Fair Tax Law...opinions?

[Hangtime]

Kerry? he ran?

Wasn't he the guy that wuz budy-buddy with hanoi jane, turned his back on his crewmates and checked outta vietnam on a 3 scratch rule, (only one to ever do so, if i recall) and chucked his medals over the whitehouse fence... only to have them magically re-appear proudly framed in his congessional office 30 years later?

Never heard of him.

[Curval]

That's the guy Hang.  He had a serious hard-on for my little island...probably would have shut us down completely if he had made it to Pres.

Thing is....he would have destroyed the US re-insurance industry at the same time.

Sometimes us wee little tax free places actually benefit the US economically.  See, the US re-insurers move their head offices to places like Bermuda not to avoid taxes on US source income, but to defer taxes on non-US source income.

These same companies file their returns religiously for the US stuff and pay millions in corporate tax.  The non-US stuff gets taxed as soon as it is repatriated into the US.

The tax deferral, combined with a much less restrictive business environment, makes places like this an ideal platform from which these companies can compete GLOBALLY.

Without them the Europeans and Asians would "rule the school" in the re-insurance business.

Unfortunately short-sighted politicians (ala Kerry) can get many Americans all wound up about their percieved loss of tax dollars and pull all the right heart strings to try and get themselves voted in.  Then they can potentially do more damage then good.

[Clifra Jones]

Originally posted by Curval
That's the guy Hang.  He had a serious hard-on for my little island...probably would have shut us down completely if he had made it to Pres.

Thing is....he would have destroyed the US re-insurance industry at the same time.

Sometimes us wee little tax free places actually benefit the US economically.  See, the US re-insurers move their head offices to places like Bermuda not to avoid taxes on US source income, but to defer taxes on non-US source income.

These same companies file their returns religiously for the US stuff and pay millions in corporate tax.  The non-US stuff gets taxed as soon as it is repatriated into the US.

The tax deferral, combined with a much less restrictive business environment, makes places like this an ideal platform from which these companies can compete GLOBALLY.

Without them the Europeans and Asians would "rule the school" in the re-insurance business.

Unfortunately short-sighted politicians (ala Kerry) can get many Americans all wound up about their percieved loss of tax dollars and pull all the right heart strings to try and get themselves voted in.  Then they can potentially do more damage then good.

You see these are concepts the Liberal/Leftist mind just cannot understand.

[Holden McGroin]

I always figured that a free floor flat tax would be a good idea.

Say the first 30K (inflation adjusted) is free then any income over that is taxed at a flat rate.  (For argument sake say 10%)

Someone who makes 40K would be taxed on the last 10K, and at 10% his tax bill would be $1,000  only 1/40th of his income would me sent to DC.  Just over a 2% tax rate.

Some one who makes 1,000,000 would pay 10% of 970,000 or $97,000. A 9.7% tax rate.

[SaburoS]

Originally posted by Hangtime
Kerry? he ran?

Wasn't he the guy that wuz budy-buddy with hanoi jane, turned his back on his crewmates and checked outta vietnam on a 3 scratch rule, (only one to ever do so, if i recall) and chucked his medals over the whitehouse fence... only to have them magically re-appear proudly framed in his congessional office 30 years later?

Never heard of him.

Cmon Hangtime, He's the one with Fonda that are responsible for our losing Vietnam! How could you forget??!!

[culero]

Originally posted by Holden McGroin
I always figured that a free floor flat tax would be a good idea.

Say the first 30K (inflation adjusted) is free then any income over that is taxed at a flat rate.  (For argument sake say 10%)

Someone who makes 40K would be taxed on the last 10K, and at 10% his tax bill would be $1,000  only 1/40th of his income would me sent to DC.  Just over a 2% tax rate.

Some one who makes 1,000,000 would pay 10% of 970,000 or $97,000. A 9.7% tax rate.

Good idea but my gut instinct is that once the math is done the tax %age would need to be higher to generate the needed revenue.

culero