I did it by reading this guy. He actually discusses economics in a way that people with limited economic knowledge can understand. He's currently writing about energy and achieving energy independence. As he stated in an earlier post, the big hangup is creating a car that can go 300 miles on a tank of energy and have the ability to fill up that energy tank as easily and quickly as we can gas up our current automobiles. Whoever can solve that problem is going to get incredibly wealthy. He will become a SRF© and will have earned his riches.
He also has the best debt clock on his site and currently, our GDP is growing faster than our debt. That's important. According to his projections if GDP growth and spending growth remain the same the budget will be balanced in March 2009. Low taxes have helped the economy grow and the deficit drop a lot faster than all the estimates. Hopefully Dubya will have the spine to veto any tax increases the Dimocrats pass when they take over the House. Speaker Nancy Pelosi. Two heartbeats away from the presidency. Shudder!
I have communicated with him via e-mail and we part company on the Fair Tax. His reason for not supporeting the Fair Tax is valid. To effectively implement the Fair Tax the income tax would have to be abolished and he doesn't trust the politicians to do that. Neither do I. We would have to pass a new amendment to the Constitution abolishing the 16th Amendment. That would need to be done before the politicians achieve their dream of having the top 49% of earners paying all the taxes. They're close now in that the top 55% pay all the taxes. I have no hope of the Fair Tax passing. It's pretty much a wet dream of Neal Boortz and John Lindner.
Anyway, head on over and read his posts. He's also a bridge player. The first time I attended college I flunked out because I majored in bridge. At one time I was a pretty good player. I played a lot of duplicate bridge and I have a few trophies to show for it. I think I have around 20 master points. I'm probably no longer on file with the ACBL. Now that I'm retired maybe I should start playing again. There's a duplicate bridge club about two miles away from where I live. My memory is nowhere near as good as it used to be and I'm not sure I could remember cards like I used to. I've probably killed a few brain cells with all the wine I drink.
Update: I should have put in a link to John Linder's Fair Tax page.
Posted by denny at October 23, 2006 01:11 PMI'm not sure what you mean by "fair tax." If you mean a flat tax or the same income tax rate (percentage) for everyone, that's a really bad idea, never mind trying to repeal the 16th ammendment.
I am in the bottom tax bracket, and some years I didn't pay much at all. But, a flat tax does not "level the playing field" or make taxes "fair."
Poor folk, everytime they open their wallets or purses pay taxes. We pay sales tax, and here in The Great North State, we pay tax on FOOD! I'm not talking about sales tax on Big Macs, but 3% on the grits and greens at the Food Lion. Taxing food is an abomination to whatever sense (diety) anyone can muster.
Yes, I know, rich folk pay the same sales taxes. But poor folk spend most of their income on taxable items, including rent. I am paying my landlord's property tax just as sure as he is collecting my rent. Rich folk have tax deferred investments, shelters and other stuff that make brokers rich. Without such shelters, where would endowments for colleges, financing for certain enterprises, or retirement funds come from?
Also, Alexander Hamilton was a national debt guy, and I go along with what he said, if only 'cause he's on our currency.
By the by, I know Unix, and PDB and I have the same last name. I found you through them.
Posted by: Bruce on October 23, 2006 03:15 PMBruce- Just wondering, how old are you? Here's the facts from Fairtax.org regarding low income and/or fixed income Americans...
Under the FairTax plan, poor people pay no net FairTax at all up to the poverty level! Every household receives a rebate that is equal to the FairTax paid on essential goods and services, and wage earners are no longer subject to the most regressive and burdensome tax of all, the payroll tax. Those spending at twice the poverty level pay a tax of only 11.5 percent – a rate much lower than the income and payroll tax burden they bear today.
Under the federal income tax, slow economic growth and recessions have a disproportionately adverse impact on lower-income families. Breadwinners in these families are more likely to lose their jobs, are less likely to have the resources to weather bad economic times, and are more in need of the initial employment opportunities that a dynamic, growing economy provides. Retaining the present tax system makes economic progress needlessly slow, thus harming low-income people the most.
In contrast, the FairTax dramatically improves economic growth and wage rates for all, but especially for lower-income families and individuals. In addition to receiving the monthly FairTax rebate, these taxpayers are freed from regressive payroll taxes, the federal income tax, and the compliance burdens associated with each. They pay no more business taxes hidden in the price of goods and services, and used goods are tax free.
BTW, I'd also suggest going to your local library and checking out (and reading) Thomas Sowell's GREAT book "Basic Economics, A Citizen's Guide To The Economy".
