I have received a number of comments on my past blogs recently. I am happy to see people going back and reading the earlier ones. I hate to keep saying the same things over and over, but sometimes I bring one up out of the past instead of writing a whole new one on the same subject.
Recent comments from readers have been noted on “Some Comments Answered”, “Senior Impact”, and “Does the FairTax Tax Rentals?”. Please go back and read those blogs together with their comments. “Ellen” especially, has made some very intelligent observations and seems to approve of the FairTax in spite of some downers for Seniors on Social Security.
Seniors have had to pay into Social Security all their working years and then, under the FairTax, would be taxed when they spend it, Ellen says. Well, that’s true, and the prebate will make up for a lot of that. There are some good points:
1. The FairTax protects future SS benefits by paying it out of the general fund, generated by
a national sales tax.
2. The Prebate.
3. The FairTax repeals the taxation of SS benefits and adjusts SS indexing to protect Seniors.
4. No more compliance costs for those Seniors who use tax preparers.
5. The FairTax does not tax used goods, which a lot of low-income Seniors take advantage of:
used cars, used clothing, garage sales, etc.
6. The FairTax will eliminate embedded taxes in manufacturers’, services’ and retailers’
costs, allowing them to lower retail prices.
7. No more taxes on IRA’s and other tax-deferred plans. (Most Seniors do not have Roth
IRA’s where “after tax” money was used)
8. The FairTax will end gift taxes, estate taxes and capital gains taxes.
9. The FairTax generates an economic boom, easing future budget pressure on Seniors’
entitlements.
10. The FairTax ensures your grandchildren have the same opportunity you did.
I think number 10 is the best reason of all and the reason I am writing this blog. I don’t want my children and grandchildren to have to worry about taxes all their lives. I don’t want to see SS benefits dry up just when my children get to the age when they can receive them.
Paying as you go is the way to go. So what if you have to pay a sales tax with your SS benefits that have already been taxed? It will still be better than being taxed with hidden taxes you don’t even know about because they are invisible.
The benefits to Seniors far outweigh the shortfalls for Seniors.
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3 comments:
The most group most injured by the FAIR tax is, without question, the elderly. The elderly are even more injured than the renters.
Fairtax applies to the following: nursing home patients, cancer treatment, surgery, hospital bills, doctor bills, radiation, medicine, insurance, in home nursing, dialysis, diebetic supplies, ect.
A cancer patient could easily have 40,00 sales tax on his cancer treatment and surgery. Another 10K sales tax on rehab in a nursing home. IF the cancer victim also rented -- there is another major tax.
DOnt worry about the fact seniors have saved money, and now will have to pay more for everything. Thats nothing. The real expense will be the taxes on medical cost.
I hope this tax passes. I want to see all this.
All the more reason to have health insurance, isn't it. And not regulated by the Government.
all the more reason to have health insurance? Health insurance wont cover this extra 460 billion in taxes on health care.
All the more reason to be either very rich -- or on medicaid and medicare. Even then, someone has to pay these very high sales taxes on cancer, on nursing homes, etc.
The 20 million people with cancer, the 2 million people in nursing homes, the 50 million people with high health costs (that ARE NOT covered by ANY insurance) are going to scream bloody murder. ANd Congress would rescind the fairtax, if it ever passed.
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