how much money would you bring home in a month after taxes are taken out?

[ShoppingInsider]

There's no reason the economy WOULD grind to a halt.

Implementing the proposed Fair Tax rate of 23% would generate $358 billion MORE dollars than the taxes it would replace. Plus everyone gets to keep a lot more of his or her paycheck - which means more money to spend (or save.) And our complex tax laws make the US much less competitive globally.

Yes, a lot of IRS folks and tax attorneys would have to find other lines of work, though.

[tinapbeana]

all i'm saying SI is that if i knew i could not spend my money and therefore not pay taxes, i would be more likely to stash more of my cash b/c there's always a chance the laws might change in the future and then POOF i would have tax free income available to me.

the economy could (not would but could) slow down markedly b/c some folks would surely determine their best use of money would be on necessities only.

[sweeps]

Originally Posted by ShoppingInsider

Implementing the proposed Fair Tax rate of 23%

According to this site, a tax rate of 23% is WAY optimistic.

[ShoppingInsider]

You're right, lots more people WOULD save their money, which is part of the purpose of the Fair Tax. It ENCOURAGES savings.

Economists have calculated that a 23% tax when people DO spend will make up for it - plus there are billions of dollars in taxes NOT being collected right now because people (and big companies) use every loophole they can think of to AVOID paying taxes.

If all of a sudden those loopholes were GONE, there'd be a HUGE influx of tax revenue to fund the government - and what you and I save instead of spend wouldn't hurt things at all! (And it'd be better for US.)

I wish more legislators would take a good close LOOK at the proposed legislation - many are opposed to it who haven't actually read the thing.

[ShoppingInsider]

Interesting site - I don't think their facts correspond to the 2005 legislation for the Fair Tax, though. And Neal Boortz didn't just pull that 23% rate out of thin air - it's leading economists who came UP with it.

Perhaps, as is true of so many controversial issues, the truth lies somewhere in the middle - I just wish this idea would be fairly debated on a national level. Our current tax system is unfair, unwieldy and needs a complete overhaul.

[tinapbeana]

Originally Posted by ShoppingInsider

Perhaps, as is true of so many controversial issues, the truth lies somewhere in the middle - I just wish this idea would be fairly debated on a national level. Our current tax system is unfair, unwieldy and needs a complete overhaul.

true true true.

then again, one of my father's favorite sayings: "Just be glad you don't get all the government you're paying for!"