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Beryl Striewski
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Traverse City, MI, United States - Share
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Too Small or Badly Bruised apples needed!
Do you happen to have lots of badly bruised or slightly spoiled apples laying on the ground in your backyard that heaven forbid, you just don't know what to do with? Are they getting thrashed by your lawn mower or melding into your yard making inconvenient obstacles? Are your kids throwing them at each other? or against the house? Well, I know lots of furry large mammals that would love to wrap their teeth around your not so useful apples. Horse North Rescue is in need (actually, desire) of havi… Continue
Posted on October 9th, 2008 at 3:34pm — 2 Comments
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The proposed Michigan FairTax would REPLACE the income tax and current sales tax, with a consumption tax (sales tax at point of retail sale). Under this plan, 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 MI FairTax plan, points of collection are substantially reduced to just 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 a FairTax will make visible. (Business-to-business purchases would not carry the tax, as this would, again, hide the cost of taxation in prices.)
Because of the "prebate" (advance rebate calculated as .0975 x $ [poverty level spending 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 reasonably inferred average effective rate would be ~5.5% (see p.2 of pdf brochure, also review an economic analysis [pdf] on MI FairTax effects prepared by the Hillsdale Policy Group).
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Why the FairTax idea is right for America's working families.
Dr. Laurence Kotlikoff believes that it will take the FairTax to reverse unfunded obligations, now above $53 trillion and counting!