...And Days of Auld Lang Syne
Happy New Year to you and yours!!
May the coming year hold much happiness and many blessings and few sorrows.
See you next year!!!
“The time has come,” the Walrus said, “To talk of many things: Of shoes—and ships—and sealing wax— Of cabbages—and kings— And why the sea is boiling hot— And whether pigs have wings.” (Lewis Carroll)
That is why withholding was first instituted, Gma Jo. When the income tax was first levied against on the top 5% of the population, it was a lump sum payment; when it was decided to tax ALL earners, withholding was used to hide the amount that those earners were paying, as the masses would never have accepted the toll placed upon them, at least without requiring the government to account for it's expenditures in a much better fashion than they would ever be willing to do.How is a sales tax, especially an embedded tax, any better? At least with the income tax there is an end of year accounting—at some point you know how much tax you payed. Do you have a sales tax in your state? If you do, do you add up the tax on each receipt on each purchase? I sure don’t. I don’t have a clue how much sales tax I pay.
For all years after 2007, the rate of tax is the combined federal tax rate percentage of the gross payments for the taxable property or services. The combined federal tax rate percentage is the sum of: The general revenue rate, the social security rate, and the hospital insurance rate. The general revenue rate is set at 14.91 percent.I have no idea what the above paragraph means, except that there is an automatic resetting of the rate each year. So if 23% is really 30%, what will 24% or 25%, or even 22% really be?
The Act is called the “Fair Tax Act of 2005.”
As of Dec. 31, 2006, it repeals all income taxes and payroll taxes, specifically:
• The individual income tax (including capital gains taxes and the alternative minimum tax)
• The corporate income tax
• All individual and employer payroll taxes including Social Security, Medicare and federal
unemployment taxes
• The self-employment tax (a self employed person pays both the individual and the employer portions
of Social Security and Medicare taxes)
• The estate and gift tax
Effective January 1, 2007 it replaces the above taxes with a national retail sales tax on all goods and services sold at retail, except that used goods are not taxed. The tax rate is set to be revenue neutral – at the level necessary to replace the revenues generated by the repealed taxes.
A 23-percent (of the tax-inclusive sales price) sales tax is imposed on all retail sales for personal consumption of new goods and services. Exports and the purchase of inputs by businesses (i.e., intermediate sales) are not taxed. The sales tax must be separately stated and charged on the sales receipt. This makes it clear to the consumer what the amount of the tax is and that he or she is paying it.
The FairTax (SM) provides every family with a rebate of the sales tax on spending up to the federal poverty level (plus an extra amount to prevent any marriage penalty). The rebate is paid monthly in advance. It allows a family of four to spend $25,660 tax free each year. The rebate for a married couple with two children is $492 per month ($5,902 annually). Therefore, no family pays federal sales tax on essential goods and services and middle-class families are effectively exempted on a big part of their annual spending.
Funding for Social Security and Medicare benefits remains the same. The Social Security and Medicare trust funds receive the same amount of money as they do under current law. The source of the trust fund revenue is a dedicated portion of sales tax revenue instead of payroll tax revenue.
States can elect to collect the federal sales tax on behalf of the federal government in exchange for a fee of one-quarter of one percent of gross collections. Retail businesses collecting the tax also get the same administrative fee.
Strong taxpayer rights provisions are incorporated into the Act. The burden of persuasion in disputes is on the government. A strong, independent problem resolution office is created. Taxpayers are entitled to professional fees in disputes unless the government establishes that its position was substantially justified.
Liberals view a world [in which] everyone is inherently good, who are then corrupted by society or evil people in power...I may not have enough readers yet to have much of a discussion on this, but I'm going to try anyway. Do you believe the above? If so, why? If not, why not?
In contrast, conservatives believe all people are sinners and thus we need rules and institutions to deter and prevent us from sinning.
Though soldiers bleed for the right to dissent, we must remember that at times dissent will embolden our ... enemy...Such is the dilemma of a free society.
Sometimes the idea is to just change the name of things. Christmas break becomes the winter break. And then, all of a sudden, Christmas is gone altogether. It wasn't there in the first place, see? It's just winter break and Christmas may or may not fall in that winter break.Exactly. Christmas wasn’t there. Christmas was never there. It was never in Sears. It was never at the office Christmas party. And even at home, it’s a long time since it’s been under many Christmas trees. If we fear we're going to lose Christmas because the retailers stop using the word, I'm afraid we've already lost it.