Fair Tax, part 2

Good Evening folks. Back to business...I was discussing the Fair Tax, About the IRS...they are in the process of hiring another 2,000 Investigators. Do you really expect them to just sit around the office? No, Obama wants the IRS to go after everyone possible, so I hope there are absolutely no questions about your tax filing this year, because they are going to come after everyone they can. Not just the "Fat Cats" or the mega-corporations, but everyone possible. Let's face it--Obama is going to have to pay the interest at least on all of the money that other countries and wealthy investors have loaned us. The last figure I saw was that the interest was currently 65 billion a year!! A year! If the Fair Tax were to be passed, and the IRS were to go away, would you really mind all that much? Please. And the K Street lawyers will also be looking for a job, or at least a bunch of them will. A few might be good enough consultants to stay employed by a Congressperson. But trust me when I say that they wouldn't be out of work for long, since so many new companies would be moving here form other countries, and they will more than likely be hiring several lawyers each. Just the way it works. Again, the Fair Tax will remove all Federal income taxes, including the payroll tax, which everone with a job pays, even if they end up paying no income tax, because they get it all back.All self-employment tax, corporate taxes, personal taxes,gift,estate, capital gains tax, & alternative minimum tax. You would keep 100% of your paycheck, except any state income tax, which is usually pretty low, unless you live in New York, California, and the other places that have outrageous state taxes on everything.By ending corporate taxes and compliance costs, which are buried in the price, that price will almost immediately drop because of competition, which has driven the economy of this, the greatest Nation, since our inception. The Fair Tax fully funds the federal government, and fulfills the promise of Social Security and Medicare.

Since the Fair Tax doesn't penelize the poor, every registered household, regardless of income, will get a "prebate" check, every month up to the federal poverty level. This, along with several other features, is how the Fair Tax can be progressive. However, this depends on lifestyle and spending choices. Instead of punishing people, taxpayers, who are successful, it would make life so much freer for all incomes. Retail prices would no longer hide the taxes and cost of doing business, and because of the aforementioned competition, those prices would drop almost immediately. If you were getting the prebate check, based on the size of your family up to the poverty line, and prices dropped maybe 20%, how much easier would life be? With the recession, and the loss of jobs and homes, the Fair Tax would rescue many, and with the influx of corporations, jobs would be plentiful once again. Heck, as Neal Boortz has been known to say, "You would have to hide to not have a good job".

On that thought, I'll end this for tonight, and finish up in the next entry. Hope everyone has a good weekend. Bye, for now.