Is there a such thing as a fair tax system?
Yes.
Side Score: 2
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No.
Side Score: 6
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I have a feeling I am gonna get bashed for this, but here it goes. But first I want to add that I am poor and I currently get every penny back on my tax return because I have two kids. But here goes by debate; the fair tax act I think would be a good thing, I'm going to post a link because It would take awhile for me to explain why. It is the fairTax website. It is biased so I encourage people to look up pros and cons. Side: Yes.
We have a regressive tax that categorically harms those with the least money the most and those with the most money the least. What should we call it? How about the fair tax! Oh, no. Not this again. Cons: 1) If we had that system, we would operate at a fraction of our current gov't revenues. 2) Lack of consumer demand and unwillingness for firms to produce these goods in fear of failing to sell could exacerbate our country's risk aversion of capital, or even worse, cause a recession. 3) Ironically enough, in the spirit of eliminating gov't handouts, it actually leaves us with no gift tax, or estate tax.' Pros: 1) Radical Libertarians (like as the dingus in the video) get to maintain ideological purity, in spite of the immediate reality that surrounds them. 2) Getting rid of the IRS (yay?) Note that the man in the video on the website: 1) Misdefines the term "progressive". 2) Asserts, without a lick of evidence, that this will help our economy, and that it is revenue neutral. That would be okay if they actually had any evidence of his claims in the link below. Allow me to make myself as clear as possible: Anyone who has looked at a pie chart of the US revenue sources can infer that there is absolutely no way on earth that this is revenue neutral. Side: Yes.
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1) Remove federal minimum sales tax rate. Partly because it is inherently regressive, and partly because it is a pain for me since I sell candy at school. 2) Lower corporate tax rates across the board, probably by deducting 1/4 of the percentage for businesses. I'm not a huge fan of taxing on prior brackets (a business paying 15% of it's 50,000 and then 25% of the margin between 50,000 and 75,000 income) but I can't come up with anything that I feel is better than it. 3) I feel that we sharply raise our estate tax and remove political contributions from being tax deductible. With this, we'd have to make some serious adjustments on the gift tax rate and capital gains tax rate to make it comparable, (arguably) reform our property taxes to fit this as well. 4) I really don't have a problem with our payroll system on the whole at the moment, although I feel that our Social security tax ought to be token amount if it to remain regressive. SS is funded primarily by general revenues as it is. Of course, this is only representative of my impressions at the moment. I've only been recently trying my hand at econometrics. Side: Yes.
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