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What would and wouldn't be taxed under the fair tax?


I've been getting into the fair tax, it sounds like a good idea, one of the best I've seen to clean up our tax system mess. I know the fair tax would imply a 23% national sales tax and do away with the IRS, but what would and wouldn't be be taxed under the fair tax and what taxes do we currently have now that would be eliminated?

To answer your questions:
"What is taxed?

The FairTax is a single-rate, federal retail sales tax collected only once, at the final point of purchase of new goods and services for personal consumption. Used items are not taxed. Business-to-business purchases for the production of goods and services are not taxed. A rebate makes the effective rate progressive.

Back to FAQ Index

Exactly what taxes are abolished?

The FairTax is replacement, not reform. It replaces federal income taxes including personal, estate, gift, capital gains, alternative minimum, Social Security, Medicare, self-employment, and corporate taxes. "

http://www.fairtax.org/site/PageServer?pagename=about_faq_answers#1

However, I'd ask you to reconsider that this is a good idea given that it's regressive, will be subject to fraud and loopholes, especially by the rich, and can NOT abolish the IRS, though it could "rename" it.

In 1990, Congress decided to impose a "luxury tax" that proves that I am right. Economist Walter Williams wrote about that:
"In 1990, when Congress imposed a luxury tax on yachts, private airplanes and expensive automobiles, Sen. Ted Kennedy and then-Senate Majority Leader George Mitchell crowed publicly about how the rich would finally be paying their fair share of taxes. But yacht retailers reported a 77 percent drop in sales, and boat builders laid off an estimated 25,000 workers. What happened? Kennedy and Mitchell simply assumed that the rich would behave the same way after the imposition of the luxury tax as they did before and the only difference would be more money in the government's coffers. They had a zero-elasticity vision of the world, namely that people do not respond to price changes. People always respond, and the only debatable issue is how much and over what period." http://www.capmag.com/article.asp?ID=409...

What Williams did not point out is that some of those workers went on unemployment, and eventually welfare. Some probably had to move, displacing their families. Revenue dropped. Do you honestly believe the rich didn't get their toys elsewhere? This was a disaster and the "FairTax" is exactly of that stripe.

This tax would destroy the middle class and put more people on welfare and Medicaid. Here's why. First, the actual tax is 30%, not 23%, which is bad. What costs $100 now is $130 then. Check it out for yourself. Second, the IRS is NOT abolished. It may be renamed (who cares) and trimmed down in size (MAY BE) but who do you think collects the taxes and writes those monthly checks? BTW, cutting a check in government or business is VERY expensive. A bad use of taxpayer funds. VERY BAD ABUSE. Also people should not be told by the government what they SHOULD spend on necessities (which are NOT exempted). They should also not expect a check from the government every month. This is a truly unAmerican plan.

Where it will bankrupt us is over medical costs. Especially with an aging population and more people retiring, more things will go wrong. Medical CARE, from doctor's visits to prescriptions, are TAXED under this plan. That is a HUGE increase in expense for people and NO insurance will NOT cover the tax, nor can they be made to do so. Under the current system, those who have very high medical bills (more than 7.5% of their AGI) can DEDUCT that expense from taxes. You can NOT do that under the "FairTax." As many people who are ill (and the poor tend to be more ill) also need things such as special diets or more transportation (to the doctor and such), that is MORE that is taxed and will NOT be recovered by this generic prebate that does NOT allow for any individualization.
What will then happen is:

We will have more people on welfare--some will choose to NOT try to get the medical care and will become too ill to work

We will have more people on Medicaid--right now a significant number of folks on Medicare are ALSO on Medicaid because of high medical expenses. When medical expenses go up MORE than 30%, more people will be forced onto Medicaid--another expense the MIDDLE CLASS will be forced to pay.

We will have more bankruptcies. Right now, in the US more than half of all bankruptcies are over medical expenses AND the majority of those folks HAVE medical INSURANCE. Again, raise those rates, and watch people collapse economically.

The middle class already has a terrible tax burden. When there are fewer people working and more people on entitlement programs, the middle class will be driven into the lower class.

Furthermore, the "FairTax" does NOTHING to curb government spending. It is possible to increase the rate. It does NOT eliminate the gas tax. (No doubt you've been told that the "greedy oil companies" are bankrupting the working poor with their profits. The FACT is that the government charges TWICE AS MUCH IN TAXES as the oil companies get in profits per gallon of gas. However, they don't want to tell you that AND they will want to raise MORE revenue by increasing the gas tax, pretending that will "help" us--reduce use because it's too expensive to waste, etc. Increased gas taxes affect everyone from the homeless to the rich. Food costs more--it takes money to run the tractors and such, transport the food, etc. Go to the store. ALL takes gas of some sort (diesel in some cases). This means food costs are up. This means people have to tighten their belts. Donations to food banks are DOWN and need is UP. EVERYTHING costs more from the ripple effect of increased costs to transport materials, buy materials that were created by others but need to be shipped, etc.)

Also the "FairTax" does NOTHING to ensure that the feds will not force more of the tax burden on to the states, such as shifting Medicare costs to them. They did this with Medicaid years ago, straining state budgets.

You see, the federal government PRINTS money and plays games (there is NOTHING backing our currency--no gold standard anymore). However, STATE governments can NOT print money. They have to raise taxes--and they will, so state taxes WILL climb. The "FairTax" doesn't prevent that either.

BTW, you can see all this for yourself with some good searches, but here are a couple of things from the "FairTax" web site that condemn them and prove I'm right that they're not forthcoming. You see, some people who can't argue ISSUES resort to insults and LIE and state that anyone who does not support the "FairTax" has not read it. I have. I read it years ago when it was first introduced and I emailed to clarify some points, so I know everything I am stating is accurate.

Here you go, from their site, scroll down and read it for yourself:

"Why not just exempt necessities from the FairTax instead of providing for a prebate?

The prebate is the most equitable and most efficient way to make the FairTax progressive. If the FairTax were to exempt necessities, the tax rate would have to be 20 percent higher than the FairTax rate with a prebate."

http://www.fairtax.org/site/PageServer?p...

There's proof: they would have to charge 20% MORE than what they admit to now just to cover what they SHOULD "prebate" for NECESSITIES. It's VERY easy to NOT tax necessities--many states don't charge for groceries or prescriptions, for example. I know of no state that charges for a doctor office or hospital visit or such--that will all change with their plan.

"Why not just exempt food and medicine from the tax? Wouldn’t that be fair and simple?

Exempting items by category is neither fair nor simple. Respected economists have shown that the wealthy spend much more on unprepared food, clothing, housing, and medical care than do the poor. Exempting these goods, as many state sales taxes do, actually gives the wealthy a disproportionate benefit. Also, today these purchases are not exempted from federal taxation. The purchase of food, clothing, and medical services is made from after-income-tax and after-payroll-tax dollars, while their purchase price hides the cost of corporate taxes and private sector compliance costs.

Finally, exempting one product or service, but not another, opens the door to the army of lobbyists and special interest groups that plague and distort our taxation system today. Those who have the money will send lobbyists to Washington to obtain special tax breaks in their own self-interest. This process causes unfair and inefficient distortions in our economy and must be stopped."

http://www.fairtax.org/site/PageServer?p...

A consumption tax, which is what this is, CAN be fair. However, in order to NOT be regressive (hit the poor the hardest, as does the "FairTax") it MUST exempt necessities.

The flat tax of Steve Forbes, so long as the personal exemption is high enough for a reasonable person to live on AND is adjusted for inflation makes far more sense than this mess.



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