This country really needs to implement the "fair tax"

By
Real Estate Agent with Sand Dollar Realty Group, Inc. BK627826

It is tax time and for most self-employed professionals this means you probably have to write 2 big checks.  I know I do.  One big check to the IRS for income taxes owed and another big check to my CPA for preparing my corporate and personal tax returns.  I love my CPA. Don't get me wrong, he and his staff are great.  But I hate having to pay him well over $1000 to prepare my stinking tax returns.  Ugggghhh!!!

  There has got to be a simpler way.  I spend at least 1-2 hours every week keeping track of my books and receipts.  Then tax time comes and I have to spend another full day+ making sure all my data is the way it needs to be.  Then I take it to the CPA, he prepares pro-forma tax returns, I review them, send back changes, and then we send them to the IRS.  On top of that each quarter, I have to send in payroll reports to the IRS and pay my CPA to handle that as well. 

I am sure there are cheaper and possibly easier ways to handle this, but the point is ....   why the heck does every taxpayer have to put up with this nonsense? 

On top of all this, there are whole companies set up to deal with retirement accounts, pensions, health savings accounts, 1031 exchanges, etc. all so that people can reduce or defer their income tax bill.  Those companies are also costing the American taxpayer a small fortune.

I would love to see the Fair Tax a/k/a a national sales tax get implemented.  That would eliminate so much grief, time, regulation, paperwork, and plain old headaches off of most people's shoulders that it is truly hard to fathom.  The only Presidential candidate that I heard mention the Fair TAx was Mike Huckabee and he is no longer a contender in the race.

America really needs a grass roots effort to do something about this ridiculous tax system that we have. You can sign onto the petition at the Fair Tax website.

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(Copyright © 2008. Sand Dollar Realty Group, Inc. All rights reserved.)

Rob Arnold, ABR, CPL, CRB, GRI, Managing real estate broker, Licensed mortgage broker, Notary Public

407-389-7318 / 1-877-389-7318    www.SDRhouses.com/   www.WeBuyHousesFlorida.com/

Your full service and investor friendly Realtor in Orlando. Learn to invest in Central Florida real estate and Orlando real estate. Investor mentoring and counseling available. I also provide flat fee MLS listings, For Sale By Owner, and menu-based services in most parts of Central & South Florida, the Space Coast, and the Treasure Coast including Orlando, Winter Park, Maitland, Ocoee, Winter Garden, Apopka, Altamonte Springs, Casselberry, Longwood, Winter Springs, Oviedo, Lake Mary, Sanford, Deltona, Debary, Deland, Mount Dora, Eustis, Clermont, Kissimmee, Winter Haven, Lakeland, Tampa, Sarasota, Bradenton, Miami-Dade, Fort Lauderdale, West Palm Beach, Port Saint Lucie, Melbourne, Daytona Beach, Ocala, Gainesville, Volusia, Brevard, and more.

We buy houses cash, sell properties, and list properties throughout Central Florida and the metro Orlando area.

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Rainmaker
1,370,785
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes
The tax you want would kill business in our Country....how many people would hold onto an old car because they did not want to spend 30% Taxes...just elongate the auto cycle 1 extra year and you would put the Country into a prolonged recession!
Apr 11, 2008 08:55 AM #1
Rainmaker
1,010,646
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F
DiMuria - I honestly don't know the whole affects of the Fair Tax.  Their website has many frequently asked questions that seem to contradict your statements.  You do mention the 30% taxes, but you fail to mention that their won't be any payroll deductions from people's paychecks and on top of that they will get a monthly "prebate" check. That should offset alot of the extra sales tax burden, but again I am not an expert on the subject.  The current income tax system is completely broken and will only get worse and worse with each passing year.
Apr 11, 2008 09:45 AM #2
Rainer
118,799
» Bill Burress Nationwide Mortgage Originator
» Bill Burress Nationwide Mortgage Originator - Fort Myers, FL

Rob:

With a national sales tax, won't people be paying taxes twice on the money they earned.  If I have money that I already paid income tax on and I go to buy a car or whatever, I will pay tax again on the same money.

Apr 11, 2008 11:12 AM #3
Rainmaker
1,010,646
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F
Bill - It is my understanding that before this would go into affect the income tax amendment to the constitution has to be repealed in its entirety.  It is meant to replace the income tax, social security and medicare tax, and estate tax not be in addition to them.  Go to the fair tax website and read the FAQ section.
Apr 11, 2008 01:01 PM #4
Rainmaker
830,347
Broker Nick
South Florida Real Estate & Development, Inc. - Coconut Creek, FL
Broker Nick Relocation Broker Service
Is this a fairy tale? I don't know if this is really something that is discussed among ourselves, or is this really before Congress?
Apr 11, 2008 01:26 PM #5
Rainer
118,799
» Bill Burress Nationwide Mortgage Originator
» Bill Burress Nationwide Mortgage Originator - Fort Myers, FL

Rob:

What about if someone withdrawals from their savings and makes purchases where their savings was accumlated over prior years and was already taxed?

Apr 11, 2008 01:29 PM #6
Rainmaker
1,010,646
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

Nicholas - Congressman John Linder has sponsored this bill.  It is still floating around out there.  He and radio personality Neal Boortz have pushed it very hard.

Bill - There is a lot of what if's.  Check out the website.  There are 2 very detailed books regarding the fair tax. Neal Boortz in his books goes at great length answering all the what if's.  I don't have all the answers.  I just know the current state of affairs regarding the income tax is broken and costs our entire economy a small forture in tax prep fees, CPAs, retirment account fees.  Not to mention all the time and frustration with bookkeeping and payroll.  Then there is the ever looming risk of an IRS audit.

Apr 11, 2008 01:36 PM #7
Rainer
118,799
» Bill Burress Nationwide Mortgage Originator
» Bill Burress Nationwide Mortgage Originator - Fort Myers, FL

Rob:

I am all for tax cuts.  I am always a little leary when some politicians want to change taxes.  It seems by the time it makes it out of the house and senate it is a tax increase.

I'll check out the site.

Apr 11, 2008 02:38 PM #8
Rainer
68,711
Lisa Spalding
Casa Latino Four Corners, REALTOR, CDPE - Longwood, FL
REALTOR, CDPE
Well, I'm not sure about the Fair Tax but as a self-employed person (R E agent), even though I itemized EVERYTHING again this year, with the Self-Employment Tax of $1,925, I have to PAY taxes yet again this year.  :( 
Apr 12, 2008 01:31 AM #9
Rainmaker
1,010,646
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

Bill - Do a little research on the Fair Tax.  I would even be quite content if there was just a flat tax with no exemptions.  It would sure make things simple.  I know a lot of people that are completely stressed out right now.  Such a waste of time, energy, and expense on these income tax prepping.

Lisa - If you haven't already, you need to incorporate your license into a PA or LLC.  You can greatly reduce your self-employment tax and also get special treatment for health insurance and retirement accounts. (But again the corporation costs money and involves more paperwork, etc. just to try and reduce paying income taxes.)

Apr 12, 2008 08:38 AM #10
Rainer
68,711
Lisa Spalding
Casa Latino Four Corners, REALTOR, CDPE - Longwood, FL
REALTOR, CDPE

Rob-  Excellent idea.  I was just re-reading some info re: getting the P.A. behind my name.  Haven't looked into how that compares to the L.L.C.  Will check them both out.  Thanks for the suggestions. 

Apr 12, 2008 09:01 AM #11
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Rainmaker
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Rob Arnold

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