dasting?

effective date of Jan. 1, 2019 (Trump Presidency)

interesting article. could it be this has happened, but we won't see it until great awakening events transpire fully????

https://www.forbes.com/sites/peterjreilly/2023/01/30/more-on-the-fair-tax-act-of-2023/?sh=5296dd4945a0

----—

As it turns out the Fair Tax Act has been regularly submitted since the Fair Tax Act of 1999. I have not gone through the versions word by word, but there does not appear to be much difference between them other that dates. The Fair Tax Act of 2017 has an effective date of January 1. 2019 and all the earlier ones had an effective date two years out as opposed to the more recent ones that have an effective date that would be retroactive, but inconsistent dates thereafter. I have not had any luck contacting Mr. Bowers, so I will leave it at that.

read it fully, much more, very good details:

https://www.forbes.com/sites/peterjreilly/2023/01/30/more-on-the-fair-tax-act-of-2023/?sh=5296dd4945a0

Overall

I almost wish that the Fair Tax Act of 2023 would pass just to see how it would actually work, which is the only way we will ever know. The transition period would definitely be quite exciting.

Follow me on Twitter or LinkedIn. Check out my website.

Peter J Reilly

I have been a CPA for over 30 years focusing on taxation. I have extensive experience with partnerships, real estate and high net worth individuals. My ideology can be summarized at least metaphorically by this quote: "I have a total irreverence for anything connected with society except that which makes the roads safer, the beer stronger, the food cheaper and the old men and old women warmer in the winter and happier in the summer." - Brendan Behan. Nobody I work for has any responsibility for what goes into this blog and you should make no inference that they approve of it or even have read it.

>>18270371

> I have not gone through the versions word by word, but there does not appear to be much difference between them other that dates.

The Fair Tax Act of 2017 has an effective date of January 1. 2019

and all the earlier ones had an effective date two years out as opposed to the more recent ones that have an effective date that would be retroactive, but inconsistent dates thereafter

dasting?

effective date of Jan. 1, 2019 (Trump Presidency)

interesting article.

could it be this has happened, but we won't see it until great awakening events transpire fully????

>>18270371

>>18270375

Thanks to some positive feedback on my recent piece, I have decided to dig deeper into the Fair Tax Act of 2023.

The Reader's Digest version of the act

is that it eliminates federal corporate and individual income tax, payroll taxes that fund Social Security and Medicare, estate tax and gift tax.

https://www.forbes.com/sites/peterjreilly/2023/01/30/more-on-the-fair-tax-act-of-2023/?sh=5296dd4945a0

>>18270380

>>18270375

>>18270371

first article

same author

https://www.forbes.com/sites/peterjreilly/2023/01/20/what-would-the-fair-tax-really-be-like-/?sh=66f5d6e963f2

Big Picture

FTA23 repeals Subtitles A, B, C and H of the Internal Revenue Code of 1986: income and self-employment taxes; estate and gift taxes; and payroll and withholding taxes; and financing of presidential election campaigns. All the other subtitles have been moved up a couple of notches and it would now be the Internal Revenue Code of 2023 (IRC 2023) with a new Subtitle A - Sales Tax. The references that will follow will be to the sections of IRC 2023 as opposed to sections of FTA23 (the bill that enacts the new Code).

The effective date is January 1, 2023

I am at a loss as to how that is supposed to work. To stay sane, I will assume that the Sales Tax kicks in and the others go out on January 1, 2025. 2025 is the first year for which a rate is set. If the bill were actually to pass. I think there might be a lot more extensive transitional stuff included.

The Sales Tax

Sections 1 and 2 give us principles of interpretation and definitions. I will refer to them as needed. Section 101 imposes the sales tax at a rate of 23% of the gross payments for taxable property or services.

Update

I am please to see that @FairTaxOfficial seems to think I mostly got it right and spin free. The premise of this piece was to look at the act as a tax professional. Reilly’s First Law of Tax Planning is: It is what it is. Deal with it. Hence in this context I eschew commentary on whether it is a good or bad idea.

https://twitter.com/FairTaxOfficial/status/1618364337080475679

FairTax® Official

@FairTaxOfficial

Holy cow, a Forbes article speaking positive of the FairTax?!?! There seems to be no real spin, lots of detail, and the few criticisms brought up are actually valid as cautionary notes.

second article:

https://www.forbes.com/sites/peterjreilly/2023/01/30/more-on-the-fair-tax-act-of-2023/?sh=5a1ae8be45a0

This is what the Forbes author sez:

"Overall"

"I almost wish that the Fair Tax Act of 2023 would pass just to see how it would actually work, which is the only way we will ever know. The transition period would definitely be quite exciting."

Follow me on Twitter or LinkedIn. Check out my website.

Peter J Reilly

>>18270392

>>18270382

>>18270375

>>18270371

>>18270380

>>18270404

sauce:

https://www.forbes.com/sites/peterjreilly/2023/01/20/what-would-the-fair-tax-really-be-like-/?sh=66f5d6e963f2

https://twitter.com/FairTaxOfficial/status/1618364337080475679

https://www.forbes.com/sites/peterjreilly/2023/01/30/more-on-the-fair-tax-act-of-2023/?sh=5a1ae8be45a0

>>18270416

>>18270371 bun

>>18270371

>>18270420

>dasting?

