Meet The Candidates: 2012 GOP Thread

[Slingin Sammy 33]

Originally Posted by saden1

1. Are you planning on mandating the payroll tax be given to employees as bonuses as part of the tax code overhaul or will you leave that up to the employers?

Up to employers. However keep in mind that these taxes are already embedded in the cost of all the goods/services we use today, costs of goods/services before the FairTax Tax is added will go down significantly.

2. What about grandma and grandpa who don't have income? Where are their bonuses going to come from or should I say their medicare and social security?

SS & Medicare stay as is. Social Security and Medicare programs are spending programs. FairTax is focused on revenues (tax collection) only. FairTax would be implemented to be revenue neutral, spending programs and fixing SS & Medicare are separate issues.

Also, for each Head of Household or each individual with SS card, a prebate check will be sent monthly to cover the cost of the embedded Federal tax on basic necessities using current HHS poverty level calculations.

3. Let's not forgot about the future of our children too...where the hell is the money to pay down the debt going to come from? I am guessing not from the plummeting tax revenue.

The FairTax is designed to be revenue neutral. I would argue that with no corporate, capital gains, death, etc. taxes the climate for business expansion will be excellent and we will see increased revenues to the Fed. Worst case, the percentage of the FairTax would have to be increased to cover debt reduction. A balanced budget ammendment and fiscal discipline will allow us to put our financial house in order without increases to the FairTax % IMO.

Another revenue stream that FairTax catches is the underground economy. Folks getting paid "under the table", money from illegal activities, people paid in cash/tips that aren't claimed as income. Since the FairTax is embedded in products sold, when anyone buys a prodcut/service pays the tax, no matter where/how they made their money.

4. What if you're disabled? Are you on your own or will there be any safety net for you?

see #2

Wasn't "cowardly", just had to contribute to GDP this morning and help cover the costs of Obama's spending programs and Solyndra loans.

I did make an error in a previous post in the thread. The FairTax wouldn't be added on the price of a product at the cash register as an additional cost (exclusive), like a state sales tax. The FairTax would already be an embedded cost in the price of a good/service (inclusive).