Wednesday, April 15, 2009

Tax Day 2009

I have only two words about this day...


1 comment:

  1. Dude, my $.02 on the fair tax. Feel free to delete.

    1) It sure as hell ain't fair. Estimated to be a 30% consumption tax that replaces federal income tax. Massively regressive in the sense that lower income people spend a much higher percentage of income on consumables - therefore not at all progressive taxation.
    2) The current econopocalypse shows how structurally unsound the "fair tax" is: Consumption of goods has fallen off the table. If we were under the FT now, revenues into the Treasury would crashed at least twice as much as they already did. Say what you like, but the Gov. does need revenue to operate (oh things like national defense and roads...)
    3) It doesn't address the major taxation burden for most Americans at all... local property taxes which are used to pay for schools.
    4) Also doesn't discuss how individual states would generate revenue. In Texas, we have no income tax but relatively high sales taxes. Are those layered on top of the FT? The state has to pay for (primarily) prisons and law enforcement. If the FT proposes to block grant back to states to cover that, then you haven't eliminated much federal bureaucracy.
    5) Highly inflationary impact on cost of goods.

    All in all, bad idea.


Feel free to add your own thoughts and opinions... That said, vulgar and or inappropriate language will be deleted. If you are an idiot (you know who you are!) don't even bother because you too will be deleted. If I flat out don't agree with you, you may also be deleted.