Book Description
Wouldn't you love to abolish the IRS. . . .
Keep all the money in your paycheck. . . .
Pay taxes on what you spend, not what you earn. . . .
And eliminate all the fraud, hassle, and waste of our current system?
If so, the FairTax is for you!
A smash #1 New York Times bestseller from the moment it went on sale, The FairTax Book launched a massive grassroots movement across the country with its dramatic call to rid Americans of the punishing burden of income tax. Talk-radio firebrand Neal Boortz and Congressman John Linder are leading the charge to replace the current tax system with the FairTax -- a simple 23 percent retail sales tax on new goods and services that would eliminate the reviled IRS and replace it with a system that's fair to all -- while jump-starting the U.S. economy, bringing businesses and jobs back to our shores, and recapturing billions of untaxed dollars currently lost to criminal and offshore businesses. Americans would get to keep 100 percent of their hard-earned paycheck . . . and April 15 would become just another beautiful spring day.
Endorsed by scores of leading economists -- and gaining momentum in both the House and the Senate -- the FairTax Plan could revolutionize the way America pays for itself. Here -- revised and updated, with a new afterword by the authors -- is the straight-talking book that started it all.
Download Description
"
Wouldn't you love to abolish the IRS ...
Keep all the money in your paycheck ...
Pay taxes on what you spend, not what you earn ...
And eliminate all the fraud, hassle, and waste of our current system?
Then the FairTax is for you. In the face of the outlandish American tax burden, talk-radio firebrand
Neal Boortz and Congressman
John Linder are leading the charge to phase out our current, unfair system and enact the FairTax Plan, replacing the federal income tax and withholding system with a simple 23 percent retail sales tax on new goods and services. This dramatic revision of the current system, which would eliminate the reviled IRS, has already caught fire in the American heartland, with more than six hundred thousand taxpayers signing on in support of the plan.
As Boortz and Linder reveal in this first book on the FairTax, this radical but eminently sensible plan would end the annual national nightmare of filing income tax returns, while at the same time enlarging the federal tax base by collecting sales tax from every retail consumer in the country. The FairTax, they argue, would transform the fearsome bureaucracy of the IRS into a more transparent, accountable, and equitable tax collection system. Among other benefits, it will:
- Make America's tax code truly voluntary, without reducing revenue
- Replace today's indecipherable tax code with one simple sales tax
- Protect lower-income Americans by covering the tax on basic necessities
- Eliminate billions of dollars in embedded taxes we don't even know we're paying
- Bring offshore corporate dollars back into the U.S. economy
Endorsed by scores of leading economists and supported by a huge and growing grassroots movement, the FairTax Plan could revolutionize the way America pays for itself. In this straight-talking book,
Neal Boortz and
John Linder show you how it would work -- and how you can help make it happen.
"
Customer Reviews:
More for the rich.......2007-10-17
"THOSE WHO CHOSE PARENTS WISELY MAY TAKE CREDIT FOR SUCCESS; OTHERWISE, IT'S ALL FORTUNE."wlf
The FAIR TAX is another method used to further enrich the wealthy and change OUR GOVERNMENT INTO AN ARISTOCRACY.
If a family is bringing in millions of dollars and purchases only necessities, its Power (money) grows rapidly. After it accumulates a large amount (money) it can purchase vast capital (machinery, land, buildings) at once and have true Power over many people. That is an oligarchy (the conservatives are working to attain it and dismantle the New Deal), which can turn into an aristocracy. Inheritance to those who do not deserve such largesse promulgates that dangerous threat to our form of government. As clearly shown by George W Bush, inheritors can wreak terrible damage on this country.
Progressive taxation, instituted by judicious leaders, has a prime purpose of keeping the WEALTH GAP at a reasonable level to prevent revolution by those unable to take part in our country's bonanza. That developing bloodbath today is obvious in our criminal class, which, due to most citizens' greed and selfishness, lives the only way it knows how, as predators.
If you want a country of SERFS AND MASTERS, then work for the `Fair Tax.' It will arrive quickly unless a vigorous progressive tax is resumed to slow the flow of too much wealth to the already affluent.