>effective date of Jan. 1, 2019 (Trump Presidency)

>interesting article.

>could it be this has happened, but we won't see it until great awakening events transpire fully????

>>18270371

>>18270424

>>18270371

From comments:

rally2xs

1w ago

Not blindingly obvious is the built-in tariff. That is, manufacturers inside the USA are paying corporate taxes, employer's share of their social security taxes, etc, so when those expenses go away, the business would be able to lower their prices considerably. The thought is that prices of domestically produced goods might fall about 18%.

However, foreign manufacturers pay no such US tax. Their goods would not fall in price at all, or possibly very slightly when the transport costs within the USA become untaxed.

So a $40K SUV manufactured in the USA might fall 18% for a selling price of $32,800. Then it would be FairTaxed back up to approximately $42, 640. But the foreign-built SUV would still be $40K, and then the FairTax applied to it for a sale price of $52K.

US manufacturing should grow dramatically as the world's manufacturing executives injuring themselves in the stampede to build factories in the USA. The 18% fall in prices would also apply to exports, so that their brand new USA factories would be more profitable for their products sold anywhere in the world, not just for sales in the USA.

The labor shortage should be exacerbated, with a possible result in higher wages. Alternatively, we might be able to do away with immigration quotas and simply accept anyone who applies, without waiting years as they do now. There would likely be jobs for everyone

So essentially Trump MAGA

>>18270584

>>18270371

>>18270424

>>18270371

>>18270371

>>18270434

All will be on record who vote no

>>18270584

From comments:

It would be really interesting to see some modeling on this. At the end of the day I think you end up with a much bigger capital stock which is a good thing, but inequality will be exacerbated. Also the jet set will do their partying and buy their toys off shore.

Reply

Share

1 reply

Sapper0252

1w ago

And you really believe corporations would lower their prices voluntarily?

Reply

Share

rally2xs

1w ago

Of course. They aren't alone on the field of sales of a particular product, such as cars. If they don't, then their competitor will, and they will sell no cars, and their competitor, selling cheaper, will sell all the cars.

If you don't believe it, try to find 2 soft drink machines that sell the same size can or bottle at different prices. If you do, the one with the lower price will be empty - sold out. The sellout company will have made infinitely more profit than the other company, because they got 3 cents per can or bottle they sold as profit, and the other company that thought they were going to get 10 cents per can or bottle sold zero, and zero time 10 cents is still zero cents.

Finding the right selling price is practically an art. You want sales times profit per unit to be as high as possible. If you don't do it just right, you end up pricing too low and sell out, and end your profit-making until you can make more. So, lower the price of gasoline, the replenishment truck comes next Monday, and you run out of gas on Sunday afternoon. Make it too high, and you don't sell all the gas you could have, and probably didn't maximize your profit either, as there's still 200 unsold gallons in the ground when your replenishment truck arrives.

The market determines the price, not the manufacturer.

>>18270627

>>18270371

>>18270424

>>18270371

So.

They def wont like that the article was written. Got printed.

>>18270652

Lets see ai fix a brken shit sewage pipe, or transmission.

>>18270653

Kek

I like it

>>18270637

That comes when tik tok fb insta only fans, etc., all gone and day internet shuts off and major freakout occurs.

Anons should plan for this and be ready to record video all freakouts for when it comes back on and can upload the funny.

>>18270632

Never hapoened fake news

>>18270721

>>18270703

>>18270720

>>18270632

Internet shutoff will fix stoopid fast as most use for every last life detail today including money, so food and gas. Internet shutoff will be great as anons wont freakout, but will have days of no 8kun, but at least we wont freakout, but will enjoy the live show in real time when it occurs.

Mms

>>18270748

Mms

Valbazan

Panacur

Take all of them

And nightly

Enemas with slicone bag

Reasearch all

I do all

Gamechangers

Great granparents understood deworming and bowel cleansing

Lost art of self reliance for health

>>18270668

>>18270798

Cigs

Nicotine

>>18270798

Yes

Me as well

American spirit menthol

one every night or so under the stars while talking /praying with God.

>>18270692

Clove cigs as well

Full inhale

Out nostrils

>>18270668

All body parasites external

>>18270823

Never on wet hair or skin

Burns like an mfr

Dont touch eyes

face last

Then gloves so you dont rub eyes

Do at bedtime and when wont sweat into eyes.

Once every five days three times.

If get into eyes, do not use water on hands that have it already on, just lay down and wait out the burn and eye watering, wont kill you, just keep eyes closed, lots of watering and discomfort, but any eyelash mites or lice or scabies will be gone. I have had it drip into eyes almost every time and lived and not blind. Use on dry skin and scalp, get into all nooks and crannies, indsr nails, breasts, balls, ears.so critters have no place to scramble.

Benzyl benzoate

Straight or mixed with cocnut oiliused straight from bottle, put on socks and pjs went to bed,,leave on at least 8 hours each time

https://www.medical-and-lab-supplies.com/benzyl-benzoate-usp-1-liter-33-8oz.html

I bought the gallon

As i have morgellons

Has Helped greatly

Holyschmoly

Imkillingcommspaulandkarl

>>18270226