Do you agree with Republicans? Is this better for our tax system? 👀
@shoptalkfinance
Жыл бұрын
I think there are too many factors to consider if this is “better” for our tax system. Based on the information in this video alone, it sounds wonderful! Great info here
@KeakerZNation
Жыл бұрын
Lets just say it does pass.. k A company selling a item at 100 dollars with a 30%margin on each sell now with the 26% sell tax's it would cost you 126 dollars. Lets just say Americans decide not to purchase the item cause of the extra 26 dollars in sell tax's now... Lets say a company says we are not hitting are sells for the quarter at 30%margin so... just cut are margin to 15% giving the consumer the 15% of sale bring the sell tax's to 11% So the item at 100 dollars with tax's at 26% of a total 126 is now 85 dollars with tax's of 26% to 107
@johnp139
Жыл бұрын
This would need to be incrementally implemented otherwise retired or people about to retire will incur a 30% increase in their living costs. Food (real food, not junk food), should also not be taxed.
@kk-linux-rocks7269
Жыл бұрын
It's a disaster waiting to happen. Getting rid of the IRS is good, however a flat tax would be much better. Steve Forbes has a great book he published back in the 90's called: "Flat Tax Revolution: Using a Postcard to Abolish the IRS"
@Jamie-lb7eh
Жыл бұрын
The IRS will be abolished by April! The IRS is so damn corrupt.
@vboytan
Жыл бұрын
IRS needs to be regulated. They have too much power over everyone’s hard earned money. We pay taxes every time our money moves. It’s ridiculous.
@michalandrejmolnar3715
Жыл бұрын
The IRS is now supposed to go after rich people that's why they want to abolish it.
@quadsandbikes
Жыл бұрын
ABOLISHING THE IRS IS ABSOLUTELY NOT "AGAINST THE CONSTITUTION"!!
@ksplinter007
Жыл бұрын
That's literally the first time every heard that. Completely ridiculous statement. It's unconstitutional that It even exists in the first place
@Whoa532
Жыл бұрын
Yea that statement lost me too!🤣
@jlfliberty
Жыл бұрын
@James Madison The Federal tax on Earnings was started in the early 1900's and immediately started being weaponized against American citizens. All taxes were obtained by other methods. Only the foolish do not see how the IRS and income tax system is used as a weapon of punishment and social engineering.
@miztahrayeproductions2942
Жыл бұрын
That was my immediate thought. Taxation Without Representation... literally in direct violation of the Constitution.
@jlfliberty
Жыл бұрын
I don't understand any of you claiming it cannot be abolished. The Constitution does not say the IRS is a required institution and it absolutely (can be abolished). That's not saying some form of collection might be required but those saying it cannot be abolished are naive and/or ignorant. The Office of the Commissioner of Internal Revenue was created July 17, 1862. Explain why it cannot be abolished if the U.S. did without it for a Century. The Department of education was created after I graduated high school and consistently grades and education in general have degraded. So you think it also cannot be abolished?
@calebwalker9093
Жыл бұрын
This would amount to 80% of American's paying more tax, mostly hurting the poor and middle class. It would result in the largest tax increase in history. so many gullible comments, you have been tricked.
@deannaadams277
Жыл бұрын
Please provided the proof of this claim. I see problems with people on Social Security. Would like to see a tiered flat screen tax by gross wages before any investments but after any health benefit charges. Medical & Food excluded in tax
@texaspanda9386
Жыл бұрын
How is it against the constitution to eliminate the IRS when it is not a legal entity under the constition? Don't drink their coolaid and did into it yourself. You should do a show on the illegallity of the IRS.
@jocunningham
Жыл бұрын
👍
@AsManThinketh
Жыл бұрын
Exactly what i came to the comments to hear. Thank you
@mtigress4589
Жыл бұрын
Frivolous argument.
@AsManThinketh
Жыл бұрын
@@mtigress4589 Explain how so
@mtigress4589
Жыл бұрын
@@AsManThinketh the 16th Amendment allows taxation of income tax and the internal revenue code is literally within the US code. It's federal law and it's been upheld by the SCOTUS plenty of times.
@brooklyn560
Жыл бұрын
Irs said they were coming after rich ppl and the republicans said we getting these niggas outta here lol
@andrewtenorio3871
Жыл бұрын
The rich can hire an army of the best tax consultants and lawyers to make sure they pay the least tax.
@deannaadams277
Жыл бұрын
Yeah, not. They were coming after us middle class people. Look up how many wealthy people are in the US. Trust me you don’t need 87k and a gun for them, they fight with expensive lawyers. Don’t believe everything you hear, common sense goes a long way
@joshmaddox2010
4 ай бұрын
Define Rich or do you mean successful. It’s not the government’s business to know how much money someone makes.
@justwatching3124
Жыл бұрын
I'd love to make my ends meet without having to work overtime every day... even then, it's a struggle cause they tax it 2-3x as hard. By then, it's like, what's the point.. sacrificing more time away from my family and home. To just pay bills, buy food, and try to hold onto some ends to make it to the next check. People are tired of not being able to do just basic things. going to a movie... amusement park...vacation, etc. While theirs not a single broke politician struggling like us.
@donnafreeman1571
Жыл бұрын
You're speaking the truth
@murphyrod4839
Жыл бұрын
Will never get out of the House of Representatives, the Senate will never pass that legislation
@LYFEAccounting
Жыл бұрын
That's the conciseness. BUT, if it did, do you think it would work?
@zpayne02
Жыл бұрын
The House controls the budget and funding.
@DNaupari
Жыл бұрын
Consensus?