For everyone.......2007-10-06
Yes, it's a book on economics and taxes, but Mr. Boortz helps to make it an entertaining and easily understood book. While it pretty much explains the theory of the fair tax in full and is a great place to start, it's a good idea to do your own research into the fair tax, studying the pros and cons. Just be sure that you understand the basics, or else you may get confused by anti-fair tax information that gets an idea wrong or blatantly lies...
The Cure for a Disease Known as Income Taxes.......2007-10-03
In this book, Boortz and Linder discuss the abolishment of the income tax. Under this system, wages would not be taxed at all. As an alternative to raise revenue for the government, they propose a national sales tax. The goal is revenue neutral so that same amount of revenue would be collected to run the government.
This would allow the individual to choose when they paid tax. So those who save and invest money rather than spending all of it, would come out much better.
The proposed sales tax rate would be around 23%. While this may sound high, one should keep in mind that no tax would have been withheld from his or her paycheck. For example, say that the average household income for America which is approximately $40,000 a year were not taxed. This would mean the Joneses get to take home all $40,000 of that hard earned income. As it stands today, they are probably only taking home around $32,000 assuming a 20% income tax rate and not considering state, Social Security, or Medicare taxes.
As a component of the national sales tax, they propose that a certain poverty level determination of say $10,000 which would be considered the bare minimum for a person to survive on and each person would receive a "prebate" of $2,300 per year paid in monthly installments. This would significantly help those on the low end of the income spectrum and actually result in additional money to spend on essentials such as food, clothing, and housing. It would also avoid the potential disparities which could occur with a food exemption if the wealthy purchased steak and lobster or other such expensive food items.
Additionally, it would take many of the inefficiencies out of the current system in that each time there is a touch on producing a good or service, income tax is charged. For example, when you buy a loaf of bread, the business who produced the seeds, the farmer who grew the wheat, the mill, the bakery, the trucking company, and the grocery store all pay income tax on their portion of the bread production. By taking the income tax away, the loaf of bread would subsequently be much cheaper (estimated around 25%) from the reduction of built in income tax for a product. (This assumes that businesses will not pay income tax. There would be many rules set up to prevent people setting up "businesses" to evade taxes.)
The Fair Tax also has the benefit of helping prevent tax evasion. Under the current system, there are millions upon millions of dollars of unreported income every year which are not taxed. This could occur in anything from illegal trades such as selling drugs on the street to the legal trades of wait staff or any industry in which cash is used to pay for goods or services but not reported. Every time these dollars were spent by the individuals, however, they would be taxed so this revenue which is currently lost would be collected.
It would additionally get rid of the estimated $265 billion spent annually to comply with the tax code. This is not to mention the 100s of thousands of hours that would be freed up to engage in more productive and enjoyable pursuits.
Economists estimate that in the first year of its implementation the economy would grow by 10.5%. Foreign companies would also have incentive to build factories in the U.S. to take advantage of the eliminated inherent cost included as mentioned in the bread example.
I think that this is a really great idea and hope that it is implemented one day. To learn more about it and see if your congressperson supports it or not, go to FairTax.org.
Fair Tax.......2007-09-29
Excellent reading to get yourself ready to defend the concept when it is attacked by the tax and spend crowd in Washington. It is a quick read and makes a great deal of sense.
A plan for the rich (1.5 *s).......2007-09-23
If you want a fundamental principle of government/society discussed with right-wing, shock-radio bluster, this is your book. Though a congressman is the co-author, the book is simply a continuation of the rant that has been heard daily on a local radio station in Atlanta for over thirty years. We learn early in the book that the passage of the Sixteenth Amendment in 1913 enabling the collection of income taxes is akin to the devastation of Pearl Harbor or the destruction of the World Trade Center on Sept 11, 2001. The IRS is no less than the enemy of the people, fulfilling a Marxian prophecy. You get the general idea.
