And What About the Flat Tax
This was taken directly from Neal’s site today, as he posts so much more eloquently than I can. Hell, I don’t even know if I spelled eloquently correctly :p
Neal, if you want this removed, I will be more than happy to, just let me know. BTW, anyone know if this is up for pre-order at Amazon?
boortz.com: Nealz Nuze Today’s Nuze
Yes, I know. Some of the people that we would love to have supporting the FairTax have weighed in in support of a flat tax instead. So … here’s some flat tax vs. FairTax issues some of you may want to consider.
1. In 1986 the Congress reformed our tax code to essentially give us a flat tax … a flat tax with two rates. Fifteen and twenty-eight percent. Most deductions were eliminated. Today’s tax code is the result of that effort.
2. A flat tax leaves the IRS in place. You’ll still have to report your income to the IRS every year, and you’ll still be subject to audits.
3. Social Security and Medicare payroll taxes? Still there.
4. Do you get 100% of your paycheck? No. Withholding will still be there.
5. Business taxes? Still there .. and they’ll remain embedded in the price of every good and service you buy, so you’ll be paying them.
6. Corporate board meetings? They’ll still spend an inordinate amount of time working on the tax implications of business decisions, rather than just basing their business moves on what’s best for their customers and shareholders.
7. K Street lobbyists? They’re still there too. They’ll still be drawing their six-figure incomes while they game the new flat-tax for the benefit of their clients.
8. Bring American businesses back home? Nope. Business taxes are still there, so American businesses will still locate their operations overseas in order to escape our punishing business income taxes.
9. Death Tax? Gift Tax? Still there in all the flat tax proposals I’ve seen.
10. Will the flat tax bring American wealth back home? The latest estimates put $10 trillion of American wealth in offshore financial corporations. There is only one reason that money isn’t back here working … and that’s our income tax structure. Will the flat tax bring that money back home? Nope. The FairTax? Yup.
11. What about the poor? They’re not paying income taxes now … will they pay the flat tax? No way! But politicians will still be looking for a way to raise taxes on the rich so that they can relieve the poor, poor pitiful poor of the responsibility for paying for their own Social Security and Medicare.
12. Will all Americans be able to buy the basic necessities of life without any federal tax consequences under the flat tax? No. The FairTax? Yes.
13. Will foreign visitors to our shores contribute to our Social Security and Medicare programs under the flat tax? No. The FairTax? Yes.
There’s just a few points. If you have some good counterpoints, let me know! From my point of view, the flat tax pales in any comparison to The FairTax.