@Rayzeo
Жыл бұрын
@@LYFEAccounting no
@mikelarson4
Жыл бұрын
True 💯
@eddyjames934
Жыл бұрын
If your check is $400.00, they will tax you $120 if you consume it all. You will have $280 for your use, but people forget that it is compounded...every item that you purchase will cost you 30% more. So.. all the revenues that corporation earned won't be tax... and since these same corporation go after cheap oversea labor and goods... they will pay little to no taxes in the USA. Only idiots will agree to this bill. Again.. Republicans do not have your interest in mind... as TRUMP said... I love the uneducated.
@ysp263
Жыл бұрын
Thank you for laying this out.
@CodyDavis91
Жыл бұрын
Every year, uncle Sam takes his share regardless of how much I scrimp and save. This act would keep him out of my pocket unless I decided to buy a new TV. I love it. This would save my family almost $20k/year.
@Robert-lu3rz
Жыл бұрын
@Sean M issue would be, the rich can go over seas to purchase their goods cheaper..and also start a business and bypass the consumption tax by consuming their own products.. still plenty of loop holes
@grndhg86d
Жыл бұрын
Watch the video called theft by deception. This solution to the scam you have been willingly participating in is more illegal than the original scam. And you will be forced to participate in the state that you are in rather than being able to correct the problem
@michalandrejmolnar3715
Жыл бұрын
Yeah sure because you're rich
@michalandrejmolnar3715
Жыл бұрын
@Sean M means the rich will pay less in taxes.
@ethosterros9430
Жыл бұрын
How much of that 20k is going into the increase in tax for basic necessities though? If tax on food is going up to like 30%? Or are we talking about incentive to off the books buying from farms or even grow your own food?
@khandibaugh23
Жыл бұрын
First, the glasses are a good look👍Our paychecks are really taxed 100x when you think about it. You have the initial income tax, then everytime you purchase anything you're taxed. I wish they would do away with property tax if your house is paid for. A few things need to change. Thanks for the info.
@gilmendoza8092
Жыл бұрын
If your house is paid for, no property tax? But don’t you use the emergency services, schools and other government items your taxes pay for? Do I think they are too much absolutely….
@khandibaugh23
Жыл бұрын
@Jose Good points and do you know lottery proceeds were supposed to go to the school system? Gambling was illegal. Funding schools was one of the benefits as to why it came into existence from state to state.
@khandibaugh23
Жыл бұрын
@gil mendoza City and state taxes can be used for those things. Schools were supposed to be funded by the state lottery. Some states even tax retirement pay. I do not think you should pay property taxes on land or houses that are paid for especially since they can take your property for unpaid taxes. Or maybe they can come up with a law that states the house will not be taken from you but a lein will be placed on it. That way when it's sold or inherited, back taxes must be paid first.
@gilmendoza8092
Жыл бұрын
@@khandibaugh23 I like your idea about putting a lien against the house instead of them taking your house…
@DigitalPlacebo
Жыл бұрын
Amen to abolishing property tax
@ChangeYourFrequency
Жыл бұрын
A consumption tax makes more sense than income tax. There are way too many loopholes that the rich create to avoid income tax and therefore pay much less than middle class Americans proportionally. A wealthy person will undoubtedly purchase more goods and therefore pay more taxes.
@Breakthroughmasonry
Жыл бұрын
Rich don't work for money some how to you pay taxes on money you don't work for?
@gio-ko7kf
Жыл бұрын
The middle class spends more then the wealthy. This just shifts the tax burden directly on the middle and lower class. The wealthy are wealthy because they’ve accumulated vast amounts of money, which means they didn’t spend it all. And like he said in the video, 40% of americans are already too poor for the income tax…. Imagine telling them you’re gonna save them by increasing consumption taxes massively.
@ChangeYourFrequency
Жыл бұрын
@@gio-ko7kf let’s say you spend about $2000 on goods every month whether it’s clothes, electronics etc. i don’t think food and groceries are taxed although restaurants will add tax. The sales tax here in cali is already 10% at least in LA. If you add another 20% to meet the 30%, then you would be paying $4800/year in taxes based on that calculation. If you’re making $80-$100k a year, you will be paying anywhere from 21k-30k in taxes with half of that going straight to federal income tax so $10k-15k every year AND you’re still paying a sales tax of 7-10 percent depending on where you live.
@gio-ko7kf
Жыл бұрын
@@ChangeYourFrequency And with that calculation, a millionaire or billionaire wouldn’t be paying much more. Hence why i say the tax burden shifts, to a billionaire that’s less then a percent of a percent a year. To the normal person that’s a couple rent payments…
@ChangeYourFrequency
Жыл бұрын
@@gio-ko7kf it depends how much they’re spending I guess. I spend about $5k a month on goods, restaurants etc. most rich people will be buying assets which would probably include property, crypto, business start ups etc. if a billionaire is starting a tech company let’s say, they’ll need to purchase all the things they need like computers, desks, chairs, company cars etc etc. those would all be given a consumption tax. If they’re buying cars and fancy things like a $5k Gucci purse, watches etc that should all add up too and they’re no way they can weasel their way out of it or write it off
@indiaj4090
Жыл бұрын
I think it’s a good idea. And if it gives the government less money. Even better they waste money on a daily basis.
@ClayJitsu
Жыл бұрын
it is a great idea but is specifically designed to never pass. uninformed people will think a flat tax will let the rich off easy (the opposite is true), while the informed/rich people will realize they will be taxed more b/c they will have fewer deductions/ways to avoid tax. I would love it to happen but it almost seems like it was being designed for everyone to hate it. maybe just a way to put up a front to look like the R's are trying to do something, idk.
@ClayJitsu
Жыл бұрын
also we're about to hit the debt ceiling and there's absolutely no way anyone will let this pass. this is just a red herring.
