In response to:

Buffettitis -- Is There a Cure?

Scrap Iron in Texas Wrote: Nov 29, 2012 6:29 AM
How much time and money goes into considering what effect income taxes have on a business decision? Is there a major (or even minor) corporation that DOESN'T study the tax implications of ANY financial decision they make? They spend BILLIONS figuring out how to AVOID income taxes. And yet there are people who consider this to be a good way to spend money. Who? Well the people who WOULD have paid higher taxes, the people who figure out how to LOWER tax bills, and the people who WRITE the tax bills (for a small favor, you know). And NONE of this is needed (or paid for) under the Fair Tax. Since there ARE no income taxes, there are no taxes to avoid. Almost no one loses (except the tax attorneys and the politicians).
Chris from Kalifornia Wrote: Nov 29, 2012 7:31 AM
Do away with the pre-bate and I'll go along with the "fair tax" as a good plan. Because sure as anything, if you have any type of exemption or way of getting out of it, they WILL add various and sundry different things to it to benefit people like W.B. until it will be just as onerous as the income tax. Politicians are a crafty, devious, Machiavellian group as a whole. No one who wants to be a political leader, should be ALLOWED to be a political leader and NO LAWYERS should be allowed to hold any public office.
Scrap Iron in Texas Wrote: Nov 29, 2012 7:51 AM
The whole point of the prebate is that there ARE no exempted items (except education).
Once you start exempting items, you allow the bureaucrats to decide what is, and what is not, exempt.
And you shrink the tax base.
Chris, you seem to be a good person, so I would encourage you to get more information about the Fair Tax than this site allows.

Oh, yeah, your last line has been my guiding belief."Anyone who wants to be a politician should not be allowed to be a politician."
Chris from Kalifornia Wrote: Nov 29, 2012 11:12 AM
And you just stated the problem. There's already one exemption, how long before there are 2, 4, 8 etc. Nothing should be exempt except food and water.
Chris from Kalifornia Wrote: Nov 29, 2012 11:13 AM
And yes I realize exactly what I said. No exemptions then I made 2 exemptions. That's what the politicians will do.
Scrap Iron in Texas Wrote: Nov 29, 2012 4:11 PM
Education is the only exemption listed in the Fair tax bill.
And if you REALLY want to understand why exempting food, and not offering an tax exemption is better, I refer you to a post I wrote,

Once again, billionaire investor Warren Buffett urges his fellow high-on-the-hoggers to pay more in taxes. "Only in Grover Norquist's imagination," says Buffett, do taxes make much of a difference in how people invest. "So let's forget about the rich and ultra-rich going on strike and stuffing their ample funds under their mattresses if -- gasp -- capital gains rates and ordinary income rates are increased. The ultra-rich, including me, will forever pursue investment opportunities. ...

"We need Congress, right now, to enact a minimum tax on high incomes. I would suggest 30 percent of taxable income between $1 million...