You'll know more about economics after reading it than the average economics graduate from most of America's left-wing POS universities...
Just move to California if you want that. They specialise in gummint waste. They already have this measure on there ballots. Damn dimmocrats. I'm only into my third bottle of bourbon. Who needs weed? I got some I need to unload.
Posted by: vetfromhell on October 24, 2006 03:37 AMRob, How old are you? I'm old enough to know that one doesn't go the proponents of an issue for a "fair assement" of that issue. You need to read a bit wider to have an informed opinion.
Posted by: Bruce on October 24, 2006 09:22 AMRob, Just re-read your comments. I don't need your condescending attitude "checking out (and reading)" some book you value. I suppose you know more about economics "than the average economics graduate from most of America's left-wing POS universities." Spare me the lesson.
We can disagree, but I refuse to be "educated" by you and your heroes.
Posted by: Bruce on October 24, 2006 09:50 AMAnother excellent book is Free to Choose by Milton Friedman.
Bruce - You asked a question about the Fair Tax, Rob answered it. I didn't detect any "condescending attitude". Maybe it was the "how old are you question". He was possibly asking that because he wondered why you were in the lowest tax bracket. I do too. Both Thomas Sowell and Walter Williams write that people who start off in the lowest bracket, like starving college students don't remain that way for long.
Of course he linked to the Fair Tax website. That's the best place to learn about what the Fair Tax is. I updated my post with a link to John Linder's site. It is now up to you to go seek out other sources of information. If I wanted to learn about the Dimocrat Party platform, I would start with the Dimocrat Party website. Then after I finished laughing I would go to other sources.
Posted by: Denny on October 24, 2006 02:13 PMI have yet to understand the arguement that the Fair Tax affects, negatively, the pitiful poor of this country. I haven't read the entire book by Linder/Boortz yet, so I may not understand entirely the way it works, but having a consumption tax paid for by those that use is a hell of a lot fairer then what I'm paying now. My accountant, every year, likes to remind me how much of my hard earned money went to taxes. He also reminds me that if I took x% less salary, my tax burden would be cut by 1/2 and I could probably live just as comfortably. Where the hell is the incentive to do well for one in this country anymore. As for Bruce 1) if you have access to the blogs on this website, I sincerely doubt you are in the lowest income category and 2) even if you are, I'm tired of carrying your ass financially in this society.
Posted by: Ray on October 24, 2006 03:48 PMWell, I see I have wandered into the wrong neighborhood. I will leave shortly, but before I go:
Rob, I guess you feel that if someone disagrees with you they need more education. I have no problem with that; we all need a little more education.
Ray, You may not believe this (since you already doubt my veracity) I am truely glad for you that you have such an income that you need an accountant. I was never much motivated by money. Good for you. As for "carrying my ass financially" you have no need to worry. I pay my way.
To all who commented on this post, our names are in bold. I clicked on all and found only e-mails. Apparently none of you clicked on mine, which links to my site. If you had, you might understand a bit more about me, like I have tried to do with you.
The only one in all of this to do about nothing who makes any sense is vetfromhell. Weed makes me sleepy, but I'll buy you a bourbon anytime.
Good luck to you all!
Posted by: Bruce on October 25, 2006 08:35 AMWow, your own website too. You must really be poor. Your welcome for me paying a disproportionately larger amount of tax so that the low incomers can continue living the lifestyles and making the decisions that keep them in the lower income brackets. There's nothing wrong with not being motivated by money, but please stop expecting me to pay the elephants share of the taxes because I chose to work 60+ hour work weeks and make smart decisions about my families well being. I'd like for you, Bruce, to listen to Neal Boortz on the radio when he's discussing the low incomers and see what you think. You're obviously easily offended by the tone of your post above and my advice for you in today's world would be to get a thicker skin. If you want to disagree with folks about stuff, fair enough, but have the balls to argue about it rather than running away. My website is foothillsvc.com if you want to know "more about me" since we're sharing.
Posted by: Ray on October 25, 2006 11:27 AMBruce - You need to develop a thicker skin. I don't really understand what you are upset about. Rob was honestly trying to direct you to information to help you. He was not a bit condescending. Ray, on the other hand, was responding to your apparent thin skin. If you don't want to be directed to places to help answer your questions, then don't ask about stuff. Ray directed you to the Fair Tax site and I directed you to John Linder's site. Both of those were good starting points for information on the Fair Tax.