@ysp263
Жыл бұрын
Rich people will buy most things from other countries which will mean no taxes for them. This will also get rid of other taxes like inheritance taxes etc.
@lukejaniec9822
Жыл бұрын
So will this tax everything you buy? For example a house? $200,000 house at 30% tax makes me feel uneasy. I'm all for getting rid of taxing altogether, are there things that aren't going to be taxed?
@et3
Жыл бұрын
only if it is a new house.
@gio-ko7kf
Жыл бұрын
it’s supposed to be “fair” by making everyone pay the same sales tax, but in reality it just means the middle and lower class will shoulder 90% of the tax burden while the effective tax rate for the wealthy with be closer to 0%….
@mikelarson4
Жыл бұрын
The bill says consumables so that is everything we use on a day-to-day basis, if that includes our utilities this bill is absolutely destructive
@nerdsgold868
Жыл бұрын
Everything gets taxed on initial retail sale. What people aren't realizing apparently is the embedded cost of the current tax structure. A $200K house would only be maybe $150K without taxes. Add the FairTax back in and it's still about $200K.
@Nisha_xo
Жыл бұрын
The thing is we would be able to pay it off because federal income taxes will be removed and that is a result of saving more of our income money
@kentstewart2907
Жыл бұрын
This Fair Tax system is the best way for our country to do its job while while being completely equitable in the process. the system ALREADY exists in most of the states that have a sales tax. This is no different and should not be feared. The 16th amendment would be repealed thus getting rid of the IRS as well as income taxes as we know them. This system is so transparent that everyone is totally aware of how much they are paying in taxes. Most people don't have a clue as to how much their paycheck really amounts to because of how much is taken out of it before it gets to you. Imagine receiving the entire amount of your income that you are due. Most importantly... this is a REPLACEMENT TAX, not an additional tax. It only replaces the WAY taxes are collected, NOT HOW MUCH is collected. Far better deal for almost everyone except the politicians!
@davidrivera953
Жыл бұрын
How is taxing citizens Constitutional? I thought before WW1 or 2 we didn’t have a national sales tax, and it was created to support the war effort?
@Breakthroughmasonry
Жыл бұрын
1862 income tax was introduced. Pre ww2 it was up to you to pay your taxes from your pay check. After ww2 the government decided to take money from your check before you got paid. To make sure they got paid first.
@lucillehenderson5830
Жыл бұрын
We do for a change!!! Now we can control our own money. GREAT!!!
@Nisha_xo
Жыл бұрын
As we should
@utilityaccount8514
Жыл бұрын
The prebate is a UBI. It's not "for people under poverty line" it's a monthly payment for all at 23% of the poverty level. And consumption tax is the ONLY way to hit the big spenders the hardest. It's absolutely legit.
@michalandrejmolnar3715
Жыл бұрын
That's stupid. Rich people don't spend as much in percentage of their income as rich people.
@ethosterros9430
Жыл бұрын
They'd have to increase taxes on luxury items like private jets and other bs and keep tax on food low if not zero
@tanham007
Жыл бұрын
I will straight up become a republican for life if they pull this off.
@bradleyvrooman1801
Жыл бұрын
For those that live paycheck to paycheck a majority of their spending will be taxed while the wealthy get to hoard even more money. This is coming from Republicans who think trickle down economics works.
@Rayzeo
Жыл бұрын
🤡
@ljj9494
Жыл бұрын
I would support it if it had additional taxes on the super wealthy. That level of wealth concentration is not healthy for a free market economy. Abolish every other tax, just impose a financial transaction tax, a wealth tax, and inheritance tax on the super wealthy, in addition to a national sales tax and I could get behind it. It would level out the burden and be more revenue neutral. Then after we are revenue neutral we can start cutting spending and working on paying off the debt.
@mochamommyATX
Жыл бұрын
Well ...The money you earn or the money you save will not be taxed, just the money you spend.
@ljj9494
Жыл бұрын
@@mochamommyATX I am aware how the tax would work
@jimbosmith6327
Жыл бұрын
I am so sick of people whining and complaining about the 'super rich'. Its so damn pathetic. Your not going to get their money. So stop trying. They aren't going to let you or the feds just have it. What we all need is more income in our pockets. And that's what the fair tax is all about. Quit worrying about super rich people for gods sake. Our problem isn't super rich per se. It's the federal government.
@steve69465
Жыл бұрын
It will also create revenue from illegal immigrants and tourists
@bradleyvrooman1801
Жыл бұрын
and create a massive black market.
@GodsLittleITGirl
Жыл бұрын
I have super mixed feelings about this. I see it as a good idea since we would also be getting federal revenue from tourism, undocumented immigrants, corporations, and undocumented immigrants; but I can also see where companies will bank the extra dollar because they don't have to buy new stuff every year to avoid paying taxes, making them richer and not paying their employees better. I think we should still have a minor IRS that handles a flat tax instead with no deductions. That way, the rich can't hide their profits and something like 5% is automatically deducted, that doesn't require annual taxes.
