Bad news for Seniors if enacted. A Fair Tax would be unfair.......

[MRDAWG]

The Republican ballot has questions. One question is to replace the income and sales tax with a consumption tax. When I first heard Neil Boortz talking up a Federal Fair Tax it sounded great. After I read his two books on the subject I am against it.
Seniors don't get taxed on Social Security and the first $130,000 in retirement income. (Joint married filers, Georgia income tax). I pay 7% sales tax on goods but no tax on services. This would make everyone pay tax on services. This would include doctor visits, haircuts, tax prep fees, labor on plumbing and auto repairs too. There are many more too. This would increase insurance rates too. Tax on auto repairs labor, home repairs, medical fees would raise your premiums. Your auto, home, health premiums would have the tax added.

I pay no income tax on my Roth IRA withdrawals too. Now I pay sales tax on goods but nothing on services. With this new tax a $10,000 hospital bill would add about $700. The average sales tax in Georgia is just over 7% now.

 

[PotimusWillie]

The Republican ballot has questions. One question is to replace the income and sales tax with a consumption tax. When I first heard Neil Boortz talking up a Federal Fair Tax it sounded great. After I read his two books on the subject I am against it.
Seniors don't get taxed on Social Security and the first $130,000 in retirement income. (Joint married filers, Georgia income tax). I pay 7% sales tax on goods but no tax on services. This would make everyone pay tax on services. This would include doctor visits, haircuts, tax prep fees, labor on plumbing and auto repairs too. There are many more too. This would increase insurance rates too. Tax on auto repairs labor, home repairs, medical fees would raise your premiums. Your auto, home, health premiums would have the tax added.

I pay no income tax on my Roth IRA withdrawals too. Now I pay sales tax on goods but nothing on services. With this new tax a $10,000 hospital bill would add about $700. The average sales tax in Georgia is just over 7% now.

Well, seniors are taxed on social security.

The net gain for income earners would be phenomenal.

And it would level the playing field. The idiot college students being led by paid agitators would have to pay for their food and water AND pay taxes.

When they get off their mothers tit they can pay their fare share

 

[atlanta cock#]

The Republican ballot has questions. One question is to replace the income and sales tax with a consumption tax. When I first heard Neil Boortz talking up a Federal Fair Tax it sounded great. After I read his two books on the subject I am against it.
Seniors don't get taxed on Social Security and the first $130,000 in retirement income. (Joint married filers, Georgia income tax). I pay 7% sales tax on goods but no tax on services. This would make everyone pay tax on services. This would include doctor visits, haircuts, tax prep fees, labor on plumbing and auto repairs too. There are many more too. This would increase insurance rates too. Tax on auto repairs labor, home repairs, medical fees would raise your premiums. Your auto, home, health premiums would have the tax added.

I pay no income tax on my Roth IRA withdrawals too. Now I pay sales tax on goods but nothing on services. With this new tax a $10,000 hospital bill would add about $700. The average sales tax in Georgia is just over 7% now.

Everyone who supports expanding the welfare state, open borders and student debt forgiveness should pay more. A lot more.

Fair?

 

[MRDAWG]

Well, seniors are taxed on social security.

The net gain for income earners would be phenomenal.

And it would level the playing field. The idiot college students being led by paid agitators would have to pay for their food and water AND pay taxes.

When they get off their mothers tit they can pay their fare share

Georgia does not tax Socia lSecurity benefits.

 

[MRDAWG]

Everyone who supports expanding the welfare state, open borders and student debt forgiveness should pay more. A lot more.

Fair?

Are you saying Georgia Seniors (age 62 up) support the welfare state etc?

 

[PotimusWillie]

Georgia does not tax Socia lSecurity benefits.

According to the IRS, your benefits may be taxable if the total of your combined income is greater than the base amount for your filing status. Up To 85%

 

[atlanta cock#]

Are you saying Georgia Seniors (age 62 up) support the welfare state etc?

I'm saying you do.

