The FairTax Act | My Research and Thoughts

In 2005, the bi-partisan President’s Advisory Panel for Federal Tax Reform, formed by then-President George W. Bush, criticized the current U.S. tax system as being exceedingly complex, requiring detailed record-keeping, lengthy instructions, and complicated schedules, worksheets, and forms (“Executive Order” and “Members”). The panel contended that the U.S.’s current tax system penalizes labor, discourages saving and investment, and encumbers U.S. business competition (“Executive Order” and Rhodes).

Currently, there are two leading tax reform proposals that address the varying problems with the existing U.S. tax system. The first of these two proposals is referred to as the Flat Tax; this is a consumption tax model. The Flat Tax would “require citizens to file tax returns as they do now, paying tax on all spent money” (Hodge). The Flat Tax would eliminate estate and capital gains taxes, eliminate double taxation via a single tax rate system, and reduce compliance costs and “the tax system’s dead-weight loss to the economy” (Hodge).

However, it is the second of the two proposals that has gained the most ground in recent years. Many U.S. citizens and politicians have called for the elimination of U.S. federal payroll taxes, personal income taxes, corporate income taxes, and estate taxes, and these same individuals have called for the implementation of a national consumption tax, also known as a national retail tax or a national sales tax. Unlike the aforementioned tax reform model, this model “solely relies on transaction-based consumption tax” (Dalsgaard). The leading proposal for a federal consumption tax is H.R. 25/S. 296, known better to the public as the FairTax Act (“FairTax”). The sales tax rate, as defined in the proposed legislation and expressed inclusively, would be 23 percent of the total payment including the tax—or, $23 of every $100 spent in total (Regnier).

This begs a question; should the U.S. replace the federal payroll, personal income, corporate income, and estate taxes with a national consumption tax, namely the FairTax Act?

Part II to come.

Works cited to come.

9 Comments

Filed under Blog

Facebook Fail

facebook-fail

… Whoops.

[Source: Geekologie]

1 Comment

Filed under Blog

Quote of the Day

“Friends who set forth at our side, / Falter, are lost in the storm. / We, we only, are left! / With frowning foreheads, with lips / Sternly compress’d, we strain on.” —Matthew Arnold

Lake Livingston, TX

Leave a comment

Filed under Quote of the Day

Lewd? Maybe. Questionable? Definitely.

I have a feeling a man developed this classy piece of workout equipment for women. The Shake Weight can be seen in the video below.

Often times, there’s a lot of market research that goes into these things people sell. I would like to have seen that. Did no woman think, “That looks highly and erotically suspicious.” I assure you there are a few Creepy McCreppersons out there who’ve gone out and bought their wifey a Shake Weight.

Sick.

2 Comments

Filed under Blog

Don’t You Forget About Me: John Hughes Passes Away

Legendary 80s and 90s films director John Hughes passed away today at the age of 59. Hughes suffered a heart attack today while taking a stroll in Manhattan, New York City, where he was visiting family.

Hughes was the director of several immensely popular and successful films, such as “Ferris Bueller’s Day Off,” “The Breakfast Club,” and “Planes, Trains and Automobiles.” He was also a leading scriptwriter, penning films such as “Pretty in Pink” and “Home Alone.” Hughes was known for showing his typically young protagonists in a far more profound, witty light.

“Many filmmakers portray teenagers as immoral and ignorant, with pursuits that are pretty base. They seem to think that teenagers aren’t very bright. But I haven’t found that to be the case. I listen to kids. I respect them. I don’t discount anything they have to say just because they’re only 16 years old.”

You’ll be missed, Hughes. You’ll be missed.

[Source: BBC News]

1 Comment

Filed under Blog

Sometimes, I’m Bored

So I’ll use Picnik to screw around with some pictures. Here’s a gem I made for my brother. It. Is. Awesome.

ObenhausI really think I have some talent, aside from the skin on the neck and the rest of the body not matching.

1 Comment

Filed under Blog

Facebook TMI

[Anonymous Facebook dude] wants a hot chick ASAP!

Ask and you… shall… receive? And then, the same guy writes…

[Anonymous Facebook dude] has been de-friended by a lot of people recently…awesome. FML.

If I may offer some unwarranted advice: being a creeper warrants Facebook friends to unfriend and block you. Not that proclaiming to the world via Facebook that you want to be laid isn’t creepy (I’d say that’s pretty dapper, in fact). But then, the icing on the cake is this Facebook message the guy sent me…

[Anonymous Facebook dude]: jeni I love you

Really? Really? Done and done, then. I’m a sucker for romantic booty calls. Let’s do this, my friendless, creepy Facebook friend.

2 Comments

Filed under Facebook TMI