@miztahrayeproductions2942
Жыл бұрын
I have absolutely no idea what you are trying to say in your con-side argument saying "companies will bank the extra dollar because they don't have to buy new stuff." That argument literally makes no sense. Companies will still purchase things they need to operate because, well, they need those things to operate. Take for example a restaurant... Do you think a restaurant could operate without buying knives, cutting boards or other needed expenses? Or a business to run properly without maintenance on equipment, paper resupplies, ink, etc... The only reason the IRS exists is to take our money and use it for things WE, THE PEOPLE, do not support or are unaware of. That is a modern definition of Taxation Without Representation. Example on that... Ukraine... Over 70% of Americans, Liberal and Conservative, Democrat and Republican, do not support funding Ukraine, being one of the most corrupt countries in the entire world. Even the FTC advises people don't do business with Ukrainian entities and promotes doing business in Russia before Ukraine. The biggest problem with the IRS is it is weaponized to fund things that are not in the best interest of Americans, in terms of economics and safety. In fact, the IRS has used more money to fund propaganda-based investments as the media lies and colludes to indoctrinate Americans for their sake of justification purposes. It's sick, perverse and outright disgusting how they preach about "defending Democracy" but then use our money to invest in things a majority of Americans do not support. Again.. that goes full circle... Taxation Without Representation, and in all honesty, Tax Theft and Fraud.
@michalandrejmolnar3715
Жыл бұрын
Everything you propose is just a tax decrease for rich people and necessarily a tax increase for poor and middle class or an increase in the deficit.
@benhur933
Жыл бұрын
@@michalandrejmolnar3715 rich people buy expensive stuff, that tax would apply to expensive stuff
@michalandrejmolnar3715
Жыл бұрын
@@benhur933 Rich people don't buy as much goods and services in percentage of income, meaning they get a tax cut, because now they pay 40 percent income tax. Also they will just buy it overseas.
@Andrew.Holmes.Official
Жыл бұрын
There should be a flat tax percentage ONE (1) time Period! Everyone is tired of being nickel and dimed all over...look at how many different taxes there are. It will require YEARS to change the code for all write-offs, different taxes, etc. Also, there needs to be accountability to WHERE those funds are allocated to. X percentage to roads, X percentage to schools, etc. we want to know where our money goes...
@austinnowlin1573
Жыл бұрын
I’m all for this, at this time I’m sick of the IRS and I’m tired of seeing all my overtime on an 84hr check go to god knows what. If you live below the poverty line then you should probably work harder and make some serious life changes.
@dennishipsley8703
Жыл бұрын
Where does the money the IRS extorts go....what do they do with it....where do they deposit it....?
@Herostail
Жыл бұрын
Reserve
@Herostail
Жыл бұрын
And big lobbyists pockets maybe
@roycegleason7314
Жыл бұрын
You only win this game if your filthy rich.
@RideToTheSun1
Жыл бұрын
How can any of you be for this bill without knowing the fine prints. There’s only one reason this bill is being put forward, to serve certain people in the highest of tax brackets.
@mikedrabek9733
Жыл бұрын
There is no such thing as a Fair Tax. It should be called a Fairer Tax!
@adrienhasell2038
Жыл бұрын
No it’s stupid …and gets the rich off again
@thomasj1026
Жыл бұрын
23% is fucking ridiculous. I would never pay that. Won't buy shit. Middle class and lower wouldn't be able to afford buying houses cars property assets. 300k home after taxes would be 78k not including closing costs or down payment. If it excluded property land vehicles and other forms of large assets then maybe I could see it working. But not at 23% you Are looking at things like insurance is taxable electricity water subscription services. Everything would go up just to get 200-300 back in your check every two weeks. I don't pay anywhere near that in taxes at the current moment
@deannaadams277
Жыл бұрын
Really look at what already is taxed from you check . This is a basic overview, it definitely would need to be tweaked, I think it should be looked into. Any company trying to import from another country heavy tariff or penalties ( keep people here with jobs). A tiered national tax based on gross income minus any health benefits. Absolutely no tax on medical or food. Can’t keep on getting taxed every time you turned around because they want to send money to another country, can’t hardly make ends meat. We budget our lives why shouldn’t the government have to be thrifty like the people they are consistently pushing their thumb down on.
@thomasj1026
Жыл бұрын
@Deanna Adams I agree don't get me wrong. I would actually prefer a tax like that however at that 23% would cripple the low income and middle class. That doesn't include ppl on fixed income either. Look at the bad side as well. At what point is the tax being applied? If you look at things like a car. Is the tax only applied to the potential buyer or does the manufacturer have to pay the tax as well when buying individual parts from outside companies. If that's the case then the price of everything will skyrocket
@twoistwo
Жыл бұрын
The USA has millions of visitors from other countries. Having a sales tax is good because it distributes the burden of the Tax payers to people who don't live here but visit. It also helps to collect taxes on those that earn money under the table and for those that live here illegally and don't file taxes. The biggest problem here is that they might make tax exemption for business like they always do.
@gianni_4
Жыл бұрын
Good point
@dougphillips5686
Жыл бұрын
It's a great idea. Remove the burden of federal taxes from small business; payroll tax with holdings, unemployment tax, workers compensataion, social security tax. Next we need to remove the burden of state and city taxes required for all workers. Business today do all of these with no remembustment from the feds. If the feds can collect the money from individuals, they won't have a problem collecting from the state. You forgot to mention that tarrifs would suupplement the tax base. What part of the US Constitution protects the IRS? Can you imagine the amount of revenue just from stock market sales?
@marcwhittle9810
Жыл бұрын
In Texas we already pay a 6.25%-8.25% sales tax. If this is added to a national sales tax Texans would be paying an huge 36.35% to 38.25% sales tax? And for those that are already on a fixed income like SSI or SSDI they would not be able to live. There would need to be more provisions for the low income/fixed income individuals. I could see this tax being devistating for retired individuals who have already paid into the Social Security during their lives and are now additionally being taxed for their Social Security pension they recieve after a life time of paying into the system supposed to support them. I'm a conservative but these issues need to be resolved before I'm on board with the proposed changes to our national taxation.
