Would I Owe Federal Taxes?

[JPG]

I have a self imposed restriction on political or religious discussions on the computer, so I will not comment to much here, but this discussion seems to me to show the insanity of the current tax system. How in the world do we think that the issues we need to address can be even discussed, let alone solve them? My experience with my wife's rabbit business, our rentals and other income forms would indicate to me that if we got a group of CPAs we would have no more concensus on this than we got from a bunch of wood workers. I will now violate my restriction and suggest that the Fair Tax might solve this question. I sure enjoy this forum, it is the only place on the net that I would even consider posting this.

Sorry to be so 'uninformed', but what is the 'Fair Tax'?



As for the CPA's, I place them in a category similar to Attorneys---Too much self interest---If all the mumbo jumbo were eliminated, who would need a CPA except for auditing purposes?;)

[JPG]

. . .
Who knows, I might find someone with whom I have a grudge that I decide to give a whole shop full of tax liabilities.

NAH!!!















Shipping cost would be too excessive!:D











Especially to FL!;)

[dusty]

[quote="JPG40504"]Sorry to be so 'uninformed', but what is the 'Fair Tax'?



As for the CPA's, I place them in a category similar to Attorneys---Too much self interest---If all the mumbo jumbo were eliminated, who would need a CPA except for auditing purposes?]
This might answer your question. My question is - would it really be fair. What is in the bill that we will not understand until after it is passed (something taught to me by a Senator from California).

Opps! Now we've gone political.

[fredsheldon]

So, that means that if I buy a used $30,000 car for $5,000 and drive it until the fenders rust off and buy used parts from a junk yard and perform all repairs myself and grow my own food and generate my own power with a solar panel and make all my Christmas presents with my SS I just might be able to pay the equivalent of 3% income taxes because I would be avoiding paying high sales taxes by not buying new goods or services. So, where will the Government and State get their money to pay for all the services they currently provide since the Sales Taxes from people like me would be much lower than any revenues received if I was paying my usual 27% income tax. What would be the incentive for me to buy a new car every 4 years or so knowing that by avoiding that purchase my cash in hand will be greater at the end of the year.

Just asking

Fred

[benush26]

This might answer your question. My question is - would it really be fair. What is in the bill that we will not understand until after it is passed (something taught to me by a Senator from California).

Opps! Now we've gone political.

Would it be fair?? Depends. If EVERYONE (including foreign trade and even foreign tourist expenditures) paid that extra amount on EVERYTHING, then it would be EQUITABLE (each paying an equal share based upon consumption rather than income or benefits) and there was an equitable way to handle barter (that is a way you "might" be able to exchange your surplus SS pieces for things you think you might want).

The reality is that the 23% would eventually increase as a budget increased. The idea is to take the total amount of what people spend and figure out what percentage of that amount is needed for federal spending. ALL federal spending. If you want to pay back the money that was taken from Medicare and Social Security (even using a 10 year repayment schedule) and buy back Treasury Notes sold to foreign countries then you have to increase the budget to include those amounts.

My personal opinion is that the nation has gone too far in debt to make Fair Tax viable. If it had been implemented 10 to 15 years ago, the strength in the US economy and dollar would have been enough to clear the deficit and provide the money need for the government to operate, even at current spending levels. I think it would have been a great plan back then, but it's time to be effective has passed. The percentage to be charged would be significant enough that the poorest would suffer and foreign trading partners would balk at the high tariffs.

Why Congress and or the White House never acted on this... now THAT'S political.

[tenbears]

The root of this discussion rests upon the fact that government, from the local level to the federal level spends it faster than it takes it in. Until that issue is resolved the thirst for every last penny we earn will never stop. Chasing cash is mighty damn hard, possible but the cost of chasing it goes up with every pay raise federal employees receive and they are getting raises far faster than the private sector

[mrhart]

The root of this discussion rests upon the fact that government, from the local level to the federal level spends it faster than it takes it in. Until that issue is resolved the thirst for every last penny we earn will never stop. Chasing cash is mighty damn hard, possible but the cost of chasing it goes up with every pay raise federal employees receive and they are getting raises far faster than the private sector

Although I agree with most of your statement above, The REAL root of this discussion is "What the hell is he sellin?" he keeps avoiding the question like I'm the IRS guy..

[benush26]

Don't try to sell it, barter it. What ever "IT" is.

No taxable profit, no non-deductible loss. No paper trail.

Or maybe this

Anyone ever float the idea of an online "swap meet"? I remember Shopsmith having one during their owner's weekend a few years ago.

BPR

[dusty]

Don't try to sell it, barter it. What ever "IT" is.

No taxable profit, no non-deductible loss. No paper trail.

Or maybe this

You probably don't want to read this.

[jb41339]

I have a self imposed restriction on political or religious discussions on the computer, so I will not comment to much here, but this discussion seems to me to show the insanity of the current tax system. How in the world do we think that the issues we need to address can be even discussed, let alone solve them? My experience with my wife's rabbit business, our rentals and other income forms would indicate to me that if we got a group of CPAs we would have no more concensus on this than we got from a bunch of wood workers. I will now violate my restriction and suggest that the Fair Tax might solve this question. I sure enjoy this forum, it is the only place on the net that I would even consider posting this.

Just curious. Your wife has a rabbit business? I used to raise rabbits for show and meat. Would love it if you could elaborate more on the rabbit business she has. What breed? Does she show? Etc.
Thanks

Jim in Tucson, Arizona