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Campfire 'Bwana
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Campfire 'Bwana
Joined: Jun 2003
Posts: 42,642 Likes: 4 |
That is correct. The Fair Tax IS the way to go but democraps (and some repubicans as well) hate it because it takes away their power so I don't think it'll ever happen.
A good principle to guide me through life: “This is all I have come to expect, standard lackluster performance. Trust nothing, believe no one and realize it will only get worse…”
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Campfire 'Bwana
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Campfire 'Bwana
Joined: Feb 2002
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Yes the rich pay their fair share. The 50 % or more who pay no taxes are the real problem in this country. The people who complain the most about what they call the rich of this country or only jealous because they weren't smart enough to fit into the so called rich category . The US isn't a socialist country even tho the mass would like for it to be , you must work for a living. The so called rich are the ones who create jobs.
A Doe walks out of the woods today and says, that is the last time I'm going to do that for Two Bucks.
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Campfire Sage
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Campfire Sage
Joined: Jun 2002
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That is correct. The Fair Tax IS the way to go but democraps (and some repubicans as well) hate it because it takes away their power so I don't think it'll ever happen. On this we agree.
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Campfire Kahuna
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Campfire Kahuna
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I'm not sure but I'll admit you're probably have studied the FT system more than myself.
I would have thought my approach was still relevant for purposes of things like educational accounts.
I'll study up some more. So, if I were to receive a capital gain from the sale of a property(let's say 100K)and I bought a Mercedes with those proceeds, that wouldn't be a taxable event under the FT?
The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.
William Arthur Ward
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Campfire Sage
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Campfire Sage
Joined: Jun 2002
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I'm not sure but I'll admit you're probably have studied the FT system more than myself.
I would have thought my approach was still relevant for purposes of things like educational accounts.
I'll study up some more. So, if I were to receive a capital gain from the sale of a property(let's say 100K)and I bought a Mercedes with those proceeds, that wouldn't be a taxable event under the FT? You'd pay a flat percentage tax on the purchase of the Benz. The very same percentage I'd pay on a new Corolla.
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Campfire Member
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Campfire Member
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Probably, the same reason nobody wants to pay me $100 million a year.....because you're not a CEO and can't persuade a board you're worth it?
that's not really a tax shelter, he still pays tax on the income when he actually receives it. it ain't free money, it's just delayed payment and delayed taxation. It's pre tax because you don't actually have the money yet....as soon as you have an absolute right to receive, or real control, of the funds they become taxable to the employee. Boy, that sounds an awful lot like the 401K that I have. And I'm definitely not rich.....
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Campfire Kahuna
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Campfire Kahuna
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DH, no one here said there are secret tax codes and income classifications. The disparity in the tax system is the deductions and most(not all) income classifications available to all are not realistically useable by all. But you're just being a HA.
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DA..I know you just woke up from another Amyl Nitrate bender with your other entitlement BFs but try to keep up with the flow of the conversation or go burst some more poppers till you recoup.
The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.
William Arthur Ward
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Campfire 'Bwana
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Campfire 'Bwana
Joined: Feb 2002
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The Fair Tax is the best thing to come along in the last 50 years but don't think for a second that Congress is going to give up their taxing power for the better of this country.
A Doe walks out of the woods today and says, that is the last time I'm going to do that for Two Bucks.
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Joined: Jun 2003
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Campfire 'Bwana
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Campfire 'Bwana
Joined: Jun 2003
Posts: 42,642 Likes: 4 |
Bob: I highly recommend you get the book and read it. Made a believer out of me. OR just go to the website. jorge
A good principle to guide me through life: “This is all I have come to expect, standard lackluster performance. Trust nothing, believe no one and realize it will only get worse…”
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Joined: Jul 2006
Posts: 62,043
Campfire Kahuna
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Campfire Kahuna
Joined: Jul 2006
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I'm not sure but I'll admit you're probably have studied the FT system more than myself.
I would have thought my approach was still relevant for purposes of things like educational accounts.