@Nisha_xo
Жыл бұрын
And because of that there will have to be a huge change to the states that already has to pay sales tax..in my opinion for the ones that already has to pay sales tax they shouldn’t increase it..they should just let it stay the way it is
@jamesharper8373
Жыл бұрын
Ain't gone happen
@idftsman8498
Жыл бұрын
this should have happened after ww2 ended and they will tax you on your carbon footprint! not by how much you spend
@Whoa532
Жыл бұрын
Fuck yea!
@mattheww1072
Жыл бұрын
This is the only time I will only be on the Republicans side
@LYFEAccounting
Жыл бұрын
lol Do you think it would be better for taxes?
@mattheww1072
Жыл бұрын
@@LYFEAccounting Now that I'm reading about it, it looks like it'll be worse for the middle class. I hope it gets striked down. Why would anyone want to be taxed at 30%? We should keep the IRS. I don't care about paying taxes. I care about keeping my paycheck. This bill sounds like it'll take even more that what I already take home. No thanks
@et3
Жыл бұрын
@@mattheww1072 remember the rebate. every one pays 0 net taxes up to the poverty line set by the government.
@et3
Жыл бұрын
if you make 12,880 (poverty line) a year you pay 0 taxes on that
@mattheww1072
Жыл бұрын
@ET3 that's the same as being unemployed! You might as well not work at all if you take home $12, 800 year. I'd rather it be a flat 10% Tax rate across the board
@jrjr1140
Жыл бұрын
I like it
@emmabanks9168
Жыл бұрын
Sounds like they’re trying to create class segregation by state.
@killermogle
Жыл бұрын
Or they're trying to eliminate legalized stealing by the federal government.
@miztahrayeproductions2942
Жыл бұрын
Only if you live in a Liberal state...
@characoavila8592
Жыл бұрын
1999 and 2023 are both CAT YEARS. Wonder why they’re trying again 🤔 #GG33Knowledge
@davidboone8416
Жыл бұрын
FAIRtax 23% or 30% ? Long story, short, it’s a matter of definition. Whichever definition you choose ( Inclusive or Exclusive), you must apply the same definition consistently to both income tax and the proposed sales tax. What’s going on now is that FAIRtax opponents are using the exclusive definition for the FAIRtax and the inclusive definition for the Income Tax. Bottom line in the case of either definition is that under the FAIRtax the merchant receives the same profit, Uncle Sam receives the same revenue and the customer pays the same price. Just be sure to compare apples to apples when talking about tax rates. If you really want to make it simple, we should express tax rates in terms of EFFECTIVE TAX. Effective tax is defined to be simply the chunk Uncle Sam takes divided by gross income. It’s easy to understand and it offers direct comparison between the two systems. So if you are Joe and Jo Average the effective tax for the Income Tax, including the taxpayer’s share of the payroll tax is 7.62%. Under the FAIRtax the effective rate would be 8.58%. ($62,500) It varies a bit depending on your gross income, but it never even comes close to 23%, much less 30%.
@Harry-lq5hu
Жыл бұрын
A huge percentage of poor people pay no taxes. A consumption tax will hit them. Keep the IRS, throw away the HUGE IRS CODE, and do a progressive flat tax. A post card sized, simple return.
@mikelarson4
Жыл бұрын
Fair tax bill?.. Comments? Does this bill really make sense and is it fair? Is there any misrepresentaion stated in there? Is it crystal clear? That what would make sense and be great if it worked out that way, but we ALL know that they are sneaky and make it look good even though it may not be. Also what about property tax? No more? THERE IS NOTHING FAIR ABOUT THIS, it will still keep the poor poor and the rich rich
@5crownsoutreach
5 ай бұрын
I have always said that federal tax ought to come out of the budget of the state, not the individual. Individual citizens belong to the state. We contribute to the state, then the state decides what it will provide the federal government. American citizens need that layer of protection from any 'federal' agents and agencies, and it would assure that states remain sovereign over their own citizens and income. #restorestatesovereignty
@grndhg86d
Жыл бұрын
The reason for both the threat of a massive IRS and the solution of a national tax is due to the internet exposing the truth about the tax code and the difference between the code and the law and who it applies to in the first place. Not one cent of federal income tax pays for any federal services but instead pays to the interest on the deficit meaning the family owned bank named federal reserve. Almost no Americans owe any federal income tax unless they file the agreement with the IRS meaning it's a willful donation in contract agreement to participate with the attachment N and by doing so become liable to the IRS. This is one of the greatest scams in the history of the world and now that it has been exposed more and more Americans are discontinuing contract donation for federal income taxation. The big scare tactics and illegal transition to federal overreach into the American's pockets through the state income tax while increasing the deficit exponentially is a desperate act of the corrupt banking industry behind the dollar to keep the enslaved from becoming financially free. This is illegal unless a state agrees to it just like it's illegal to tax the income of most of the American people unless they individually agreed to it. The federally regulated public school system is why most Americans believe that they owe federal income tax at all and why they choose to make the agreement every year. See a video called "theft by deception" and do the research. This bill is a trap for all Americans and a massive gift for the global elites.
@kentstewart2907
Жыл бұрын
You are wrong on the 30 %. The sales tax is exactly 23% but covers a wide variety of things. You also have to remember that for the working class people who are employed, they already pay a large percentage of their earned wages into the tax system as payroll taxes. That amount would be transferred into the 23% that the employee is already paying into the tax system. So realistically the new tax burden would only be 10 or 11% which now the feds will not be taking it out of employees checks. There are NO new taxes with this system, it only changes how taxes are collected and nothing is hidden. American taxpayers would save huge amounts of money in various ways and eliminate the evil IRS at the same time. This is the best thing since since sliced bread for most people.
