DurNominator | Thu 19-Apr-07 01:25 PM |
Member since 08th Nov 2004
2018 posts
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#1091, "RE: Their information goes into more detail but..."
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One question: FairTax is 23% of the sales price that does not include the tax, right? So, in practice, 18,7% of every dollar the customer gives you would be tax, since the dollar already includes tax. In other words, you don't pay tax for FairTax, right?
The FairTax is a pure consumption tax with a tax base virtually identical to value-added taxes used by 29 of the 30 OECD7 nations. Distinguished from these systems, however, the FairTax replaces all forms of income and payroll taxes, where these VATs are add-ons to existing income taxes. And the FairTax is a visible tax being separately stated on the retail receipt, whereas VATs are usually hidden in retail prices.
It's compulsory here to have the VAT listed in the receit(companies can deduct VAT from purchases in their taxation here if they pay VAT from their sales. Also, companies with low net sales are given release from having to pay the tax. The companies have 45 days time to announce and pay the VAT to tax officials for each month), but most people here give the price in the form that includes VAT, since it's the price you actually have to pay, which is the most viable form.
What's so groundbreaking about this FairTax anyway? Isn't it just a normal VAT?
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FairTax
[View all] , Tac, Thu 19-Apr-07 09:24 AM
RE: FairTax,
Isildur,
29-Apr-07 05:07 PM, #17
Has anyone tried this?,
Valguarnera,
19-Apr-07 10:22 AM, #1
Their information goes into more detail but...,
Tac,
19-Apr-07 10:43 AM, #2
RE: Their information goes into more detail but...,
DurNominator,
19-Apr-07 01:25 PM #4
Not quite.,
Tac,
19-Apr-07 02:27 PM, #5
I can already explain it now you've said the percentage,
DurNominator,
21-Apr-07 01:23 AM, #13
I'm lazy and so are you, but...,
Tac,
26-Apr-07 10:50 AM, #16
RE: Their information goes into more detail but...,
Isildur,
19-Apr-07 08:25 PM, #8
RE: Their information goes into more detail but...,
DurNominator,
21-Apr-07 03:28 AM, #14
RE: Their information goes into more detail but...,
Isildur,
21-Apr-07 09:37 AM, #15
RE: Their information goes into more detail but...,
Isildur,
19-Apr-07 08:11 PM, #7
Re: Battle tested income tax,
Tac,
19-Apr-07 12:02 PM, #3
RE: Has anyone tried this?,
Isildur,
19-Apr-07 08:08 PM, #6
Pretty much.,
GinGa,
20-Apr-07 05:58 PM, #10
RE: Pretty much.,
Isildur,
20-Apr-07 06:35 PM, #11
As opposed to..,
Razoul,
20-Apr-07 12:22 PM, #9
RE: As opposed to..,
Isildur,
20-Apr-07 06:43 PM, #12
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