 

[Dawgdocindosta]

So many tax loop holes would be closed by a fair tax. If you spend more, you pay more tax. If you save more, you pay less tax. Groceries and essentials are not taxed (or at a grossly lower rate). I believe it’s much more fair than our current system for individuals and the middle class. The corporate aspect I’m still on the fence.
JC

 

[poorpreacher]

Aren't you the one who told us tax cuts got us into our current indebtedness

 

[MRDAWG]

According to the IRS, your benefits may be taxable if the total of your combined income is greater than the base amount for your filing status. Up To 85%

Yes, taxable for Federal Income tax not Georgia Income tax.

Retirees - FAQ

dor.georgia.gov

 

[MRDAWG]

Aren't you the one who told us tax cuts got us into our current indebtedness

Yes on the Federal level. This post is about Georgia taxes. People under 62 would swap Georgia Income tax for Fairtax. This is potentially an even swap. Seniors who make under $130,000 plus Social Security would start paying a new tax on services.

 

[Whosyodawgy]

The Republican ballot has questions. One question is to replace the income and sales tax with a consumption tax. When I first heard Neil Boortz talking up a Federal Fair Tax it sounded great. After I read his two books on the subject I am against it.
Seniors don't get taxed on Social Security and the first $130,000 in retirement income. (Joint married filers, Georgia income tax). I pay 7% sales tax on goods but no tax on services. This would make everyone pay tax on services. This would include doctor visits, haircuts, tax prep fees, labor on plumbing and auto repairs too. There are many more too. This would increase insurance rates too. Tax on auto repairs labor, home repairs, medical fees would raise your premiums. Your auto, home, health premiums would have the tax added.

I pay no income tax on my Roth IRA withdrawals too. Now I pay sales tax on goods but nothing on services. With this new tax a $10,000 hospital bill would add about $700. The average sales tax in Georgia is just over 7% now.

According to my wallet, seniors get taxed on retirement income well before $130k. Married couple is $30,700 over SS. Single is $15,700 over.
Florida, where I live, has no state income tax.

 

[oldmandawg]

Until there is a new Boston Tea Party the American taxpayer will continue get screwed by the government in taxes, no matter what form they come in. Bottom line is government spending is totally out of control, and most of it totally unconstitutional.

 

[PotimusWillie]

Yes on the Federal level. This post is about Georgia taxes. People under 62 would swap Georgia Income tax for Fairtax. This is potentially an even swap. Seniors who make under $130,000 plus Social Security would start paying a new tax on services.

The OP did not mention Georgia

 

[MRDAWG]

According to my wallet, seniors get taxed on retirement income well before $130k. Married couple is $30,700 over SS. Single is $15,700 over.
Florida, where I live, has no state income tax.

Go here and fill in Social security amount of $45000, $130,000 for retirement income, wages 0, 1958 year and married.
You will pay $0 of Georgia state taxes on your pre-tax income of $175,000.

Georgia Retirement Tax Friendliness - SmartAsset

Our Georgia retirement tax friendliness calculator can help you estimate your tax burden in retirement using your Social Security, 401(k) and IRA income.

smartasset.com

 

[MRDAWG]

The OP did not mention Georgia

see below

Georgia Retirement Tax Friendliness​

 

[Whosyodawgy]

see below

Georgia Retirement Tax Friendliness​

So that is for state of Georgia income tax?
It must be. IRS scale is what I posted.
My state (FL) does not have any state income tax.

 

[MRDAWG]

So that is for state of Georgia income tax?
It must be. IRS scale is what I posted.
My state (FL) does not have any state income tax.

I only pay sales tax on goods. This FairTax would make us pay tax added to services like doctor visits, haircuts, gym memberships, labor on auto repairs and hundreds more.

 

[Whosyodawgy]

I don't believe for a second that lawyers and politicians are going to craft a tax platform that benefits them less and the middle class more. The middle class ALWAYS gets fkt, especially upper middle.

Keeping people from crossing the threshold between middle and upper income has long been known by the elites as a way to limit competition for power. That is likely where the most damage is done by this style of taxation. Possibly the upper middle income earner would not pay as much as the rich, but the truth is, it hurts them the most.
The rich are virtually unaffected. If you have $20M, you can get 10% all day long and sometimes much more. So what do they GAF if taxes on buying luxury items goes up. Plus, they own most of that stuff already.

Also, you have to ask yourself, "what is the point of a new tax structure".
If the answer is not to get MORE money out of taxpayers, I would be very surprised.