Wednesday, September 14, 2011
Bill O'Reilly: "Demands Higher Taxes Calls For 2% Consumption Tax: I'm for the Fair Tax
Bill O'Reilly actually has a point here, perhaps the first time in weeks or months on his point that a Consumption Tax would force everyone to pay Federal Taxes. And not just Payroll Taxes and that even criminals and not all criminals steal everything they get. Even criminals go into a store and purchase something and actually buy those products. I like the idea of the Fair Tax because it lets people decide for themselves how much they pay in taxes. Based on what they spend to live and people who hate taxes all together. Would probably live very cheaply but the rest of the country. And americans tend to be spenders would pay more in taxes, the wealthy would pay more in taxes today. Even by percentage if a Consumption Tax is designed correctly because they spend more money. And again if a Consumption Tax is designed correctly, Low Income people would get a break in taxes because they don't spend a lot on Luxury Items. And again Middle Class people would have the freedom to decide for themselves how much they pay in taxes, again based on how much they spend.
Big spenders would pay more in taxes, low spenders would get a Tax Cut. With a Fair Tax we would be able to eliminate most if not all Tax Loopholes in the Tax System. Because most of those Tax Loopholes are based on the Income Tax. I'm not for creating an Consumption Tax to go on top of all the taxes we pay as a country. Otherwise that would result in a major Tax Increase especially on the Middle Class who can't afford it right now. And Low Income people who can never afford a Tax Increase but a Consumption Tax to replace the Income Tax. But still leave in the Payroll Taxes, Corporate Tax and other taxes. But reform those other taxes that best makes sense for the economy and our Fiscal Policy.
Before Tax Reform we need Government Reform, figuring out what the current Tax System is and how much if any would a new Tax System affect new revenue for the government. If a new Tax Code brings in less Tax Revenue and perhaps thats one of your goals, then you have to figure out how your going to. Cut, reform or both in the Federal Government and where your going to make the savings and what your going to do with the savings. If the new Tax Code brings in more Tax Revenue, then of course you have to figure out what your going to do with the extra Tax Revenue. And then you need a Tax Code that works better for the economy, can be understood and makes good Fiscal Policy.