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The Right and Wrong Approach to Tax Policy

jmccune Wrote: Aug 02, 2012 10:37 PM
Rep. Schock, Instead of tinkering around with a totally corrupt and incomprehensible tax system, please consider the FairTax, HR 25, as a total replacement for the existing tax code. In my opinion, the FairTax, by taxing Lifestyle and Wealth, instead of income, makes it about as fair as taxation can get. As a member of the House Ways and Means Commitee, please consider bringing this bill to floor of the House for a vote.
Ned6 Wrote: Aug 03, 2012 9:59 AM
How is a Flat Tax of 25% [$25 of final cost of $100] different than a 33.3% VAT [$25 of final cost of $100] or a FairTax of 25% [$25 of final cost of $100]? All tax cost, which is ultimately made up of labor and profit.
In each case, it is the consumer who ultimately pays the tax.
By the way, a FairTax does not tax wealth or lifestyle, only consumption of wealth and income.

“I personally don’t believe we ought to be raising taxes”

“You don’t raise taxes in a recession, which is why we haven’t and why we’ve instead cut taxes. So I guess what I’d say is … you don’t raise taxes in a recession. ”

“The real risk to this economy is on the side of slow down…and that means we’ve got to make sure that we don’t take gasoline out of the tank at the end of this year.”

If you thought these quotes regarding the extension of the current tax rates were from a Republican, I wouldn’t blame you. But...