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Huckabee to abolish IRS, promote FairTax?

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  • Huckabee to abolish IRS, promote FairTax?

    I'm not a huge political person, but i just read about this today.

    http://news.yahoo.com/s/nm/20080106/...kabee_taxes_dc

    Pres nominee Huckabee is campaigning that he will get rid of the IRS and implement the FairTax system. I've always thought that the FairTax system seemed like a good idea.

    What do you guys think? Especially since Hawaii has some of the highest taxes in the nation
    website - http://www.brianhancock.com
    blog - http://blog.brianhancock.com

  • #2
    Re: Huckabee to abolish IRS, promote FairTax?

    He would never be able to get rid of the IRS and pass Fair Tax legislation. Just ain't going to happen. No way. Dems would hate Fair Tax because the taxes would become transparent--i.e., we'd finally see exactly how much we're giving to Uncle Sam, and that we're paying Neiman Marcus prices for Walmart products. Savers would hate it because they've already paid taxes on their burrowed money, and now they're going to have pay it again when they consume.
    * I would be most content if my children grew up to be the kind of people who think decorating consists mostly of building enough bookshelves. *
    - Anna Quindlen

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    • #3
      Re: Huckabee to abolish IRS, promote FairTax?

      double posted
      Last edited by U'ilani; January 8, 2008, 05:08 AM. Reason: double posted
      * I would be most content if my children grew up to be the kind of people who think decorating consists mostly of building enough bookshelves. *
      - Anna Quindlen

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      • #4
        Re: Huckabee to abolish IRS, promote FairTax?

        It's not just the IRS, but ALL taxes.

        “Am I running for president to shut down the federal government? Not exactly,” Mr. Huckabee says on his Web site. “But I am running to eliminate all federal income and payroll taxes. And I do mean all — personal federal, corporate federal, gift, estate, capital gains, alternative minimum, Social Security, Medicare, self-employment.”

        Is this really going to help the little people? If Huckabee is successful (which I highly doubt will come to fruition), how will those dependent on their social security income survive? SSA doesn't have a savings on what we've paid into the social security program, they use the current social security taxes that are paid into the program today, to make those payments. You cut the SSA, millions and millions of people will be affected. And these are people who have already paid into the program believing their monetary worries during their silver years would be pretty much taken cared of.

        BUT, this will help a few - the wealthy.
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        • #5
          Re: Huckabee to abolish IRS, promote FairTax?

          Didn't Reagan try to do this way back when? I seem to recall a big debate on a flat tax that seemed to fall "flat"? And wasn't it all those who depended on deductions the ones to oppose it? I actually like the idea of a flat (fair?) tax across the board.

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          • #6
            Re: Huckabee to abolish IRS, promote FairTax?

            I think the Fair Tax has a long way to go before it's ready for prime time. Here's a scenario - I earn 2, 10, or 200 million a year in the U.S., but I spend it all in Mexico (or Canada, or overseas). Ha, ha, no taxes for me. Or maybe I don't spend any more than someone earning $30,000 a year - I pay the same taxes, Yippee! Are corporate perks taxed? On the Fair Tax site, they mention taxing of spending by state and local governments - what's with that? Also, corporations are legal fictions that can't be taxed? Hmm, could'a fooled me...
            May I always be found beneath your contempt.

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            • #7
              Re: Huckabee to abolish IRS, promote FairTax?

              When I rented I was in favor of a flat tax, now that I'm a home owner, I don't.

              If you want to see the economy come back we need to bring back the deduction of interest generated from loans and credit cards.

              That way who cares if you have a 32% APR credit card, that's more to write off. When I was single and had quite a few credit cards and you could write off that interest, that kept me from having to pay every year. Then when Reagan instigated that 5-year roll off of credit interest deductions slowly my refund got smaller and smaller until POOF I ended up paying for the first time in my life.
              Life is what you make of it...so please read the instructions carefully.

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              • #8
                Re: Huckabee to abolish IRS, promote FairTax?

                I haven't looked at it in detail, but from what I understand about Fair Tax is that it grants an exemption for "used". Seems like that's a huge loophole for tax-free transactions.

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