2002 vs 2012

[Dammy]

they did have corporate taxes. Remember the history of the Wiskey rebellion?

That was a tax on products, not on corp profits.

Another thing they did was borrow to fight the British. Washington started the whole idea of deficit spending.

True, but he wasn't printing money out of thin air to cover those debts either. US Constitution calls on those debts to be paid.

I'm old enough to know that reality is often different from the hypotheticals. You wanted a new wonderful tax system and before it even got off the ground you are manipulating it. I think the near 30% rate this requires is a deal killer. The money handlers who control the purse strings will laugh you out of their offices if you tell them paying 30% on purchasing investments.

Never seen 30% quoted, where did you get that number from? The Fair Tax is only on first time purchases, "used" or "resold" items are exempt. This is to encourage investment in the US from outside sources since there is no corp income tax nor capital gains.

 

[FluffyMcDeath]

True, but he wasn't printing money out of thin air to cover those debts either.

No, he was printing money out of thin air to avoid going into debt.

Borrowing to cover your debts is like f***ing for virginity - and it's incidentally what every country that has joined Basel seems to have to do.

 

[Robert]

IMO Obama is our best chance this fall for change. As he can't run in 2016 he can make moves that might otherwise kill a political career.

True but I wouldn't hold your breath.
He's already painted, completely absurdly yet with a completely straight face, as a socialist.
If he actually *did* do something socialist, I think parts of your fine country might self-implode in an earth-shattering clusterfuck of ignorant outrage.

-useless trivia edit-
Just noticed you quote Adam Smith in your sig. One of the buildings I attend lectures in is named after him. Lectures in php, rather than economics, right enough. =)

 

[faethor]

-useless trivia edit-
Just noticed you quote Adam Smith in your sig. One of the buildings I attend lectures in is named after him. Lectures in php, rather than economics, right enough. =)

You're the first one to verbally notice. I wonder if any of the right wingers actually read Adam Smith or do they just try to cite cherry picked ideas of his to back their own biases.

 

[faethor]

Never seen 30% quoted, where did you get that number from? The Fair Tax is only on first time purchases, "used" or "resold" items are exempt. This is to encourage investment in the US from outside sources since there is no corp income tax nor capital gains.

I'm in the 25% tax bracket, pay a 7% sales tax, pay a 6% welfare tax, the employer pays the other 6%, and I pay a property tax yearly. Lump those all together and don't forget that yearly property tax is now a one-time tax where we'd have to pay it all up front. You're probably right questioning 30% it's more then likely too low.

Another way to look at it is US Spending is roughly 40% of GDP. If you want to borrow nothing and start paying that debt and demand everyone pay in purchases up front it's fairly good guess you'll need taxes better than 30% for each purchase you make. Now, if we assume that rate will scare markets and they'll stop buying stuff we have to raise the tax rate even higher to make up for the money being put under the matress and not spent in hopes we might wise up and drop unfair Fair Tax idea.