@miztahrayeproductions2942
Жыл бұрын
I love all the information but you got one thing absolutely wrong at the end of the video when you said abolishing the IRS is against the Constitution. The fact the IRS even exists is in direct violation of the Constitution because it is literal Taxation Without Representation. Last I recall... there was a "Tea Party" and a war that supposedly resolved that issue. But who am I but a history and Constitution buff.🤷♂
@ytpremium7649
9 ай бұрын
Tax us at 50% and provide every citizen. Free food, free education, and free healthcare.
@benhur933
Жыл бұрын
a national sales tax would work if it was phased in properly. and I wouldn't necessarily abolish the IRS but maybe repurpose them. I for one would rather have one tax then jumping through hoops and fearing an audit which would freeze my assets and cost me more money than I have for the next several years to fight it.
@patrickhickey7439
Жыл бұрын
Not a good idea. Income inequality will run rampant.
@andromeda9340
Жыл бұрын
sales tax states will in shambles as well
@Nisha_xo
Жыл бұрын
Listen, if u really think about it we will have more in our income because we will be saving most of our money because there will be no more paying thousands of dollars for federal income taxes and that will give us the ability to pay off the Fairfax
@ethosterros9430
Жыл бұрын
Sales tax shouldnt be included in food so that if they fuck up the math people dont starve until they change it 10 years later. Also if they're cutting out income and propertytax rich people are profiting the most from the bill cuz they pay the most of those. It could very easily become tax breaks for the rich and tax hikes for everyone else
@Trogdor12-mz4cu
Жыл бұрын
There is one reason and one reason alone Republicans want to replace income tax with a national sales tax. Sales taxes are regressive. The wealthier you are the smaller your percentage of income to taxes will be, and the poorer you are the higher percentage of income to taxes will be. A national sales tax would be a huge tax cut for rich people and tax increase for poorer people. The supporters start with a huge lie right off the bat. It would be 30% not 23%. Sales taxes are never calculated after the taxes are already added in. It's not done that way.
@fletchergoldie561
6 ай бұрын
did u just say a 60% sales tax on new goods would be ok for america lmao. no matter whay approach u take we are not getting out of debt
@chiautzu2695
Жыл бұрын
This is where the CBDC comes in, you make a purchase and your digital wallet gets taxed upon transaction.
@yasyas1
Жыл бұрын
Beneficial . We spend too much anyway. Give me all of my money and let me manage my consumption better. The wealthy /or corporations will pay more taxes this way since there are less tax write-offs to benefit them
@DerekThomasLirio
Жыл бұрын
I've been calling for the federal government to abolish the IRS for over a decade. Everyone in this country should pay the same tax rate. Those who earn more will still pay more because 10% of a million is alot more than 10% of 10,000. Flat rate income tax is the best thing that can happen. I'm not supporting this new proposed tax plan until I know more details about it.
@michaela.abbott222
Жыл бұрын
Retail/POS locations would also receive 1/4% for their collection services. The 23% includes the full FICA amount from the individual and the employer contribution. Used to be 15.30%... So....ideally, products and services should/would decrease at least 7-10% /hr worked by employees.
@michalandrejmolnar3715
Жыл бұрын
Bigger deficit
@michaela.abbott222
Жыл бұрын
@@michalandrejmolnar3715 The USA has had debt since President Andrew Jackson. The current economy operates off from fiat dollar velocity and debt instruments. Inflation negates any savings society that used to be.
@Bob-cd5pp
9 ай бұрын
Do You Really think the Legal system would let this happen , they make too much money on taxes.
@BlakeWheelersBurnerAccount
Жыл бұрын
Abolishing the IRS is against the constitution? LMFAO
@ccoleman7747
Жыл бұрын
Tax rate needs to be in the single digits for it to be fair across the board. But is it possible?
@frederickmakeiff7677
Жыл бұрын
Curb buying crap you don't need. Being a minimalist, I like it
@GoldGun111
Жыл бұрын
So is encoraging to save money but is saving money even a smart idea today with the way it looses value . Ether way is not good , Im getting metal , seems to be the only things helping us deal with this madness
@ibreakstuff815
Жыл бұрын
Flip to the page of the Constitution where it says the words IRS. Ill wait
@dmingophd
Жыл бұрын
So many good points in this video showing that this is one of the ideas that sounds good but its really bad in practice. Will medications be taxed?
@johnp139
Жыл бұрын
Right, I think that there needs to be several exemptions for things like food, medicine, healthcare, etc.
@jimbosmith6327
Жыл бұрын
It's a bad idea if you just simply dump a one size fits all on everyone. That's why they would give exemptions to many things. It isn't simply a 30% sales tax on EVERYTHING. That criticism is so ridiculously dumb.
@jimbosmith6327
Жыл бұрын
Of course medication would be taxed, but probably at the rate it is now. They would definitely have to create reduced rates or exemptions to certain goods and services. How anyone can sit there and argue FOR the government taking money out of your check is beyond me.
@epithanyreighn
Жыл бұрын
The IRS takes more taxes from the middle class and poor. No taxes more to take home for people's bills and things they need. Its not in the constitution to pay taxes. So how is it legal
@meedpelayo9915
Жыл бұрын
The rich get richer and the middle class are left to foot the bill. Good luck on those hoping to live off of social security.
@josielhernandez1604
Жыл бұрын
Sounds great on paper . To surly know it will have to be placed
@Boricua4Christ
Жыл бұрын
Im confused as to why you said that it is against the constitution to abolish the IRS when it is actually the opposite.
@bankrollace8737
Жыл бұрын
I dont agree with any way of being taxed. It's a form of extortion.
@elbybrook9466
Жыл бұрын
Right now I'm on social security disability and I don't pay any income tax. If this passes that would eliminate 30% of my income.