One would like to think that anyone proposing a fundamental overhaul of our taxation system would first lay out a philosophy of taxation, which must be consistent with a broader philosophy of society and government. You won't find that in this book. The principal author has consistently exhibited a decided lack of social concern and understanding.
The so-called fair-tax is a twenty-three percent consumption tax in lieu of apparently all other federal level taxes: income, dividends, social security, Medicare, corporate, etc. [State taxes don't seem to be addressed.] It has long been held that the wealthy in a nation should pay taxes at a higher rate than ordinary citizens. The wealthy benefit far more than most from government. In fact they have a huge advantage over the rest of us by having an overwhelming say in the choice of those who occupy governmental offices and the consequent setting of policies and decisions. In essence, the rich get richer. They should pay for that largesse.
Consumption taxes are by far the most regressive of taxes that can be imposed. The median earner in this nation spends every dollar on necessary items. The rich do not. In fact a large portion of their income goes towards investments and wealth production. By exempting income, dividends, and interest from taxation, the so-called fair tax would simply exacerbate a tax scheme already weighted to the rich. The tax rate for the rich would plummet; for the poor suckers taken in by the fair-tax scheme, their tax rate would maximize.
The one thing that the book gets right is the necessity of changing the tax system. The loop holes for the rich are disgraceful. The idea that corporations don't really pay taxes is certainly a reality. The book complains about class warfare, not about the one that the powerful have been waging for decades. But the one where the ordinary citizen wants the powerful to get the boot off of his or her neck. But then that merely reflects where the hearts of the author are.
The fair-tax scheme proposed is utterly useless. It seems to assume that consumption is definitive of life - there is no larger context with greater significance and ramifications. For example, issues of power. Usually schemes such as this get a bit of a spike in public interest when first proposed, appealing to ideologues and the ignorant. Fortunately, there usually is no staying power. The length of the attention spans is commensurate with the depth of the knowledge of those jumping on the bandwagon.
Book Description
A facted filled call to action, which Steve Forbes will use to lobby the President and Congress for real reform.
Customer Reviews:
Good idea, and surprisingly well written.......2007-02-08
Like any politically charged book this one (along with corresponding reviews) will likely get mixed reviews right along party lines. Conservatives will love it, progressives will hate it, blah-blah-blah. I think we've all had enough of it. So I figured it would be good to get a traditionalist's point of view, the opinion of a moderate, an independent.
First, the current tax code isn't working, so I welcome any idea for changing it. Steve Forbes proposes a flat tax, or what he calls a "fair tax", in which anyone over a certain income pays 17% income tax. We all pay the same percentage, but obviously different amounts. The rich pay more, the poor pay less, and the really poor don't pay at all. The interesting part is that Forbes uses strong, compelling evidence to support his contention that this will increase (rather than decrease) federal government revenues, that the poor will not suffer under the plan, that the rich will not squeeze through the cracks, and the economy will soar. He cites several other countries who have implemented similar measures and how well their economies have done afterward.
In addition, tax loopholes are closed so the rich can't use accountants to avoid paying their share, the IRS is disbanded, and we all pay our taxes with a simple 5 minute postcard. Sounds great. I'm sure there will be naysayers and "boos" and "hisses", but Forbes makes a strong argument here, at least one strong enough to be heard.
Helpful.......2007-01-10
My Dad gave this book to me for Christmas after I had been complaining all year about trying to do my own taxes. This book just makes you wonder why we have such a complicated tax code and who really benefits from keeping it so complicated; certainly not us the taxpayers. Thanks Steve - hope that you or another person working within the real world, i.e. not the political arena, makes a run for 2008!
We need a flat tax.......2006-12-21
The Flat Tax is very controversial idea that has sparked Steve Forbes to run for the presidency in the past. It is a very interesting idea and one that would do this country a lot of good. Sadly it will never be implemented due to political pressures but it is still fun to read about. This is a very quick book to read that lays out why we need a flat tax and what the oppositions says about it. Steve Forbes addresses some of the big objections and the book is very interesting to read. Highly recommend if you are interested in public policy and want a fresh approach. Especially nice if you think the AMT is useless.
