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of
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Aug 13, 2008 03:21:52 AM
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of NY
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Aug 13, 2008 03:20:31 AM
Keep it simple
Well, to the extent that we already have a few states (four? six? I forget) that have no income tax but get all their government revenues from sales taxes, I suppose you could say that the concept has already been well tested.
Opponents to this sort of thing complain that such a system is inherently regressive; as soon as you start doing stuff to address that (as in the prebate check idea), you're adding complexity to the system again.
I do agree that perhaps the best thing policy makers could do for small business taxpayers would be to simplify taxes -- something that politicians seem to be allergic to, if there is a special interest group to be had.
Dawn Rivers Baker
of NY
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Aug 12, 2008 11:09:01 AM
A state could try it...
Michigan just blew a great chance to change its "metal rust" to "gold dust" overnight by not having the FairTax on this year's ballot. It needed over 300,000 signatures. They didn't get it. The state FairTax plan is simple. Kill all taxes. Put in a 10.75% retail sales tax, and provide a prebate check to all registered Michiganites to cover taxes up to the poverty line. Any state that does this first wins BIG. Too bad Michigan.
Mark M
of FL
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Aug 11, 2008 22:13:01 PM
Everyone must play by the same rules
A valiant effort, but a "test" of the FairTax would not work like this. The FairTax works because everyone participates. The problem with the current tax code is that it applies differently to some. Further, how would no income tax test the FairTax, which is a national sales tax? Would a sales tax be imposed against small businesses only? Unworkable. Congress needs to bite the bullet, enact the FairTax and then let all citizens of the country--whether they run small businesses or work for large businesses--reap the benefits of higher growth, less complexity and more fairness of the FairTax system.
Matt Bandyk, a reporter for U.S. News, explores capitalism from where it all begins, with the entrepreneur, whose risk taking and experimentation provide the roots from which the rest of the economy grows. As much courage as it takes to create one's own business, even the entrepreneur needs some help, and this blog will look at news, trends, and practical advice for starting and running a small business.
of @ Aug 13, 2008 03:21:52 AM
of NY @ Aug 13, 2008 03:20:31 AM
Dawn Rivers Baker of NY @ Aug 12, 2008 11:09:01 AM
Mark M of FL @ Aug 11, 2008 22:13:01 PM
Sparky Anderson of HI @ Aug 11, 2008 17:17:51 PM
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