Question On Fairtax And Coins - Coin Community Forum

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Author	Replies: 7 / Views: 1,488
oimcoins Valued Member United States 149 Posts	Posted 12/09/2010 6:25 pm Not to start a big political debate here or anything, but can anyone give insight on what would happen with the coin industry IF the FairTax would be passed. I know years ago, there was no sales tax on coins. Then that has changed for most states. But 5-8% is doable for most... but if the FairTax would be passed, would that still apply to coins, precious metals and such? Would you still be able to use a vendor's license if intended for resale? Would everybody just get a vendors license to avoid the proposed 30% sales tax? Just curious to what people think who probably follow this stuff closer than I. I was able to find this, but don't understand what it means: http://thomas.loc.gov/cgi-bin/query...oe4:e108756: Thanks! Report this Post to the Staff

oblakavshtanax Pillar of the Community United States 757 Posts	Posted 12/09/2010 11:20 pm well I'm a proponent of the fair tax, but 30 percent is much higher than I've heard in recent debates. I've heard 10. at a rate of 30 percent, i'd say the bill is crazy. Report this Post to the Staff
SsuperDdave Moderator United States 23522 Posts	Posted 12/10/2010 12:18 am oimcoins, your search (in the link) was only valid for 30 minutes and is therefore useless to us now. I did a small amount of research (I emphasize, a small amount of research), and found in their efforts a pie-in-the-sky optimism which indicates a complete lack of understanding about how the real world works, especially for those of us who don't have disposable income, and live near the poverty level. I reserve the right to change my mind after further research, but for the moment I consider them clueless, and in need of an attitude adjustment at the business end of a stick. Report this Post to the Staff
carmykle Pillar of the Community United States 2448 Posts	Posted 12/10/2010 10:19 am SD, so eloquent, so right! Report this Post to the Staff
jbuck Moderator United States 189673 Posts	Posted 12/10/2010 10:31 am Oh my... I could educate everyone one on the benefits of consumption taxes over income taxes, but this is not the forum for such discussion. That being said, I cannot answer oimcoins' question without it. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
TenSense Valued Member United States 364 Posts	Posted 12/10/2010 12:41 pm SuperDave, if you research it deeper with an open mind, I think you'll find a lot to like. Edited by TenSense 12/10/2010 12:46 pm Report this Post to the Staff
Conder101 Bedrock of the Community United States 17884 Posts	Posted 12/10/2010 2:07 pm I don't know where you heard the 10% figure. Most proponents I have heard for the fair tax have been talking 27%. Report this Post to the Staff
nod2003 Pillar of the Community United States 3294 Posts	Posted 12/10/2010 2:17 pm All else being equal, with the US GDP in 2009 being $14.25 trillion (27% of which is $3.85T), and the amount spent by the US federal government in 2009 being $3.52T, then even with a blah economic year, and a record high government spending year, you end up with a $300+ billion surplus. I bet they could go lower... Report this Post to the Staff
	Replies: 7 / Views: 1,488

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