I would guess that you would pay a tax when you bought the stock and the entity buying it from you would pay a tax.
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Youâre only counting retail sales. What about stock trades?
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Repeal the 16th amendment. Income tax is slavery.
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Building off of this, absolute necessities should have the sales tax waived. Things such as meat, fruits/veggies, diapers, baby formula, and womenâs hygiene products etc. The average person shouldnât have to pay extra for the things they need to stay alive and keep their bodies and their families healthy.
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When it was written the Fair Tax book contended that 23% of all product prices were the taxes passed onto the consumer.
The goal was to eliminate all taxes altogether and replace them with one tax at 23%, ie. the Fair Tax. That way prices donât change.
If the fair tax does what it says itâs supposed to do, Iâm all in for it. Or any sort of single tax system versus this garbage that we have now.
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National sales tax
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Not only that, but tax on income from actual labor is typically higher than that of capital gains. This would solve that problem, as I believe maintaining some form of capital gains tax is necessary.
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I think a national sales tax is the way to go. If one is worried about low income families, the government could exempt the items on the WIC list.
Just getting rid of the IRS, itâs expenditures, and its massive number of employees would save the government soooo much money.
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I couldnât have said it better myself! Cheers!
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Insanely regressive, not smart.
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I think we shoukd return to constitutional principles. Founding fathers warned that the govs ability to tax the people would lead to what we have now. Income tax should be abolished as well as land and house taxes once a property is paid off. Gov should be reduced to constitutional required areas only and money should come from tarrifs or when needed, apportionment. Reducing the money going to our gov would drastically reduce what kind of influence the gov has and very quickly stop the waste. Income taxes are not constitutional. We should not be paying for most things our gov wastes money on. More money, more corruption. That is why we were set up w/o income taxes to begin with. Apportionment means everyone pays the same when a lump sum is needed. Nothing should be on going except tarrifs if you want to reduce gov and free the people.
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There a take too much of my money problem.
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Bad idea for the simple fact there is no law that requires one to pay income tax on their personal labor. This would also allow congress to keep raising the sales tax resulting in everyone paying more than they would ever pay under the current system. To even justify a national sales tax, it would have to be limited to 9% and could never be amended or raised. That will likely never happen. Be very careful of what you wish for. This would end in a nightmare for you.
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While the intent is well-meaning, it is possible to End the Federal Income Tax and replace it with nothing. What is required is to reduce the size of the federal government drastically, which would have incalculable other benefits as well. A candidate for President in 2008, Ron Paul, showed the math on how this would not only be possible, but easy to end the income tax and replace it with no tax at all: the key is shrinking the bloated, unnecessary, wasteful, rights-violating federal government.
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This is actually a better way to tax stocks. It doesnât disincentivize smart stock trading like a capital gains tax at point of realization does.
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No. The income tax exists not because the government needs the money, but rather to give citizens the perception that the fiat currency has value. For example, if you âowedâ $10,000 in income tax, they will only accept USD. They create the debt to finance whatever they want. The key is not increasing some other tax to offset losses from removing the income tax. The key is to reduce the size and scope of the federal government so that the cost to fund it is absolutely minimal.
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Further, if tax collection is seamless at point of sale, and the tax money is instantly deposited to the general tax wallet - then all liability on businesses to collect and remit the funds would be removed.
In this situation, people earn and spend money and âtax seasonâ can return to being simply spring.
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It really would require an upgrade to the POS systems to deal with the new architecture
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I gamble for a living and Iâve paid my taxes for 13 years⌠Why am I being lumped in with drug dealers, prostitutes, and illegal aliens? Itâs not illegal to gamble.
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The FairTax bill, also known as H.R.25 - FairTax Act;
Why I like it;
-Ron Paul likes it
-It requires the abolishment of the income tax
-All income tax would shift to end user sales tax. No more loopholes, every one buys stuff. The more you buy, the more you pay in tax, putting your taxes back in your hands
-Pays every single American citizen an amount of money that equals the amount of taxes that would be paid on up to the federal poverty level. This means people in poverty cannot pay more in taxes than they receive, making this a progressive tax.
I could go on and on, but I HIGHLY RECOMMEND mentioning the existing bill that basically does everything this post asks for. H.R.25 - FairTax Act
Abolish April 15th and support the FairTax
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