Use the time you saved doing taxes to read a map of Europe.......2006-03-19
Paraphrase from one of the book's highlighted sections:
"In dramatically lowering taxes, Slovakia and its fellow Baltic states...." Since when is Slovakia (hint: small country, east of Austria, north of Hungary) a Baltic state?
This book contains the usual nonsense about doing your taxes on a postcard. We all know that the hard part is not in computing your tax, but in calculating your income. That's what all those IRS forms are all about. The only way to make it so simple would be to tax only reported wages - shifting all the tax to those who work for a living.
The Flat Tax is rearranging the deck chairs on theTitanic.......2006-02-28
I supported Steve Forbes Tax reform 10 years ago when he was trying to become president. I now support H.R. 25 the FairTax. It is a grass roots effort to reform our nations tax code from an income based tax to a consumption based tax.
Everyone keeps 100% of their paycheck without any deductions and it strips all of the embedded taxes out of the supply chain to provide the consumer with a set of tax free goods and services to be taxed only one time by the final consumer.
Simple, flat, fair, completely transparent, no winners, no loosers, and most importantly no tent for the camels to stick their nose in.
Book Description
Discontent with public education has been on the rise in recent years, as parents complain that their children are not being taught the basics, that they are not pushed to excel, and that their classrooms are too chaotic to encourage any real learning. The public has begun to reject school bond levies with regularity, frustrated by mounting education costs that are coupled with stagnation or decline in student achievement. ---
In Market Education: The Unknown History, Andrew J. Coulson explores the educational problems facing parents and shows how these problems can best be addressed. He begins with a discussion of what people want from their school systems, tracing their views of the kinds of knowledge, skills, and values education should impart, and their concerns about discipline, drugs, and violence in schools. Using this survey of goals and attitudes as a guide, Coulson sets out to compare the school systems of civilizations both ancient and modern, seeking to determine which systems achieved the aims of parents and the public at large and which did not. His historical study ranges from classical Athens and ancient Rome, through the Islamic world of the Middle Ages, to nineteenth-century England and contemporary America. ---
Drawing on the historical evidence of how these various systems operated, Coulson concludes that free educational markets have consistently done a better job of serving the public's needs than state-run school systems have. He sets out a blueprint for competitive, free-market education reform that would make schools more flexible, more innovative, and more responsive to the needs of parents and students. He describes how education for low-income children might be funded under a market system, and how the transition from monopolistic public education to market education might be achieved. ---
Coulson's Market Education touches on a wide range of issues, including minority education, corruption in high-stakes standardized testing, the role of public school teachers, and mismanagement in educational bureaucracies. It examines alternative reform proposals from vouchers and charter schools to national standards for school curricula. This timely and engaging book will appeal to parents, educators, and others concerned with the quality and cost of schooling.
Customer Reviews:
History and Statistics In Support of School Choice.......2001-03-08
Many people have proposals for what should be done about education today. Few have looked into history to see what has been successful in the past. This book does that. Few have hard data to back up their theories. This book does. It cites more than one thousand authentic historical and statistical sources. Half of these are original documents (or translations thereof).
The bibliography alone is worth the price of this book. I had been searching for statistics on literacy, and I found so much more here! This book is not only an excellent survey of educational methods throughout history, but also a comprehensive list of sources for future research.
The author is biased toward completely privatized education, and in this book he explains why. He starts where democracy started, in Ancient Greece. Most of us have heard of Athens and Sparta. We know Spartans were dedicated warriors. We know they had to come home from war "with their shield or on it." We know the city state of Sparta was everything, and each individual citizen was dispensable.
We know that Athens, not Sparta, became the capitol in Greece's Golden Age. What I did not know before reading about it in this book was that Athens had no official school system, no regulation of teachers, and no required curriculum. Athenian teachers simply charged parents directly for educating their children. Each teacher specialized in a subject, and the parents simply chose teachers with good reputations who taught the subjects they wanted their children to know. Competition for students kept prices down. Some excellent teachers were wealthy and did not charge, notably Plato and Aristotle. The result of this free market education method was a city that became its country's leader in art, philosophy, and science.
