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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121570  
Subject: Re: FairTax Date: 9/27/2012 6:53 PM
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I've never followed up to see what the advocates have to say about that, but I'm sure there is a workaround.

Therein lies a tremendous impediment to simplicity of the Fair Tax. When you start working around things, you start complicating things.

The Constitution. I'm not a constitutional scholar, so I'll not comment on whether any amendment would be required in order to impose the Fair Tax. I have read that supporters of it don't trust Congress not to reinstitute an income tax, thus they want the 16th Amendment repealed as a part of the process.

My biggest objection to the Fair Tax talking points is that supporters act as if it will collect itself, thus no more IRS and the money it spends. We'll leave aside the basics of keeping the books, which someone is going to have to do at some cost. My main problem is the result of years as a knuckle-dragging collection thug for the IRS. The biggest compliance problem we had was employers who withheld from employees' wages and didn't pay the withholding over to the gummint. States have a similar problem with sales tax collectors. The Fair Tax would just give businesses in trouble a larger, more attractive pot of "easy" cash to be tempted by when they got in a crunch.

Phil
Rule Your Retirement Home Fool
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