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Fair Tax
FairTax was a single rate tax proposal in 2005, 2008 and 2009 in the United States that includes complete dismantling of the Internal Revenue Service. The proposal would eliminate all federal income taxes (including the alternative minimum tax, corporate income taxes, and capital gains taxes), payroll taxes (including Social Security and Medicare taxes), gift taxes, and estate taxes, replacing them with a single consumption tax on retail sales. The proposed ''Fair Tax Act'' (/) would apply a tax, once, at the point of purchase on all new goods and services for personal consumption. The proposal also specified a monthly welfare payment for low-income earners to offset the regressive tax impact. This was styled by advocates as an "advance rebate", or "prebate", of tax on purchases up to the poverty level. Kotlikoff, 2005 First introduced into the United States Congress in 1999, a number of congressional committees have heard testimony on the bill; however, it did not move from ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The FairTax Book
''The FairTax Book'' is a non-fiction book by libertarian radio talk show host Neal Boortz and Congressman John Linder, published on August 2, 2005, as a tool to increase public support and understanding for the FairTax plan. Released by ReganBooks, the hardcover version held the #1 spot on the ''New York Times'' Best Seller list for the last two weeks of August 2005 and remained in the top ten for seven weeks.Matt Kempner, "''The FairTax Book'' author from Atlanta is pumping up volume on sales of book." ''Atlanta Journal-Constitution'', 20 August 2005. The paperback reprint of the book in May 2006 contains additional information and an afterword. It also spent several weeks on the ''New York Times'' Best Seller list. Boortz stated that he donates his share of the proceeds to charity to promote the book. The book was published as a companion to the ''Fair Tax Act of 2005'', which was a bill in the 109th United States Congress for changing tax laws to replace the Internal Reve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Flat Tax
A flat tax (short for flat-rate tax) is a tax with a single rate on the taxable amount, after accounting for any deductions or exemptions from the tax base. It is not necessarily a fully proportional tax. Implementations are often progressive due to exemptions, or regressive in case of a maximum taxable amount. There are various tax systems that are labeled "flat tax" even though they are significantly different. The defining characteristic is the existence of only one tax rate other than zero, as opposed to multiple non-zero rates that vary depending on the amount subject to taxation. A flat tax system is usually discussed in the context of an income tax, where progressivity is common, but it may also apply to taxes on consumption, property or transfers. Unlike progressive taxes, which include complex and numerous exceptions left to the tax collectors’ discretion, the flat tax is clear cut. In combination with the low rate, its simplicity considerably reduces the stimul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Incidence
In economics, tax incidence or tax burden is the effect of a particular tax on the distribution of economic welfare. Economists distinguish between the entities who ultimately bear the tax burden and those on whom tax is initially imposed. The tax burden measures the true economic weight of the tax, measured by the difference between real incomes or utilities before and after imposing the tax, taking into account how the tax leads prices to change. If a 10% tax is imposed on sellers of butter, for example, but the market price rises 8% as a result, most of the burden is on buyers, not sellers. The concept of tax incidence was initially brought to economists' attention by the French Physiocrats, in particular François Quesnay, who argued that the incidence of all taxation falls ultimately on landowners and is at the expense of land rent. Tax incidence is said to "fall" upon the group that ultimately bears the burden of, or ultimately suffers a loss from, the tax. The key concept ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. For example, a person's income in an economic sense may be different from their income as defined by law. An extremely important definition of income is Haig–Simons income, which defines income as ''Consumption + Change in net worth'' and is widely used in economics. For households and individuals in the United States, income is defined by tax law as a sum that includes any wage, salary, profit, interest payment, rent, or other form of earnings received in a calendar year.Case, K. & Fair, R. (2007). ''Principles of Economics''. Upper Saddle River, NJ: Pearson Education. p. 54. Discretionary income is often defined as gross income minus taxes and other deductions (e.g., mandatory pension contributions), and is widely used as a basis to co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumption (economics)
Consumption is the act of using resources to satisfy current needs and wants. It is seen in contrast to investing, which is spending for acquisition of ''future'' income. Consumption is a major concept in economics and is also studied in many other social sciences. Different schools of economists define consumption differently. According to mainstream economists, only the final purchase of newly produced goods and services by individuals for immediate use constitutes consumption, while other types of expenditure — in particular, fixed investment, intermediate consumption, and government spending — are placed in separate categories (see consumer choice). Other economists define consumption much more broadly, as the aggregate of all economic activity that does not entail the design, production and marketing of goods and services (e.g. the selection, adoption, use, disposal and recycling of goods and services). Economists are particularly interested in the relationship betwee ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Progressive Tax
A progressive tax is a tax in which the tax rate increases as the taxable amount increases.Sommerfeld, Ray M., Silvia A. Madeo, Kenneth E. Anderson, Betty R. Jackson (1992), ''Concepts of Taxation'', Dryden Press: Fort Worth, TX The term ''progressive'' refers to the way the tax rate progresses from low to high, with the result that a taxpayer's average tax rate is less than the person's marginal tax rate.Hyman, David M. (1990) ''Public Finance: A Contemporary Application of Theory to Policy'', 3rd, Dryden Press: Chicago, ILJames, Simon (1998) ''A Dictionary of Taxation'', Edgar Elgar Publishing Limited: Northampton, MA The term can be applied to individual taxes or to a tax system as a whole. Progressive taxes are imposed in an attempt to reduce the tax incidence of people with a lower ability to pay, as such taxes shift the incidence increasingly to those with a higher ability-to-pay. The opposite of a progressive tax is a regressive tax, such as a sales tax, where the poor pay ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2008 United States Presidential Election
The 2008 United States presidential election was the 56th quadrennial presidential election, held on Tuesday, November 4, 2008. The Democratic ticket of Barack Obama, the junior senator from Illinois, and Joe Biden, the senior senator from Delaware, defeated the Republican ticket of John McCain, the senior senator from Arizona, and Sarah Palin, the governor of Alaska. Obama became the first African American to be elected to the presidency, as well as being only the third sitting United States senator elected president, joining Warren G. Harding and John F. Kennedy. Meanwhile, Biden became the first senator running mate of a senator elected president since Lyndon B. Johnson (who was Kennedy's running mate) in the 1960 election. Incumbent Republican President George W. Bush was ineligible to pursue a third term due to the term limits established by the 22nd Amendment. McCain secured the Republican nomination by March 2008, defeating former governors Mitt Romney, Mike Hu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Linder
John Elmer Linder (born September 9, 1942) is an American politician who was a member of the United States House of Representatives from 1993 to 2011. His district was numbered the from 1993 to 1997, the from 1997 to 2003, and the from 2003 until 2011. He is a member of the Republican Party. Linder announced that he would retire from Congress at the end of the 111th Congress. In March 2019, he was announced as President Donald Trump's nominee to be the next United States Representative to the Association of Southeast Asian Nations; Linder was not confirmed and his nomination expired at the end of the Trump administration. Early life, education, and career He was born in Deer River, Minnesota, was educated at the University of Minnesota Duluth, served in the United States Air Force, was a dentist and businessman, president of a lending institution, and a member of the Georgia House of Representatives where he served for seven terms. U.S. House of Representatives Committees ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
