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SVTPerformance's Chain of Restaurants
Road Side Pub
fair tax plan
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<blockquote data-quote="ON D BIT" data-source="post: 2754709" data-attributes="member: 10422"><p>yes it is high. but you would not have 30%-40% going to goverment for income taxes. remember, today we have to pay 30% income tax to the goverment, some more income tax to the state, plus sales tax, plus additional taxes. </p><p>with only a sales tax of lets 30% and make 40k a year. lets say you spend 20k a year this includes cars, housing, food, and fun. you would only be paying 30% of the 20k or $6,000. in todays world your spending 30% in taxes on 40k income or $12,000. plus then you still have to pay additional sales tax(6%) on the 20k that you spent or $1,200. lets add it up.</p><p></p><p>30% sales tax - 40,000(income)-20,000(living expenses)-6,000(taxes)= $14,000 left over.</p><p></p><p>todays taxes - 40,000(income)-12,000(income tax)-20,000(living expenses)-1,200(sales tax)= $6,800 left over.</p></blockquote><p></p>
[QUOTE="ON D BIT, post: 2754709, member: 10422"] yes it is high. but you would not have 30%-40% going to goverment for income taxes. remember, today we have to pay 30% income tax to the goverment, some more income tax to the state, plus sales tax, plus additional taxes. with only a sales tax of lets 30% and make 40k a year. lets say you spend 20k a year this includes cars, housing, food, and fun. you would only be paying 30% of the 20k or $6,000. in todays world your spending 30% in taxes on 40k income or $12,000. plus then you still have to pay additional sales tax(6%) on the 20k that you spent or $1,200. lets add it up. 30% sales tax - 40,000(income)-20,000(living expenses)-6,000(taxes)= $14,000 left over. todays taxes - 40,000(income)-12,000(income tax)-20,000(living expenses)-1,200(sales tax)= $6,800 left over. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
fair tax plan
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