Walter Williams weighs in on the The Fair Tax in this column. While we have a course in income tax, I advise you to skip it and spend more time on accounting, You can learn tax more easily by buying the $15 Arthur Young Paperback on preparing your taxes at Hastings or B & N. Still, taxes are synonymous with CPAs, so the Fair Tax and our horrible income tax system is something you need to understand. Yet the time and money spent preparing tax returns is a huge waste of time and money, prepare tax returns for a while and you will see what I mean, I did for over twenty years.
The Fair Tax is a proposal to junk the entire existing system and replace it with a national sales tax, that way everyone is actually subject to the same thing. While Williams does not mention it, there are rebates and exclusions so the tax is not paid on basic purchases. Williams has three important requirements but still thinks it will never pass. Why, well the same reason the Chinese Communists hold on to communism knowing capitalism creates more wealth. Ah, but communism creates more power, for the rulers. And our tax system creates more dispensable power (read contribute to my campaign) than a sales tax.
It is an abomination. If a potential candidate for President would seize on abolishing the Income Tax, that campaign would move front and center. But don't expect it from the Dems with their class warfare ideas, and the Republicans had over a dozen years and they produced nothing, sigh......
Does someone not like the American Taxation System? Smile! You made a good point....Why doesn't China move away from communism? I read the book, Adventure Capitalist, for the book report. Jim Rogers,author, addressed that same issue. From what I gathered while reading the book, is that communism and just a name. The Chinese have more of a capitalist ecomony than the United States. The Chinese practice their religion freely and the Chinese government promotes business. Actually, their country's financial health is better than the United States. I really believe when a person thinks of China, they should reevaluate the meaning of communsim.
Posted by: Chevy Norwood | December 13, 2006 at 05:57 PM
I have not read the book, Adventure Capitalist, and I am not fluent on the Chinese government. However, I wouldn't call China's economy more capitalistic than ours. China depends and participates in the world economy, which means they must fight for its piece of the pie just like everyone else; this doesn't make them capitalist. They still control every aspect of their economy. Free enterprise is non existent unless it is sanctioned by the government. Participating in the world economy while maintaining a communistic government is not the same. They still maintain communistic control over major aspects of their country. This includes religion. I don't see how persecuting, torturing, and imprisoning those who are found practicing unsactioned faiths, religious freedom. Underground Protestant and Catholic churches in China would most likely not agree with the statement that China allows its people to practice religion freely.
Posted by: Guadalupe | December 13, 2006 at 08:21 PM