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Daar Fisher
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- Detroit, MI
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What to do if your startup is about to fail
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Started this discussion. Last reply by David Glassey Mar 2.
MI FairTax will end excessive tax compliance costs (hidden in prices) and provide more disposable family & business $'s - all while making MI *the* biz+jobs destination in the USA!
Profile Information
- Where do you live?
- Metro-Detroit, MI
- What best classifies you or your business?
- looking for ideas (no business yet)
- Website Address: (If none, then leave blank)
- http://mifairtax.org
- What industry is your business in?
- Education
REAL Change starts by changing our state tax system.
Here in Michigan, the legislature has enacted the Michigan Business Tax [MBT] as a response to ending the Single Business Tax [SBT] (a gross receipts tax). Our goal is to inform Michiganders about a proposed Michigan FairTax alternative that would both simplify, and stimulate, Michigan's business / jobs climate in, we believe, a dramatic fashion.
The Michigan FairTax will REPLACE the income tax and current sales tax, with a consumption tax (sales tax at point of retail sale). This means that no more state tax will be withheld from Michigan wage-earners' paychecks. What's more, every Michigan resident-family will receive a monthly "prebate" check, in amount based on family size. This will ensure that NO Michigan family will EVEN BEGIN paying the MI FairTax on goods / services unless, or until, they exceed poverty-level spending.
Under the FairTax plan, points of collection are reduced to retailers many of whom are already collecting sales tax. Because service providers must account for income tax withholding and compliance costs, their prices carry a hidden tax which will become visible under the MI FairTax. (The MI FairTax EXCLUDES business-to-business purchases as this would, again, hide the cost of taxation in prices.)
Because of the "prebate" (advance rebate calculated as .0975 x $ [poverty level per family size]) to ALL Michigan-resident households, the MI FairTax rate would effectively be 0% on all monthly family spending to the poverty level, thereafter it's 9.75%. A reasonable average effective rate, inferred, would be around 5.5% (see p.2 of pdf brochure).
Please, join our email list to learn how you can help advance the Michigan FairTax.Why the FairTax idea is right for America's working families.
The income tax scheme was enacted the same year as the Federal Reserve. The intended purpose was to ensure that "the banksters" would get their interest payments. A more efficient mechanism was introduced when Economist Milton Friedman (of all people!) suggested that income tax be withheld in 1943 (only for the duration of WWII). The politicians would NEVER let go of this. They get theirs FIRST. When I learned that Minister Farrakhan was educating his followers as to the history of the Federal Reserve and the income tax, I garnered new found respect for him:
We'll admit that Minister Farrakhan is a controversial figure. But, how about the former Chief Economist of the International Monetary Fund? He is calling the Federal Reserve owners (though indirectly) by their actual status titles: OLIGARCHS! Here he discusses his doubts as to the U.S. Treasury Secretary's ability to move against their control:
MOYERS: "Are we chumps?" JOHNSON: "The financial system is playing us for chumps. The bank[st]ers think we're chumps." If we consider ourselves to be bright and enterprising entrepreneurs, we best not be "chumps." What ACTION will YOU take now that you've been informed that, in reality the game of free enterprise is really a slave-driven process whereby your need for bankers' credit will always be greater than your ability to amass debt-free capital? Join the effort to start by benefitting gov't as we benefit ourselves and our families.
Here in Michigan, the legislature has enacted the Michigan Business Tax [MBT] as a response to ending the Single Business Tax [SBT] (a gross receipts tax). Our goal is to inform Michiganders about a proposed Michigan FairTax alternative that would both simplify, and stimulate, Michigan's business / jobs climate in, we believe, a dramatic fashion.
The Michigan FairTax will REPLACE the income tax and current sales tax, with a consumption tax (sales tax at point of retail sale). This means that no more state tax will be withheld from Michigan wage-earners' paychecks. What's more, every Michigan resident-family will receive a monthly "prebate" check, in amount based on family size. This will ensure that NO Michigan family will EVEN BEGIN paying the MI FairTax on goods / services unless, or until, they exceed poverty-level spending.
Under the FairTax plan, points of collection are reduced to retailers many of whom are already collecting sales tax. Because service providers must account for income tax withholding and compliance costs, their prices carry a hidden tax which will become visible under the MI FairTax. (The MI FairTax EXCLUDES business-to-business purchases as this would, again, hide the cost of taxation in prices.)
Because of the "prebate" (advance rebate calculated as .0975 x $ [poverty level per family size]) to ALL Michigan-resident households, the MI FairTax rate would effectively be 0% on all monthly family spending to the poverty level, thereafter it's 9.75%. A reasonable average effective rate, inferred, would be around 5.5% (see p.2 of pdf brochure).
Please, join our email list to learn how you can help advance the Michigan FairTax.
Made popular by the federal FairTax bill (H.R. 25, which was either co-sponsored or otherwise endorsed by several 2008 presidential candidates), this approach to taxation reaches across the political spectrum
| Mike Gravel (D), "If the rich liked the FairTax, why aren't they supporting my campaign?" | Mike Huckabee (R), "FairTax most important way to transform economy." | Ron Paul (Libertarian R), "Though not a co-sponsor of FairTax bill, I'd vote for it." |
Dr. Laurence Kotlikoff believes that it will take the FairTax to reverse unfunded U.S. gov't obligations, about $53 $88 trillion and counting !!
The income tax scheme was enacted the same year as the Federal Reserve. The intended purpose was to ensure that "the banksters" would get their interest payments. A more efficient mechanism was introduced when Economist Milton Friedman (of all people!) suggested that income tax be withheld in 1943 (only for the duration of WWII). The politicians would NEVER let go of this. They get theirs FIRST. When I learned that Minister Farrakhan was educating his followers as to the history of the Federal Reserve and the income tax, I garnered new found respect for him:
We'll admit that Minister Farrakhan is a controversial figure. But, how about the former Chief Economist of the International Monetary Fund? He is calling the Federal Reserve owners (though indirectly) by their actual status titles: OLIGARCHS! Here he discusses his doubts as to the U.S. Treasury Secretary's ability to move against their control:
| Bill Moyers' asks Simon Johnson, "Can Treasury Sec. Geitner break from the monied elites?" | Johnson (former Chief Economist at the International Monetary Fund) replies, "I'm worried." |
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