Register
Log In
Forget your Password?

Home
Directory
Bulletins
Forums
Blogs
Articles
Links
Classifieds
About Us
Contact Us
Advertise
FAQ
Privacy Policy


Discussion
<< get older messagesget newer messages >>
to post a message: login - or - register | search messages | show all replies



[+] nXt Generation Title Services, LLC - Dan Zook/NY (11 replies)
2/5/2009 8:59:26 AM (3469 views)

[+] mortgage fraud - Sheila Sten/PA (4 replies)
2/4/2009 3:48:02 PM (3230 views)

[-] Off the beaten path - AbstractorWatchdog com/NY (34 replies)
2/3/2009 10:36:52 PM (3124 views)
Re: Off the beaten path - STEVE MEINECKE/TN
2/3/2009 11:31:49 PM (2992 views)
Re: Off the beaten path - Patrick Scott/IL
2/4/2009 12:01:44 AM (2955 views)
Re: Off the beaten path - Scott Perry/PA
2/4/2009 12:55:17 AM (3001 views)
Re: Off the beaten path - Robert Franco/OH
2/4/2009 10:42:36 AM (2964 views)
Re: Off the beaten path - Kevin Ahern/CT
2/4/2009 10:52:16 AM (2964 views)
Re: Off the beaten path - Scott Perry/PA
2/4/2009 11:18:23 AM (2835 views)
Re: Off the beaten path - Clanci Nelson/OH
2/5/2009 4:48:33 PM (2888 views)
Re: Off the beaten path - Scott Perry/PA
2/5/2009 7:43:44 PM (5395 views)
Re: Off the beaten path - Robert Franco/OH
2/6/2009 10:09:45 AM (2679 views)
Re: Off the beaten path - Scott Perry/PA
2/6/2009 11:53:54 AM (2727 views)
Re: Off the beaten path - Robert Franco/OH
2/6/2009 12:44:49 PM (2665 views)

I have looked into it and I don't think it is viable... there are too many problems.

  1. the middle class mostly spends more than they make.  We have a negative savings rate in this country.  At 30%, they would all lose out on the benefits of the graduated income tax, where the rate starts at only 10%.  Thus, most people who make between $30,000 and $200,000 would pay significantly higher taxes.  They wouldn't just pay tax on what they make, they would also pay tax on what they borrow and spend!
  2. There would certainly have to be exceptions for major purchases like homes - can you imagine what a 30% tax would do the housing market?
  3. Your crime analogy is flawed.... we would actually have more crime because those drug dealers you mention would diversify into stolen goods to be sold on the black market - with no taxes!  Just consider the bootleg cigarette market that sprung up after the cigarette tax was implemented.  And, what about all of the sales through E-bay and other online vendors - do you think they would charge a 30% tax?  Policing that would be just as burdensome as the current income tax - maybe more so.  Employers are much better at collecting income taxes than all of the vendors would be collecting sales tax.
  4. What about all of the people who have invested in Roth IRAs? They have already paid the tax on their retirement savings - they would be taxed AGAIN when they draw it out and spend it.  How is that for rewarding those that have planned for their retirement?  There is a similar problem with those who have invested in tax free muni-bonds and the like.
  5. The rich could still escape much of their tax burden by saving more - they are the only group that currently saves anything as it is.  And, if people save more, to cut their tax burden, the economy suffers.  As people spend less, the rate of the Fair Tax would be insufficient and it would have to go up - creating more of a burden on the middle class.  Those selling luxury items would be the hardest hit and many of the companies that make luxury goods would see sales decline and they would have to charge more for their products - making them even less appealing.  And, the middle class workers employed by these industries would suffer lob losses.  It would be a devastating cycle.
  6. How would the government function during economic recessions when unemployment rises and people spend less?  The Fair Tax would be much more volatile and it would make creating a balanced budget even more difficult. 

The Fair Tax is an appealing gimmick, but it is not really well thought out.  If you tried to make the Fair Tax workable and really fair - it would be just as complicated as the current income tax and it would still require a huge bureaucracy to police.

Sorry... I'm not a fan of it and I don't think we will ever see it.  If we tried it, I think we would end up trying to phase it in along side the income tax and we would end up having both.  We would never really be able to escape the income tax completely and we would just end up with two complicated tax systems.