I'll study up some more. So, if I were to receive a capital gain from the sale of a property(let's say 100K)and I bought a Mercedes with those proceeds, that wouldn't be a taxable event under the FT? You'd pay a flat percentage tax on the purchase of the Benz. The very same percentage I'd pay on a new Carola. ============== Alright, I'm getting you. How would the nation deal with what was in existence today were this to be implemented? Probably best for another thread so I could learn as the conversation proceeded.You guys are speaking of Forbse's plan,right?
Last edited by isaac; 03/02/11.
The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.
William Arthur Ward
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Campfire Sage
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Campfire Sage
Joined: Jun 2002
Posts: 131,961 Likes: 54 |
The Fair Tax is the best thing to come along in the last 50 years but don't think for a second that Congress is going to give up their taxing power for the better of this country. They will have to be dragged kicking and screaming the whole way. Their bosses (the international banking cartel) don't want the Fair Tax for obvious reasons.
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Campfire Kahuna
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Campfire Kahuna
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Bob: I highly recommend you get the book and read it. Made a believer out of me. OR just go to the website. jorge ============== I'll do that. It appears I've been idling at a 70% understanding of this tax plan. I thought it was a variation of consumption and flat.
Last edited by isaac; 03/02/11.
The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.
William Arthur Ward
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Campfire Sage
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Campfire Sage
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Alright, I'm getting you. How would the nation deal with what was in existence today were this to be implemented?
Probably best for another thread so I could learn as the conversation proceeded.You guys are speaking of Forbse's plan,right?
No, I believe you're thinking of the Flat Tax.
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Campfire Ranger
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Campfire Ranger
Joined: Oct 2006
Posts: 21,959 |
Yes the rich pay their fair share. The 50 % or more who pay no taxes are the real problem in this country. The people who complain the most about what they call the rich of this country or only jealous because they weren't smart enough to fit into the so called rich category . The US isn't a socialist country even tho the mass would like for it to be , you must work for a living. The so called rich are the ones who create jobs. Agree totally, and I am not financially 'rich' by any means.
"For joy of knowing what may not be known we take the golden road to Samarkand."
James Elroy Flecker
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Campfire Regular
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Campfire Regular
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And some of those "tax breaks" aren't available to the rich. Long before you reach that magic $250k level, you become ineligible to invest anything in a Roth IRA so you're forced to put that money into some other retirement plan.
"A free people (claim) their rights as derived from the laws of nature, and not as the gift of their chief magistrate."
--Thomas Jefferson, Rights of British America, 1774
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Campfire Greenhorn
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Campfire Greenhorn
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The only improvement to the "Fair Tax Law", or flat national sales tax, would be for the same rate to apply to any funds sent out of the country. Violation of this stipulation would result in a 100% rate being applied.
Gary
Takeoffs are optional, landings are manditory!
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Campfire Ranger
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Campfire Ranger
Joined: Sep 2006
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And some of those "tax breaks" aren't available to the rich. Long before you reach that magic $250k level, you become ineligible to invest anything in a Roth IRA so you're forced to put that money into some other retirement plan. Good point. I'd love to have some of the tax breaks "the poor" get, like a Roth IRA...
"I'm gonna have to science the schit out of this." Mark Watney, Sol 59, Mars
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Campfire Kahuna
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Campfire Kahuna
Joined: Jul 2006
Posts: 62,043 |
OK...what book is recommended by you guys? I'll Nook it right now!
The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.
William Arthur Ward
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Joined: Apr 2004
Posts: 61,130
Campfire Kahuna
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Campfire Kahuna
Joined: Apr 2004
Posts: 61,130 |
Hell, I'd like to just not get taxed twice (income tax and self-employment tax).
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Campfire Sage
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Campfire Sage
Joined: Jun 2002
Posts: 131,961 Likes: 54 |
OK...what book is recommended by you guys? I'll Nook it right now! The title is Fair Tax Book. The sequel is Fair Tax: The Truth.
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