This is but the first exploration in this timely book that examines what has worked in education. My BellaOnline School Reform Forum will be full of references to this book. So far it is the only one of its kind!
In depth analysis.......2000-05-05
I also recomend Murray Rothbard's "Education: Free and Compulsory" for in depth historical analysis of government involvement with education. Any politicians that truly give a darn should be reading these books. Democrats rhetoric about "helping the poor" is sickening when you realize how much government involvement in education has specifically hurt the poor.
Excellent history, analysis, and presentation.......1999-08-13
I have been doing research on what can be done about the sad state of public education. I read this 391 page book gripped by fascination. Any lover of history, ideas, civilization, or America should read this book. Why are our schools in serious decline? For some of the same reasons the Soviet Union collapsed. Andrew Coulson examines our current system of public education, and argues for revitalization through direct parental control. He looks at times in history when education has been free from state control, and shows that those have been some of the times of greatest cultural flourishing, such as Periclean Athens. He also looks at education in other countries, historically and currently. Public vs. private education in England, and Japan and the Netherlands are particularly of interest. He examines the history of American education, and dispells myths like the idea that people were illiterate until publicly funded education came along. The truth is that the literacy rate was much higher BEFORE Horace Mann first started promoting the idea of state schooling based on the Prussian military model of that time. Coulson also looks at constitutional questions, and deals with the legitimacy of government compelling belief. Anyone who supports the ailing status quo of public education is going to have to come to terms with the formidable research and persuasive arguments presented by Senior Research Associate and former softwear engineer, Andrew Coulson, who devoted four years to producing this book. They will also have to answer the other growing advocates of education liberation, among whom are Thomas Sowell (Inside American Education: The Decline, The Deception, The Dogmas) Stephen Arons (Compelling Belief: The Culture of American Schooling) and Sheldon Richman (The Separation of School and State). I salute Andrew Coulson as having done a magnificent job in writing this well documented and thoughtful study.
Excellent work that deserves thoughtful consideration........1999-05-08
We know that our public schools are not providing the quality of education that they should. Market Education does an excellent job of analyzing what the problems with public education are and making thoughtful recommendations for how to improve it. The book should be required reading for anyone interested in improving our children's education.
Fascinating account of why government schools fail........1999-03-13
An intriguing, highly original account of how government-funded schools have driven out superior private schooling, going back to the ancients and concluding with our failed U.S. schools of today. I haven't seen any other book that presents the history of this takeover of the educational market, and how harmful it has been to students in virtually every country and era in which it has occurred. Anyone interested in improving the education of children really needs to read this book. It's a compelling argument for school choice, and it's written in an appealing style by an author who is obviously passionate about his subject. My guess is that public school teachers will find this book particularly enlightening, since it explains a great deal of their frustration with bureaucracy getting in the way of educating kids. Coulson presents many suggestions for moving our educational system towards greater freedom for students, parents, and teachers.
Book Description
Here is a timely, comprehensive, and invaluable guide to using offshore investing as a method of asset protection. From evaluating places in which to invest to avoiding offshore scams, this easy-to-understand book provides you with all there is to know about keeping the money you earn.
Customer Reviews:
A Good Start to Looking Offshore.......2007-03-21
This book covers most of your questions and describes the basics for banking and corporations established outside the US. It tries to give you the pros and cons of each type of company and a list of places to look into. While it may not be the only book you'll ever need, it does a nice job of detailing what you'll need and how to go about the process of offshore management of finances and protecting your assets. It would have gotten 5 stars if it had been more recent. Still, its' quite worthwhile compared to what else is out there.
An O.K. book.......2007-01-21
This book lets you understand the fundamentals of offshore investing to protect yourself from lawsuits and avoid unnecessary tax liability. It focuses on the legal way to avoid exposure. This book is worth the money, but nothing outstanding.
