In a Remarkable Show of Bi Partisanship... GE Pays No Tax on 14 Billion Profit.

[BridgeTroll]

You mentioned...

he believed in a 78% top tax bracket as well......

He didn't... and I showed the results of the 1986 Tax Act... which is always credited with Reagan but was quite a model of bipartisan politicking... as the bill was actually sponsored by Democrats.

I am also arguing that Reagan wanted corporations to pay their fair share.

Well no, Bridge Troll, aside from a couple of democrats like Gephart, lets see you back up this claim of it being quite the model of bipartisan politicking.

So lets say that the ideal model of 'bipartisan politicking' would result in broad support on both sides of the aisle.

Broad support would mean 60% of the votes from both parties.

So please show us where this claim you made is true.

How about 97-3 in the Senate... 292-136 in the House


http://findarticles.com/p/articles/mi_hb3356/is_n3_49/ai_n28674284/

On June 24, 1986, the U.S. Senate passed its version of the Tax Reform Act of 1986 by a vote of 97 to 3. If for only a brief period, this high degree of consensus on what the tax system should look like was astounding.

The fact that Congress went against the wishes of powerful lobbyists in overwhelmingly passing this legislation was clearly a victory for the American people.

[JeffreyS]

Now I realize that many people here see it as regressive and unfair because, as they say, it puts an undue tax burden on the poor and middle class. I acknowledge that most of these people are far more intelligent than me. Yet, I remain unconvinced that the Fair Tax isn't the proper way to provide for our federal government's funding.

The Fair Tax is not a straight consumption tax because it "prebates" the money people would spend in the tax up to the poverty level. In theory this means anyone living at or below the poverty level would pay no taxes.  This is meant to be more progressive than a strait consumption tax. You would also have to pay the tax on anything you brought into the country even if you paid some other tax on it elsewhere.

I like the plan it is simple, easily adjusted and it allows people to know what they are spending and adjust when their budget is tight.

The black market would never approach the level of tax evasion companies like GE do.

[BridgeTroll]

Now I realize that many people here see it as regressive and unfair because, as they say, it puts an undue tax burden on the poor and middle class. I acknowledge that most of these people are far more intelligent than me. Yet, I remain unconvinced that the Fair Tax isn't the proper way to provide for our federal government's funding.

The Fair Tax is not a straight consumption tax because it "prebates" the money people would spend in the tax up to the poverty level. In theory this means anyone living at or below the poverty level would pay no taxes.  This is meant to be more progressive than a strait consumption tax. You would also have to pay the tax on anything you brought into the country even if you paid some other tax on it elsewhere.

I like the plan it is simple, easily adjusted and it allows people to know what they are spending and adjust when their budget is tight.

The black market would never approach the level of tax evasion companies like GE do.

The simplicity and transparency of this is attractive... the lawyers and accountants(special interests) will hate it... especially considering the monstrosity of our current tax law.

[hillary supporter]

Now I realize that many people here see it as regressive and unfair because, as they say, it puts an undue tax burden on the poor and middle class. I acknowledge that most of these people are far more intelligent than me. Yet, I remain unconvinced that the Fair Tax isn't the proper way to provide for our federal government's funding.

The Fair Tax is not a straight consumption tax because it "prebates" the money people would spend in the tax up to the poverty level. In theory this means anyone living at or below the poverty level would pay no taxes.  This is meant to be more progressive than a strait consumption tax. You would also have to pay the tax on anything you brought into the country even if you paid some other tax on it elsewhere.

I like the plan it is simple, easily adjusted and it allows people to know what they are spending and adjust when their budget is tight.

The black market would never approach the level of tax evasion companies like GE do.

The simplicity and transparency of this is attractive... the lawyers and accountants(special interests) will hate it... especially considering the monstrosity of our current tax law.

I experienced the fair tax last summer in a european country and was quite enthralled with it. Some philosophical points are
1) you truly will buy what you need, what one can afford.
2) EVERYBODY pays taxes!!!
3) The simplicity involved makes this measure attractive.
 to consider
Will our consumer based economy/society be changed from what it is? Most definitely.
And i believe all business as a whole are against it as it will deter our consumerism.
When you buy a house you must pay fair tax ( reasonably at 24%)
you would eliminate interest deduction from income tax since income tax would be eliminated.
Realistically, i dont see this happening.
Also, should one start pinning down "changes, loopholes, deductions, ect" the simplicity is defeated.

[JeffreyS]

It is possible that the FairTax would make most people better off, but much of that gain would be a direct result of making the tax code less fair.

I love Fact Check Stephen excellent place to check.  I think the last last does a good job summing it up.  Perhaps the name ought o be changed to the People better off Tax. 
I will tell you if you wait for life to be perfectly fair you may be in for quite a wait. "Most people better off" can be rare as well we should take advantage of that when we get the chance.

[JeffreyS]

I have proposed to the Fair Tax people that they "prebate" 100% up to the poverty level and 50% to double that amount and adjust the tax rate to compensate.  This would move the burden up the ladder a bit and make the Tax code a little more progressive.

[Lunican]

I've already paid taxes on my savings and don't want to pay an additional 30%.

[Timkin]

I know, right?

[JeffreyS]

Again your waiting on perfect. I know we have all worked hard to jump through the current rules. I have a 401k same as anyone.

[BridgeTroll]

Again your waiting on perfect. I know we have all worked hard to jump through the current rules. I have a 401k same as anyone.

So whats the reason you want to change the taxation system again?

Again?  No... toss it out and start over.

[BridgeTroll]

My reason for wanting an honest debate in our congress is simplicity, transparency, and fairness.

[BridgeTroll]

I think it is a mess.  I think no one really knows what is in the laws nor how they work.  I think we pay too much.  The current system breeds mistrust.  Spin the wheel... you will land on a winner.

[JeffreyS]

Stephen your article says it.  Because most people could be better off.

[uptowngirl]

Because I want April to be a wonderful joyous celebration of spring and not the hated tax month. Everyone should be able to fill out an EZ form and not have to figure out a way to pay in 36% and not 45%. Heck I claim zero across the board and get a refund every single year, but I would glady give that up if I did not have to go through the dreaded month of April and the fear of making one tiny mistake.

I don't mind paying reasonable taxes, but hate having to file.

[BridgeTroll]

Because I want April to be a wonderful joyous celebration of spring and not the hated tax month. Everyone should be able to fill out an EZ form and not have to figure out a way to pay in 36% and not 45%. Heck I claim zero across the board and get a refund every single year, but I would glady give that up if I did not have to go through the dreaded month of April and the fear of making one tiny mistake.

I don't mind paying reasonable taxes, but hate having to file.

The lawyers, accountants, and politicians certainly love it tho.