@ysp263
Жыл бұрын
@@williamlyons3947 but the idea of social security is you work for 60+ years of your life and then you should be able to retire. The retired generation is supposed to be supported by the 300 million working and any investments they procured for themselves. Taxes till death is ideal to you?
@michaelzizzo6726
Жыл бұрын
@@ysp263 Social security will be insolvent by 2035 guaranteed. It is a waste of money and should have never been setup.
@nunereclipsereborn
Жыл бұрын
@@williamlyons3947 If the uber rich consumes more than they pay more!!!!!!!!
@jimbosmith6327
Жыл бұрын
@@nunereclipserebornbingo
@nunereclipsereborn
Жыл бұрын
@@jimbosmith6327 As a libertarian I'm in favor of it!!!!!!!!!!!!!!!!!!!!!!!!!
@frankc2687
Жыл бұрын
It’s a terrible idea low income earners will be paying 30% on everything they buy. We’re now they may pay no or little income tax and the wealthy one percent will pay hardly anything. A better idea would be have a flat 10% tax on all your earnings for everyone know deductions.
@areon3436
Жыл бұрын
You don't understand how it will work. It is amazing for lower and middle income families. Everyone will get a monthly stipend to cover the taxes on essentials like groceries. You will keep all of your paycheck. I make $75,000 a year before taxes. After taxes I bring home about $60,000 as a single parent with two kids. If this passed I would be bringing home an extra $15,000 dollars a year. Only new items are taxed, not used and it will get rid of federal taxes that are already imbedded into the current price of items, offsetting the consumption tax some. So I could literally go most of my life without paying hardly any taxes if I wanted to by buying used items and be able to save so much more money than is possible for me to now under the current tax system. Buy a used car? No taxes. Buy a brand new $100,000 Tesla? Taxed.
@jimbosmith6327
Жыл бұрын
@@areon3436I keep trying to tell people this.
@JONORDER
Жыл бұрын
Can you elaborate how it would be against the constitution?
@nick8243
Жыл бұрын
Horrible idea. I'm glad it will never happen.
@nakoma5
Жыл бұрын
Alot of people who work in taxes would lose businesses and jobs is also something to consider.
@AsManThinketh
Жыл бұрын
Doubtful it would be a higher rate than the business and jobs lost due to the huge tax bill we get now
@jimbosmith6327
Жыл бұрын
Worth it.
@nakoma5
Жыл бұрын
@@jimbosmith6327 I guess, tax places are price gouging.
@564df6g5h4d6f5g4h6d5
Жыл бұрын
It’s about time. The tax code is a ridiculous goofball complicated mess. Hey my accountant said I can’t write off my 300K Ferrari, something about a limitation? What the heck?
@mtigress4589
Жыл бұрын
What kind of business justifies need for a ferrari anyhow?
@564df6g5h4d6f5g4h6d5
Жыл бұрын
@@mtigress4589 I put a big old sticker with my business logo on the side of my Ferrari like kzitem.info/news/bejne/s6KnunqDbpOTaI4 time about 10 minutes in said to. My account said putting a a big ole sticker on your Ferrari still doesn’t make that eligible for a full right off. Something about that’s only for vehicles like trucks with big tool shelves and vehicles that are modified to actually haul around products. Ouch I’m going broke my kids are gonna starve and my wife is going to leave me. Thanks for the bad advice Lyfe accounting.
@mtigress4589
Жыл бұрын
@@564df6g5h4d6f5g4h6d5 I can't tell if you're trolling. Yea, logos on any vehicle are a one time advertisement expense but doesn't change the actual use of the vehicle if it's still being used for personal errands. They def tight rope in youtube videos. Especially the older ones. I suspect that's why a disclaimer got added.
@564df6g5h4d6f5g4h6d5
Жыл бұрын
@@mtigress4589 yeah that’s what my accountant said, “never take advice from someone on KZitem, the tax code is way more complicated than that!”
@mtigress4589
Жыл бұрын
@@564df6g5h4d6f5g4h6d5 Yup. They will point out one specific code but forget to mention another blanket code. Like expense have to be "ordinary and necessary". Auditors will look at someone sideways, like say a plumber writing off a luxury car as a business expense lol
@Infowarrior-45
Жыл бұрын
The IRS is unconstitutional anyways. I think the proposed, new tax laws would be the greatest thing ever. The more you make, the more you spend. This would allow folks to keep their entire paycheck , only paying taxes when the purchase a brand new item.
@araina5896
Жыл бұрын
Your not seeing the big picture, of you did you'd be scared for something like this to pass
@Infowarrior-45
Жыл бұрын
@Araina What's the big picture? It's simple. 30% tax on new items only, so, for example, if you buy a used car, no taxes, cause whoever purchased it new paid the sales tax on it. I know I pay 23-26% of my check on taxes, before I ever see it, and then pay taxes on every purchase I make with the remaining money from my check. It's a simple law, and there's really no hidden agenda behind it, other than letting taxpaying Americans keep what they earn.
@ChosingGod
Жыл бұрын
You still would have to pay for state tax on top of that!!!
@connerbradley93
Жыл бұрын
I get that 23% point you made, but here in MI for example we pay 6% on top of the full price. So $100 list price is $106
@thetjdman
Жыл бұрын
I live in Iowa where it's 7 cents on the dollar. If this goes into effect, it'll be more like 37 cents. Meaning if I go into the grocery store with $140, i can only get $100 worth of food. Feels like more tax than less. Meanwhile people who are rich will pay the same amount proportion wise, there is no longer taxes for passing down businesses or property.
