An interesting note on income tax day!!! - Posted by Rob FL

Posted by Jeff (FL) on April 17, 2000 at 18:55:14:

The semi-official website for the proposed fair tax initiative is Lots of info there.

Also, just so we don’t put the cart before the horse, only the US House of Representatives has passed the resolution. The Senate has yet to act and won’t be anywhere near the shoe-in the House was when they do.
Too much power at stake.

Jeff (FL)

An interesting note on income tax day!!! - Posted by Rob FL

Posted by Rob FL on April 17, 2000 at 18:14:46:

There is a national sales tax bill in the works that would repeal the wonderful income and estate tax structure that we all love so much. House Resolution 2525.

One of the interesting things is that it would be at a 30% rate. I am not sure where the REALTORS got that because the only number I saw in the actual bill was 23%. (Anyway, about 6 months ago someone on this website told me that a national sales tax was a great idea because it would only need to be 1% – yeah right!) It would also be a tax against all new homes being sold, rents, closing costs, and real estate commissions. Ouch!!!

I am all for getting rid of that horrible income tax monster, but this might be even more devestating. Anybody have any thoughts?

Here are some websites to look at:

Re: An interesting note on income tax day!!! - Posted by Doug Pretorius

Posted by Doug Pretorius on April 17, 2000 at 19:46:00:

Canada has had a national sales tax for years now. It is 7% and instead of lowering our income tax, they’ve continued to increase it.

I hear they are now proposing to increase it to 15% along with a provincial sales tax hike from the current 8% (Ontario) to 12%.

Any day now I’ll be joining you guys in the US, or better yet, could you just invade, please? :slight_smile: