Asheville & Western North Carolina FairTax

2006-04-26T20:57:00.000-07:00

Laura McCue sent this in from www.horsesmouth.com

"Most [tax revisions] didn't improve the system, they made it more like Washington itself: complicated, unfair, cluttered with gobbledygook and loopholes designed for those with the power and influence to hire high-priced legal and tax advisers." --Ronald Reagan

Some interesting facts about 2006's gobbledygook and loopholes:

1. There is no increase in the amount you can contribute to IRAs. In 2005, clients could contribute $4,000 to their traditional and Roth IRAs. In 2006? The same $4,000.
2. The IRA catch-up does rise. In 2005, individuals over 50 could contribute an additional $500 to their IRA. In 2006, they can now contribute $1,000.
3. AMT exemptions dropped. Not that they were very high to begin with, but in 2005 the exemptions were $58,000 (joint) and $40,250 (single). In 2006, the exemptions revert to their pre-2001 levels of $45,000 (joint) and $33,750 (single). Congress is supposed to act to adjust these levels, but with AMT bringing in a larger percentage of the government's revenue, will they?
4. Some AMT personal credits no longer count. Beginning in 2006, the dependent care credit, credit for the elderly and permanently disabled, mortgage interest credit, Hope and Lifetime Learning credits, and the defined contribution first-time homebuyer credit are no longer allowed.
5. All the tax brackets grew by 3% plus--a little less than inflation.
6. No education deduction. Prior to December 2005, parents could take advantage of a $4,000 above-the-line deduction. No more.
7. The state sales tax deduction is gone.

Thanks Laura!

New Study Finds Cost of Complying with Federal Income Tax is $265 Billion, or 22 Cents Per Dollar Collected

2006-04-26T17:37:00.000-07:00

A new Tax Foundation study by economists Scott Hodge, J. Scott Moody and Wendy P. Warcholik estimates that complying with the federal income tax code during 2005 cost U.S. taxpayers at least $265.1 billion, and cautions that that estimate is conservative. That burden represented over 6 billion hours spent by individuals, businesses and nonprofits complying with the federal income tax code. Projections show that by 2015 the compliance cost will grow to $482.7 billion. The study notably excluded the productive value that people may have added to the economy if they had been working instead of filling out forms, but the size and economic importance of a $265.1 billion economic cost represents a work force of nearly 3 million people. In an earlier report the Tax Foundation has stated that the FairTax would eliminate more than 95 percent of those costs. See, http://www.taxfoundation.org/ , report No. 138.

FairTax Videos

2006-04-26T17:34:00.000-07:00

Check out the FairTax Videos at Google Video:
FairTax.org - Coffee Shop Transcom Productions 2 min 20 sec
FairTax.org - Confetti Transcom Productions 39 sec
FairTax.org - The Barbershop Transcom Productions 1 min 25 sec
Imagine The FairTax Nat'l Retail Sales Tax Alliance 23 min 35 sec
FairTax.org - Osama Bin Laden Transcom Productions 22 sec
neil boortz in lexington ky on 10/12/05 fairtax.org 21 min 12 sec

Ten things that you can do to help make the FairTax bill a reality.

2006-04-26T17:26:00.000-07:00

1. Put a fairtax bumper sticker on your car.
2. Distribute fairtax literature in your community.
3. Include a fairtax.org link in your email signature.
4. Go to businesses in your community and drop off fairtax literature. http://www.fairtaxvolunteer.org/materials/index.html
5. Wear a fairtax.org button or bring your fairtax book with you wherever you go.
6. Ask a friend to sign an online petition.
7. Subscribe to email alerts: http://db.fairtaxvolunteer.org/esubscribe.php
8. Put a fairtax.org tagline in your everyday correspondences– bills, letters, etc. http://www.fairtaxvolunteer.org/materials/tagline.html
9. Seal your envelopes with fairtax labels-check out files.
10. Contact your representatives.Check out files
11. Join the NCFairTax Group: http://groups.yahoo.com/group/ncfairtax/

2006-04-26T04:46:00.000-07:00

Upcoming FairTax organization meeting in May. Details to be announced. Plan on coming and bringing a friend!

What do Americans Want in a Tax System?After spending seven years and $22 million Americans for Fair Taxation found that these were the most important things people wanted in a tax system.
1. A tax system that they are able to understand, and is easy to deal with.
Fairness. They would like to know that everyone is going to be treated the same.
2. Clarity. They would like to know all of the taxes they are paying. If it could be shown as one number, in one place, that would be best.
3. Compassion. They would like to be sure that the poor and elderly are protected from paying federal taxes.
4. A tax system that doesn't change and won't have thousands of lobbyists donating money to legislators' campaign funds to make changes.
5. A tax system that doesn't harm our economy or keep our workers from getting ahead.

Want to read more? Go to: http://economics.about.com/cs/taxpolicy/a/pro_fairtax.htm

"Government is not reason, it is not eloquence, it is force; like fire, a troublesome servant and a fearful master. Never for a moment should it be left to irresponsible action." ~ George Washington

Welcome to the Asheville, NC FairTax Blog Site

2006-01-02T18:24:00.000-08:00

Welcome to Asheville's FairTax blog site. We hope this will prove to be a good central location for communication among FairTax supporters. Even non-supporters may feel free to contribute.

There is a wealth of information on the FairTax plan. All one needs to do is read the information. Go to http://fairtax.org. The website is repleat with helpful information for anyone who is willing to learn and is interested in working toward changing our current tax system.

We will be organizing FairTax meetings for 2006. If you're interested in attending these helpful and informative meetings please email me at tjcnavl@charter.net.

Come join in the effort!

Tim Carlson,
Community Coordinator

Just say no...
to income tax!