@connerbradley93
Жыл бұрын
@@thetjdman that's fair. I think the percentage is high specifically based on tax brackets. If im coming home with 200 instead of 160 from work im happier initially.
@michellereed3272
Жыл бұрын
Most people consider $30 to be 30% of $100, because it is. He said “supporters” of the bill call it 23%. Of course supporters would say 23%. It’s a lower number and they’re trying to sell this bill. It’s not confusing. It’s deceptive, and not accurate. That’s a red flag for me.
@connerbradley93
Жыл бұрын
@@michellereed3272 supporters can't do math i guess. Id be more on board for something like 18-20 and no income tax though. I guess I'd need to see the details but that number sounds more real
@mtorres3097
Жыл бұрын
@@thetjdmanyour state will have to modify their tax code too.
@mattheww1072
Жыл бұрын
The fair trade act confuses me afte watching the video. Can we have a law where sales tax is included in the price of everything so the price you seen in store is the part you pay when paying for it?
@johnp139
Жыл бұрын
Different states and counties have different sales taxes, so how does Walmart advertise a sale?
@mattheww1072
Жыл бұрын
@@johnp139 For me, A sale would be the price you see online is the price you pay once everything is said and done.
@stephenjohnson61423
Жыл бұрын
Yes it a waste of our money to keep it going!
@rustyrail7496
Жыл бұрын
Fair tax = higher taxes!
@masonparker302
Жыл бұрын
It's like wondering what it would be like to be the opposite gender, tons of upsides and downsides but either way they mostly equal out. Or it reminds me of that speech by Ice T midway through the movie Trespass where he explains the essence of the constant merry go round between drug dealers and feds. But, I predict the consumption tax will go the way of the USA switching over to the metric system and year round daylight savings.
@galvatron9999
8 ай бұрын
Right for most of us the $ difference would equal out probably. The difference is the trillion dollar companies would actually have to chip in and so the government should stop being broke and society can stop bleeding to death from these leeches literally cannabalizing the host(Society). These mega corps all have record profits and our infastructure has never been in worse shape, etc etc.. its not a coincidence... that is the point of flat tax if I understand it correctly
@ricgue2073
Жыл бұрын
30% tax for everything?? Hell no!!!!! I don’t believe on them !!!
@jimbosmith6327
Жыл бұрын
It's not a 30%tax on everything dude.
@dantheman52420
Жыл бұрын
Income tax is truly backwards.. a disincentive for working. Milton Friedman proposed a negative income tax to give the lowest earners more money for working. But the current effort to eliminate income tax is unlikely to play out. Good that people can imagine it and learn about why it needs to happen.
@Bimmeraudi1
Жыл бұрын
This is a tax on the poor.
@richkimberlygoss6057
Жыл бұрын
So if the eliminate irs would we then get all the money we put into the irs over the yrs
@o2koolga644
Жыл бұрын
As we all know the hushed truth. A lot of small retailers do not report cash transaction, which means, they not only pocketed their own profit as well as they pocketed state sales tax they received. Our federal government rely on tax revenue to build a sound and strong nation, fair tax may sound simple and cool, but in reality, it will become a nightmare for our nation.
@bradleyvrooman1801
Жыл бұрын
There will be a new booming black market that would massively undercut a sales tax like that. Could just buy things from overseas.
@The_DropTV
Жыл бұрын
We need to pass this shit STAT!
@LYFEAccounting
Жыл бұрын
You think it would be better than our current tax system?
@jimlong8077
Жыл бұрын
You wont like what replaces it. Well...unless you make a few million a year.
@aldisilvia
Жыл бұрын
It will be perfect. I hope this is change next should be Court systems this bureaucracy it's just stupid. Also nobody think about time. Have to do one less thing every year you are also saving time that is what i like the most.
@NumeroGaijin
Жыл бұрын
No matter how you slice it....this is not a good idea. The IRS needs work yes but elimination will not be good for the whole of the people because all you would be doing is getting rid of one boss to acquire another boss
@Anticolonial911
Жыл бұрын
" it must in Georgia " comment from Simpson about a racist comment 🥶🥶🥶🥶🥶🥶🥶🥶🥶🥶🥶🥶🥶🥶🥶🥶🥶🥶🥶🥶🥶
@businessman360
Жыл бұрын
So what he saying is if this pass there will be no text mitigation. No tax avoidance witch is legal at the moment. No need for Business license and no need to keep receipts.
@Carlos1238996
Жыл бұрын
It would be easier for the small folk to evade taxation so those that complain the rich evade this makes small folk able to evade tax too
@camazotzmotionpictures5570
Жыл бұрын
Proud to be the 100th view! Love you guys and what you do! 🦇
@LYFEAccounting
Жыл бұрын
How awesome! Thanks for supporting.
@Nisha_xo
Жыл бұрын
Most of us want this change but the problem that interrupts the change is Biden not bonding with the republicans to accept the change
@ElectroOverlord
Жыл бұрын
Welcome to a veto. Taxes are the price of living of living in a good nation, Want trailer park taxes, you live in a trailer park nation.
@yerandysilva4815
Жыл бұрын
More money in the pocket. Agree with the republicans.
@mtigress4589
Жыл бұрын
What's funny is that Congress technically does not have the power to collect a sales/consumption tax. The 16th Amendment only states their ability to assess tax on income.
@lt2cool4u
Жыл бұрын
The treasury would not congress
@mtigress4589
Жыл бұрын
@@lt2cool4u The Treasury has tax enforcement powers based off of what laws Congress makes. So it would still take a constitutional amendment granting Congress the authority to then delegate to the Treasury like income tax.
@EternalEthics
Жыл бұрын
If we can vote for it, then being against it is only your right.
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