| Subject: |
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Sticky: Re: Re: Ask Me Questions!! (Fairtax) |
| Name: |
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Jama Oliver |
| Date Posted: |
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Oct 16, 06 - 7:01 AM |
| Email: |
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jamaoliver@gmail.com |
| Website: |
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http://www.jamaoliver.com |
| Message: |
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I understand some of your concerns about the FairTax, but your assertions on savings and investing are just plain wrong. I am decidedly middle class, but not only do I have an automatic withdrawal from my bank account every month for savings (which would increase greatly if my income went up by eliminating the income tax), but I also invest. As it currently stands, I'm the one who gets shafted by capital gains taxes, as I have just enough money to invest, but not enough to be able to pay someone to help me avoid my taxes.
Savings and investment have absolutely nothing to do with being rich...it has to do with being smart. Ever listen to Dave Ramsey? (if not, you should). How many of us would actually be able to save for our own retirement if the government only gave us the chance?
I come from a later generation than you, so maybe this is the difference. I have seen the generation before me go into debt, neglect saving, and end up dependent on the government for retirement. This is not a mistake that my generation will make, and we would appreciate the opportunity to do with our own income what we see fit (such as saving and investing) rather than turning it over to the government.
While the FairTax may not be the perfect solution, it, at the very least, allows me to determine when and where I pay my taxes (if any, as I admire and strive toward self-suficiency), and allows me to save and invest without penalty...something that will greatly reduce - if not eliminate - my dependence on the social security system. |
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