW Income Tax.

We need a Flat Income Tax with No Deductions, No Exemptions, No Credits and a 10% rate. Call your reps in Congress and let them know that this is what you want.

Stephen C. Eldridge
Cosby, TN

About: "Retired tax lawyer CPA"

Received April 10, 2015 - Published April 20, 2015

Tax time! By Joe O'Hara

 

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