Posted by: Denny on October 25, 2006 12:38 PMRay, One thing I've learned about conservatives is they cannot tolerate being called out for their intolerance. No one in this blog responded to my points about the poor paying taxes. Perhaps I have stated those points poorly (pun intended). Instead of an arguement I get personal insults "just wondering--how old are you." I get called a liar, I need a thicker skin, "have the balls to argue about it." Where is the discussion in all this? I state my case, and you folk go to the personal. Just checked your site.
You are a Vet. Have you checked my site? It's free to "poor folk." My very wise wife advised me to not pursue this "discussion." I never took advice very well.
And, Ray, what don't you understand in the statement "I pay my own way"?
One more thing. I learned a long time ago that if you are confused about an issue check who is for it and who is against it. Who are your friends, who is on your side. Since all of you are for Fair Tax, to my mind it has to be a bad idea.
So long. Thanks for the discussion
Posted by: Bruce on October 25, 2006 01:24 PMYou guys got totally served by Bruce.
Posted by: Haha on October 26, 2006 12:33 AMBruce is gone, but I'll point this out:
Sometimes, intolerance is a virtue.
Please think about that before you respond.
Second point:
I have met no one more intolerant than liberals and leftists. They demand that everyone toe the PC line, and should anyone dare to get out of step, they are demeaned, ostracized, even threatened with death (check Michelle Malkin's site for her horror stories). There's a reason why so many totalitarian regimes are leftist: they're the ones who are supremely intolerant.
Posted by: Squidley on October 26, 2006 02:35 AMSquidley - I still don't understand what Bruce's problem is.
Haha - We got served by Bruce? Really? Then why did he leave?
Bruce - If you do come back, I would be interested in why the poor should pay no taxes. I am against taxing food so I'm in agreement with you there, but since the majority of the poor are poor because they have made bad choices, and continue to make bad choices, I see no reason why they should not be taxed in some form or another. For example, the lottery is a tax on the stupid that the poor pay. I'm also for taxing cigarettes and booze.
Under the Fair Tax, the poor would pay no taxes at all. You should be for it.
Posted by: Denny on October 26, 2006 02:52 PMDenny,
Me neither. He stated his reasons, but I'd agree that he was being a bit too sensitive.
Incidentally, I read John Linder's Fair Tax page. It sounds great, but I'd like to read some counterarguments, too. Any links (at least to someone reasonable)?
Posted by: Squidley on October 26, 2006 05:33 PMWho is someone reasonable?
Posted by: Haha on October 27, 2006 01:59 AMCertainly not you haha. Or should I say rukidding? Having fun playing with the grownups? I never have understood the troll mentality, but since most trolls are liberals, they act like them: childish, irrational, disruptive, relying on emotion rather than facts. What a simple tool you are. I'm tired of wasting my time on a faux "millionaire" like you. The only way someone as stupid as you could become a millionaire is if you hit the lottery or someone left you money. No one will go to your lame websites, so you go play the troll at more popular sites. You're just like a spoiled child yelling, "Look at me! Look at me!" Go bother someone else.
Posted by: Denny on October 27, 2006 12:34 PMWho is someone reasonable?
Posted by: Okthen on October 28, 2006 02:15 PMHere is someone reasonable and he starts out his argument with the same thing I fear. Before we can implement the Fair Tax the 16th Amendment must be repealed.
Posted by: Denny on October 28, 2006 02:27 PMThanks for the link, Denny.
It's amazing how the wartime gummint conned the citizenry into thinking that paying tax was "patriotic," when this country was founded (in part) on a tax revolt!
Posted by: Squidley on October 29, 2006 03:21 AMI agree with the guy you quoted from the Von Mises site. I do favor the fair tax (with repeal of the 16th) because even the doodahs will then recognize how much they will be paying, and might be animated to yell and scream about it.
Posted by: Justthisguy on October 29, 2006 12:59 PMAnd it's a great way to set up an underground economy. No one will have to pay taxes then. Have cash, will travel.
Posted by: haha on October 29, 2006 08:45 PMhaha (rukidding) - I am just amazed at how you consistently dislay your ignorance and stupidity. Ignorance can be cured. Stupidity is forever.
Posted by: Denny on October 29, 2006 09:13 PMHey dude, I know I'm a useless troll. I've got nuthin better to do. Living at home with my parents and all.
Posted by: haha on October 29, 2006 10:36 PMChildisn immature troll dropping removed. I wonder if his parents know what he is doing on their computer?
Posted by: haha on October 30, 2006 12:48 AM