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In our last post, we began to discuss the benefits of the FairTax. We know that the FairTax system will benefit everyone but will try to limit it to baby boomers in this post.
One of their studies states that in 2020 they(seniors) will account for 16.3 percent of the population. This is up from 9.8 percent in 1970. Also, as can be expected, the mean income will drop during retirement.
Below is a list that comes directly from one of the FairTax.org sites that list benefits for seniors. (more…)
A few years back, I believe in 2006, the White House Council of Economic Advisers released their annual report concerning taxation. It stated that the elimination and replacement of the complex and arcane federal income tax code with a consumption tax would increase efficiency in the tax system and promote investment and growth. It went further to state that the FairTax, a consumption tax, might be the most suitable replacement.
| My purpose in these series of post is to talk about the merits of this new tax system in relation primarily to baby boomers. Of course, what represents good for baby boomers when it comes to taxes would also be good for all (in my opinion).
A Quick Review The FairTax proposal under The FairTax Act (HR 25, S 296) Would replace all federal income and payroll based taxes. It would include a national retail sales tax, a prebate to all who are below the poverty level, dollar-for-dollar federal revenue neutrality, and the repeal of the 16th amendment. It would also accomplish abolishing all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes. The alternative is that all of the above would be replaced by a federal retail sales tax (consumption tax). The consumption tax simply means that we are taxed only on new goods or services. There are those critics who would say no to any change and have you to believe the worse about this new system of taxation. FairTax: The Truth: Answering the Critics does away with the myths and objections. |
In short, the FairTax system: (more…)
No, I’m not talking about the 1956 John Wayne movie ‘The Searchers’. It was Christmas and time for the real searchers to come out. That was me and my brothers. Mom and dad were the best at hiding the gifts which included the bags of nuts and fruit that they got each Christmas. They knew that if they put the goodies out too soon, eight boys would have them devoured before Christmas arrived.
We never knew when they got the goodies but the nuts and fruit always showed up on Christmas eve day and many of the presents on Christmas morning. (Some were put under the tree to keep us focused on those.) It almost got to be a tradition. When we got to be a little older, we knew by then that they had them somewhere and it was just a matter of searching.
We would hunt for the presents and believe it or not we never (never!) found them. We did find the bags of fruit and nuts in the trunk of the car one time. Evidently, after that, the pace picked up. We never found them again as long as we were young enough to search.
Let me share at least one experience. (more…)
Below, you will find a video that describes one of the latest ploys and intervention schemes by our government to take over our lives.
In part one, I stated that our government needs a new system of taxation. It is rapidly racing toward that end. However, it is not for the better.
New Rules: You and the IRS this January
There is a way that you and I (baby boomers are 78 million strong) can slow this process down. (more…)
Our system of government taxation needs an overhaul! More specifically, it needs to retro back to our founding fathers form of government. As the baby boomers bubble begins to pass into that retirement arena, a lot of concern has been placed on the economy.
Will social security hold out? Should it be taxed higher and more collected? Should taxes in general be higher? Print more money? Bailouts? On and on, the questions could potentially never end with no real answers.
Here I will begin a short series on a system of taxation that will benefit all, especially aging baby boomers. It is called the FairTax. It is primarily based on consumption.
Let’s hear what one of our founding fathers, Alexander Hamilton, the first United States Secretary of the Treasury, had to say on taxation. (more…)