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VideoMarma went missing near FM427/CR537. F/Terrier mix/30lbs/Orange/Red medium length fur. Can be extremely shy- please call or text 210-440-3889 if seen.

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Full-time diesel mechanic needed, CDL required. Applicants may apply online at www.stockdale.k12.tx.us or pick up application at the Stockdale ISD Administration Office. All openings are available until filled. Stockdale ISD is an equal opportunity employer. Stockdale ISD does not discriminate on the basis of race, color, national origin, sex, handicap, or age in its employment practices.  830-996-3551.
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Section A: General News


Editorial: What are the misunderstood ‘hidden taxes’?




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March 6, 2013 | 1,371 views | 1 comment

By Glen Terrell and Paul Livingston

This is the third in a series of articles about the FairTax Bill (HR25 and S122).

One problem with our current taxing system is that of hidden taxes, which are those unknowingly paid by the taxpayer. Then there are “partially hidden” taxes, but perhaps the most misunderstood of all are corporate and business taxes. Most probably regard taxes on businesses as a good thing, i.e., as a tax someone else has to pay.

Sounds good, but it’s all a myth, and to make matters worse, such taxes hurt the economy. Consider an imaginary XYZ Inc. company.

It has costs associated with the production of goods and services, income derived from the sale of those goods and services, and the difference is the company profit.

The purpose of every company is to make a reasonable profit.

Suppose our XYZ Inc. has been operating in a stable and profitable environment, successfully competing with its foreign competitors, when the government suddenly decides to increase its tax on XYZ Inc. by 10 percent.

How will company management handle this increase? They could reduce costs by laying off workers, buy cheaper materials, or they could take the money from profits, thereby reducing dividends to shareholders.

Or, they could raise the price of their goods and services.

Possibly, they could try some combination, but there are no other alternatives. Regardless of the decision, some employees, the stockholders, or customers (all of whom are people like you and me) will ultimately pay the tax.

That’s how it works. Businesses collect the money and pass it on to the government, but the origin of the money was people (consumers). The same is true of any tax on business. Businesses do not pay taxes. Only people pay taxes!

The situation may actually be worse than it seems. What are the unintended consequences if the price of goods and services is increased to “come up with the money” to pay the tax bill? If XYZ Inc. has competitors all over the world that don’t experience the 10 percent tax increase, the cost of XYZ’s goods is higher than its foreign competitors. The worldwide demand for its goods shrinks, its share of the market drops, and employees are laid off.

The management at XYZ Inc. begins talk of moving its operation to another country where the business tax climate is more favorable. Does this sound familiar?

Studies have found that the consequences of the federal tax code add an average of 22 percent to the retail price of American goods and services. Considering the consequences, ask yourself why our national tax policy on business is anything other than zero. Did the professional politicians in Washington, D.C., never study taxation 101? Or could the real answer be something more sinister?

There is one, and only one, proposed tax policy that would have zero taxes on business. That is the FairTax. From page 106 of The FairTax Book by Neal Boortz and John Linder, “Economists estimate that in the first year after the FairTax Act becomes law, the economy will grow by 10.5 percent. Exports will grow by 26 percent. Capital spending will increase by more than 70 percent.”

Has there ever been a day in your lifetime when the American economy was this robust?

Please contact your representative and senators and explain why we need the FairTax system.

The FairTax eliminates income tax, payroll tax, capital gains tax, gift tax, estate tax, and self-employment tax. The FairTax bill is 133 pages long, double spaced.

Read it for yourself. Go here: http://1.usa.gov/XDXRoU and click on GPO site.
 

Your Opinions and Comments

 
Senior Citizen  
Wilson County  
March 21, 2013 9:54pm
 
So, 133 pages sounds great compared to VOLUMES in our present tax code. Yes. It makes too much sense.

Share your comment or opinion on this story!


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Section A: General News Archives


Full article available to Wilson County News subscribers only. Click here to subscribe. Appraisal district board votes to resume construction (April 27, 2016)
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