Best,
Robert A. Franco
SOURCE OF TITLE

to post a reply: login - or - register


Re: Off the beaten path - Scott Perry/PA
2/6/2009 1:51:09 PM (2649 views)
Still makes no sense.... - Robert Franco/OH
2/9/2009 1:09:11 PM (2902 views)
Re: Still makes no sense.... - Scott Perry/PA
2/10/2009 3:26:30 AM (2697 views)
Re: Still makes no sense.... - Robert Franco/OH
2/10/2009 9:59:16 AM (2681 views)
Re: Still makes no sense.... - Debbie Thibodeaux/LA
2/11/2009 1:07:54 PM (2633 views)
Re: Still makes no sense.... - Robert Franco/OH
2/11/2009 1:43:23 PM (2572 views)
Re: Still makes no sense.... - Kevin Ahern/CT
2/11/2009 4:48:23 PM (2594 views)
Re: Still makes no sense.... - Robert Franco/OH
2/12/2009 12:46:38 AM (2544 views)
Re: Still makes no sense.... - Douglas Gallant/OH
2/11/2009 5:06:23 PM (2594 views)
As I Was Saying... - Scott Perry/PA
2/16/2009 12:14:21 AM (2587 views)
Re: As I Was Saying... - Robert Franco/OH
2/16/2009 11:56:29 AM (2694 views)
Re: Commercial Activity Tax... - Robert Franco/OH
2/16/2009 3:04:27 PM (5137 views)
Re: Off the beaten path - Clanci Nelson/OH
2/6/2009 4:45:51 PM (2799 views)
Re: Off the beaten path - Kevin Ahern/CT
2/6/2009 6:17:30 AM (2641 views)
Re: Off the beaten path - Robert Franco/OH
2/6/2009 10:03:24 AM (2662 views)
Re: Off the beaten path - Kevin Ahern/CT
2/4/2009 10:47:54 AM (2826 views)
Re: Off the beaten path - Robert Franco/OH
2/4/2009 11:06:18 AM (2724 views)
Re: Off the beaten path - Kevin Ahern/CT
2/4/2009 11:10:33 AM (2659 views)
Re: Off the beaten path - Scott Perry/PA
2/4/2009 11:31:26 AM (2714 views)
Re: Off the beaten path - Kevin Ahern/CT
2/4/2009 11:59:28 AM (2769 views)
Re: Off the beaten path - Barbara Bennett/IN
2/4/2009 3:28:50 PM (2601 views)
Re: Off the beaten path - Kevin Ahern/CT
2/4/2009 11:21:39 AM (2680 views)
Re: Off the beaten path - Clanci Nelson/OH
2/5/2009 4:25:01 PM (2822 views)

[+] reporting non-paying title companies to the underwriters - Michael Lanin/KY (7 replies)
2/3/2009 1:20:18 PM (2968 views)

Title Assurance & Indemnity Corp. of NA Cleveland, OH - MIchael Lanin/KY
2/3/2009 1:01:36 PM (2273 views)




[+] The Law Firm of Crystal Lowery - Edward Huguenin/SC (4 replies)
2/1/2009 8:20:52 AM (3397 views)

[+] What is considered slow pay? - no name/MI (2 replies)
1/30/2009 12:50:38 PM (2989 views)

[+] Probate Question - Helene /GA (7 replies)
1/29/2009 11:50:27 PM (2877 views)

[+] Preview of Coming Attractions? - Scott Perry/PA (11 replies)
1/29/2009 10:53:59 PM (4553 views)

[+] The Bankruptcy Club - AbstractorWatchdog com/NY (8 replies)
1/29/2009 2:56:14 PM (3164 views)

[+] MONEY OWED - quinn cioffi/PA (2 replies)
1/28/2009 2:38:15 PM (3215 views)

New Real Estate Numbers Are Out - AbstractorWatchdog com/NY
1/28/2009 2:25:36 PM (3956 views)

[+] Snow Day! - Robert Franco/OH (13 replies)
1/28/2009 12:39:37 PM (2863 views)

[+] NALTEA - AbstractorWatchdog com/NY (2 replies)
1/28/2009 12:13:09 PM (2690 views)

Buckeye Land Abstract - Sybil East/GA
1/27/2009 12:54:18 PM (3050 views)


<< get older messagesget newer messages >>

DISCLAIMER: These Message Forums are un-moderated and Source of Title does not endorse the content of any of the posts. Source of Title discourages libelous comments and you, as the sole creator of the content, take full responsibility for your remarks.
Directory

The Source of Title Business directory has 8956 listed companies.

Leave feedback on a company:
SOT ID #:  learn more...
DRN Title Search
Blogs

Read other users' blogs-- or start your own!

Most Recent Blog Posts:

Creative Ways Millennials and Gen Z Are Approaching Homeownership
Marissa Berends's Blog
2025/07/02
0 comments

How Another War in the Middle East Could Impact the Housing Market
Marissa Berends's Blog
2025/06/30
0 comments

The Aging of the American Homebuyer: A 40-Year Shift and Its Economic Impact
Marissa Berends's Blog
2025/06/20
0 comments

Articles

Source of Title articles help to keep you informed on the state of the title industry.

NAR Secures Major Wins for Real Estate in Landmark Tax Reform Bill
“For months, REALTORS® across America have been at the forefront of tax reform, making sure Congress understo...
Title Resources Group Announces Executive Management Transition
Title Resources Group (TRG), the nation's fifth largest title insurance underwriter, announced today the appointment of ...
Mortgage Applications Increase in Latest MBA Weekly Survey
“Mortgage rates were lower across all loan types last week, with the 30-year fixed rate declining to its lowest le...
Stewart Group Senior Vice President, Direct Operations and President of Stewart Title of California Wyomia Clifton Honored with HousingWire's 2025 Women of Influence Award
Clifton currently oversees operations across nine states in her role as Group Senior Vice President, Direct Operations a...
Rocket Companies Completes Acquisition of Redfin
The companies also today introduced Rocket Preferred Pricing. Clients who finance their home through Rocket Mortgage and...

Search Articles:
browse...

Classifieds

Buy, sell, or trade! Browse the ads or post your own!

© 2020, Source of Title.