80% of new IRS revenue will come from small businesses earning under $200K: tax experts

The 23% is the general consensus and it is what FAIRTax.org has stipulated as the proposed tax rate.

Second, under the worst-case conditions, if everyone in this country, from low income and upwards was "frugal," then the economy would go down the toilet. 60% to 70% of our economy is based on consumption. Some people have to consume, such as prescription drug medicine that will not be exempt. There will be no jobs, no construction, no retail stores, no nothing. Do you really want that?

If you want to be the guinea pig for the experiment, here is the challenge. You will only be allowed to eat or drink the following: spam or meat, milk, eggs, and bread. No salt, pepper, herbs, spices, condiment, or any other food source would be allowed because of that cost. Bread is simply that, bread, wheat or white, no noodles, no frozen pizza, no nothing. Meat is spam or raw meat, like chicken, pork, beef, or fish. But agian, no extras. No new clothes, or for that matter, old/used clothes. You get to make your own by whatever means is natural in the environment. No gas or traveling because that costs. I thnk you get the picture. The time frame, 6 months, and no outside help or gifts because that would be cheating. Think you can do this?

 

there in itself is the issue

There are many who believe, and rightly so, that DC has over-stepped what are obligations of taxpayers.

Is it the role of DC to give taxpayer dollars to those who buy an electric car ?

 

I don't think the bill helps inflation. Inflation is based on our demands on what limited supply is available. No amount of laws, EOs, or court rulings will succumb or reduce inflation. The key is the producers are willing to increase production of said limited resources. And that is not as easy as passing a law.

But my only argument was not about inflation, it was about the investment into the IRS actually means, not what is being told by conservative fear-mongering media.

 

Regardless of the tax system used, it will not affect the professionals in this field, just change their focus. 90% of all CPAs do not do taxes. EAs and Tax Attorneys do, but not prepare. Tax Attorneys will still be in business, except now they will find ways for you not to pay the sales tax and EAs will do the same. As for the IRS, they will still be there, but its mission will change from income tax compliance to sales tax compliance. And I don't think none of you are old enough or were in the type of business where sales tax audits were more of a norm than they are today prior to POS, point of sale, and systems becoming the standard nowadays.

 

I've been through a number of sales tax audits, going all the way back to 2000. Register tapes, sales journals, tax exempt forms. First time, the State ended up owing us money, around $2500, my predecessor had failed to make use of sales tax exemptions for non-profits. Three years later, they did it again, and for a discrepancy of $152, based on a unsigned tax exempt form. They waived it.

Their focus will be, as it has always been, on a convoluted system that, IMO, has pitfalls built in, to draw penalties and interest from the unwary. It's called 'unearned income' and virtually all government entities thrive on it.

 

Absolutely NOT. Nor to build charging stations.

 

No that is not how it works at all. EVERYONE would recieved the prebate. It is a fixed amount based on the poverty level. It is paid to all household members and could be done monthly or quarterly or yearly there is no calculation needed other than how many people reside in the home.

Yes insurance is a service and taxes are paid on it. Most is paid by the company so the company would pay the tax on it except for you smaller part. But again you are not paying any income tax or FICA on the money and the cost of doing business is lower.

"For example, if your premium is $400 per month for health insurance including the FAIRtax, you would be paying $308 for the insurance and $92 for the FAIRtax. This is appropriate because it is a retail service. Of course, you have to compare this to the tax treatment under the present income tax system. For most people who have a combined income tax and payroll tax rate of 22.5%, they will have to earn $398 in gross pay to net the $308 needed to pay their health insurance premium.

If you purchase health care services directly from the doctor or hospital (for example, co-pays and deductibles), then the charges are taxable. If the insurance benefit is paid directly to you, it would include a credit (an additional amount equal to the taxes due) to prepay any taxes due as the benefit is spent. So if you paid $100 for an exam ($77 for the exam and $23 in tax) and then filed an insurance claim, you would receive a benefit check of $100, $77 for the cost of the exam and $23 as a credit for the taxes paid when you paid the doctor directly.""
https://fairtax.org/research-librar...alth insurance,no FAIRtax on this transaction.

 

The wealthy can afford good accountants and lawyers. IRS audits the poorest families at 5 times the rate as the wealthy. This expansion will disproportionately affect the poor and middle. (Those that Dems claim to care about the most)

 

Democrats believe in using government to attack those who don't support them. Why are we even remotely surprised by this?

 

And would come no where near to an effective tax rate of 23% of income on anyone.

There is nothing to support your premise here that everyone would stop buying things. They would in fact have more money in their hands to spend or invest.

What utter nonsense. Please explain how your "experiment" relates to The Fair Tax.

 

And I thought they were going to pack the Supreme Court......

 

How the hell is that 'experiment' any representation of how the fairtax would work for a frugal spender?

 

Who is surprised? We do have full Democrat control in DC you know. Silence the dissenters

 

And that's why there is a rebate. Everyone is made equal and then the more you spend, the more you pay. The more you conserve, the less you pay. By the way, why should your choice to have more kids have an impact on the taxes you pay? Your choice to have more kids so why make others bear the tax burdon of that choice?

 

What do you mean by "your kids"? Kids are the property and responsibility of the state. If we start letting people have control over their kids then, sure as heck, the kids are going to start thinking for themselves and we'll never get them to become good little minions.

 

Playing devils advocate, it would be an incentive to make more tax payers.

What we really need is an army of auditors going after the government.

 

Well taken. Why don't they show a little honesty and call it what it really is: Build Back Better redux?

 

From your link.

A key provision in the Inflation Reduction Act — which throws an extra $80 billion to the IRS to improve the agency’s collection of under-reported income — will end up targeting small business owners to pay for the legislation, according to nonpartisan watchdog the Joint Committee on Taxation.
...

No where is it found the JCT has that statement. So can you actually prove they said that claim. So far no. This OP if fake news until you can show they said what your link says.

It appears to be completely fabricated.

 

It’s almost as if the tax system is slanted to give the rich an unfair advantage…. weird

 

What does that have to do with the fake news of the OP claiming the JCT made a statement that isn't on their website?

 

Re-read the OP. You are wrong.

 

LOL, you're hilarious.

 

So you think it's funny that the dictator juggernaut is going to come down on the little guy?

Hopefully they start with your file

 

Wow, do you even understand what you posted?

 

Much more far more than you ever do.