Today I expand on THE FAIR TAX proposal, and the manner of how it is presented as if it is the best thing “NEXT TO APPLE PIE AND CHOCOLATE ICE CREAM.” Let me advise you that this is not the case.
We should not jump in bed with this proposal in haste; this could be like another IRAK. It could be implemented too fast, no end to it and no exit plan in place. The proponents of the FAIR TAX can invest in ways best categorized as reckless while blinding themselves to the warning flags.
In my previous writ the need to decrease or eliminate the way the citizens of this GREAT NATION abuse the use of credit cards was mentioned. This abuse should be curtailed ASAP by implementing sound and practical legislation to govern the criteria utilized by the banks that issue these CREDIT CARDS. Remember we do not want or need too much government intervention in the private sector. Let’s be realistic, who is the banks CO SIGNER? Answer the GOVERNMENT, we the people. Where I’m leading with this is that repeatedly you and I have heard the cream and nectar backers of this tax proposal make statements of this nature ‘I DO NOT USE CREDIT CARDS‘. The only plastic they acknowledge utilizing is their DEBIT CARD which is the same as cash, and if they utilize their credit cards, when the statement arrives they are PIF (paid in full).
Only a handful of the citizens of this GREAT NATION can have in their vocabulary the words mentioned above (PIF). When the abusers credit card statement arrives which is sixty percent of the trillion dollars owed by the Americans consumers, they are PTM (pay the minimum). The banks are aware that these debts will never be PIF. The PIF criterion is when we die. AND DON’T COUNT ON THIS the banks will find some way to try to have our next of kin pay our debt.
I know you are asking why doesn’t he get to the point. Well here it goes, I’m in agreement that the current tax system should be overhauled. We do not need a new tax system that has not been thawed out, and worse a system that will be geared to be fair based on monopoly dollars. Why monopoly dollars? The reason is that the majority of the big ticket items purchased by consumers is done by a signature on some legal document based on some imaginary CREDIT CARD SCORE SYSTEM that allows a person that earns thirty thousand dollars a year TO ACCUMULATE DEBTS IN THE THOUSANDS OF DOLLARS. “The assumptions and the ratings used in the models to value the credit score system appears to be flawed”.
As you aware by now that the repayment of credit card transactions very seldom are materialized and the final destination of these debts are chapter seven or thirteen of the bankruptcy courts. Then ask yourself what happens to the tax dollars generated from these transactions? Answer they become monopoly dollars.
CASE IN POINT: We purchase, we sign, the payment gets processed thru the credit card, the merchant pays the state the applicable taxes, the bank pays the merchant, the
Consumer defaults on the credit card debt and the bank writes off the debt to THE GOVERNMENT, we the people.
NOTE: Seven years later the abusers are back to the same credit card abusive ways (forget about the new law that makes bankruptcy difficult).
We do not need a new tax system, let’s work with the one we have and correct the flaws, believe me it will be more beneficial to our GREAT NATION. Next I will be addressing what we have not been told (if they are aware at all) by the proponents of the FAIR TAX.
HINT: International implications start up-cost, possible social and economical consequences and the possible separation of some states from the union. The first to be addressed will be International implications.
Please stays focused, and let’s not buy blindly into that rosy outlook.
We should not jump in bed with this proposal in haste; this could be like another IRAK. It could be implemented too fast, no end to it and no exit plan in place. The proponents of the FAIR TAX can invest in ways best categorized as reckless while blinding themselves to the warning flags.
In my previous writ the need to decrease or eliminate the way the citizens of this GREAT NATION abuse the use of credit cards was mentioned. This abuse should be curtailed ASAP by implementing sound and practical legislation to govern the criteria utilized by the banks that issue these CREDIT CARDS. Remember we do not want or need too much government intervention in the private sector. Let’s be realistic, who is the banks CO SIGNER? Answer the GOVERNMENT, we the people. Where I’m leading with this is that repeatedly you and I have heard the cream and nectar backers of this tax proposal make statements of this nature ‘I DO NOT USE CREDIT CARDS‘. The only plastic they acknowledge utilizing is their DEBIT CARD which is the same as cash, and if they utilize their credit cards, when the statement arrives they are PIF (paid in full).
Only a handful of the citizens of this GREAT NATION can have in their vocabulary the words mentioned above (PIF). When the abusers credit card statement arrives which is sixty percent of the trillion dollars owed by the Americans consumers, they are PTM (pay the minimum). The banks are aware that these debts will never be PIF. The PIF criterion is when we die. AND DON’T COUNT ON THIS the banks will find some way to try to have our next of kin pay our debt.
I know you are asking why doesn’t he get to the point. Well here it goes, I’m in agreement that the current tax system should be overhauled. We do not need a new tax system that has not been thawed out, and worse a system that will be geared to be fair based on monopoly dollars. Why monopoly dollars? The reason is that the majority of the big ticket items purchased by consumers is done by a signature on some legal document based on some imaginary CREDIT CARD SCORE SYSTEM that allows a person that earns thirty thousand dollars a year TO ACCUMULATE DEBTS IN THE THOUSANDS OF DOLLARS. “The assumptions and the ratings used in the models to value the credit score system appears to be flawed”.
As you aware by now that the repayment of credit card transactions very seldom are materialized and the final destination of these debts are chapter seven or thirteen of the bankruptcy courts. Then ask yourself what happens to the tax dollars generated from these transactions? Answer they become monopoly dollars.
CASE IN POINT: We purchase, we sign, the payment gets processed thru the credit card, the merchant pays the state the applicable taxes, the bank pays the merchant, the
Consumer defaults on the credit card debt and the bank writes off the debt to THE GOVERNMENT, we the people.
NOTE: Seven years later the abusers are back to the same credit card abusive ways (forget about the new law that makes bankruptcy difficult).
We do not need a new tax system, let’s work with the one we have and correct the flaws, believe me it will be more beneficial to our GREAT NATION. Next I will be addressing what we have not been told (if they are aware at all) by the proponents of the FAIR TAX.
HINT: International implications start up-cost, possible social and economical consequences and the possible separation of some states from the union. The first to be addressed will be International implications.
Please stays focused, and let’s not buy blindly into that rosy outlook.
0 comments:
Post a Comment