Dangerous Advice that could get you in trouble..........2005-03-23
Famous authors of several other books like this one, for example Jerome Schneider, have already been * convicted * of tax fraud and have handed over their entire client lists to the US Government.
There is no legal way of avoiding US Taxes through offshore banks, offshore trusts, or numbered accounts. These things are only good for:
1.) Asset protection
2.) Diversifying investments/access to greater variety of investments
and that's it. Be wary of advice in books like this one if you are using them to avoid taxes.
If you don't like paying high taxes, give up your residency, hand in your passport and get citizenship in a country with lower taxes.
Don't read at your peril.......2004-12-24
If you are looking for a "feel good" book that only gives you the sugar frosting about offshore without warning you about the many pitfalls, then this book isn't for you.
On the one hand, if your interest is learning about the realities of offshore banking and tax reporting for U.S. citizens, etc., the you will find this a good starter guide. It's also chock full of interesting stories based on Mr. Cornez's personal experiences in the offshore havens.
Pretty good book for newbies.......2004-11-25
This is a good book for teaching newbies the basics of how to go offshore, open bank accounts, and (perhaps most importantly) avoid offshore scams.
The book needs to be read in light of recent revisions to the Patriot Act and new currency transfer reporting requirements. Don't even think of going offshore if your goal is to try to hide money from Uncle Sam, since if your particular plan fails it will probably end up being felony tax evasion.
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Taxes, Spending, and the U.S. Government's March Towards Bankruptcy
Daniel N. Shaviro
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The Myth of the Rational Voter: Why Democracies Choose Bad Policies
ASIN: 0521869331 |
Book Description
What's in a word? Plenty, when it's a word such as “taxes,” “spending,” or “deficits” that pervades Washington political debate despite lacking coherent economic content. The United States is moving toward a possible catastrophic fiscal collapse. The country may not get there, but the risk is unmistakable and growing. The “fiscal language” of taxes, spending, and deficits has played a huge and underappreciated role in the decisions that have pushed the nation in this dangerous direction. This book proposes a better fiscal language for U.S. budgetary policy, rooted in economic fundamentals such as wealth distribution and resource allocation in lieu of “taxes” and “spending” and in the use of multiple measures (such as the fiscal gap and generational accounting) to replace misguided reliance on annual budget deficits.
Amazon.com
Most Americans would agree that they are duty bound as beneficiaries of our democracy to pay taxes, and the majority of us do pay—-exorbitantly. But what about those who do not pay their fair share? David Cay Johnston, a Pulitzer Prize-winning reporter for the New York Times, here reveals how fairness and equity have eroded from the American tax system. Johnston describes in shocking detail the loopholes our government provides the "super rich"--from private individuals to profitable corporations—-to hide their wealth, to defer or evade tax payments, and to pass the bill to law-abiding middle-class Americans. The loss in revenue "imposes a severe cost on honest taxpayers" through reduced services, increased federal debt, and a weight on the middle class that threatens to impede its ability to achieve upward social mobility. Admitting the extreme complexity of our economy and by extension our tax code, Johnston points out that the very wealthy do, of course, pay taxes. However, because of shelters that allow them to understate most of their income, they pay little more on average than most Americans on the dollar. This is regressive, and unquestionably favors the superrich. Johnston includes examples of outrageous corporate malfeasance (such as companies that establish off-shore tax addresses) and exposes the tax benefits of the particularly loathsome practice made famous by Jack Welch, in which thousands of wage earners are laid off while a handful of executives are granted hundreds of millions of dollars through deferred compensation, company stock options, and lucrative retirement packages, all at stock holders' xpense. In addition to these offenses, he describes the tax evasion methods of those who simply defy the law and are emboldened by a beleaguered IRS that is too underfunded to serve as an effective deterrent to tax cheats. Johnston calls for a complete overhaul of the system. But because those who most benefit from these laws comprise the "donor class" that supports the government power structure, our prospects for reform remain very bleak. --Silvana Tropea
Book Description
One of the country's top investigative reporters reveals how the richest 1 percent of the country has rigged the tax code and other laws in its favor.
Since the mid-1970s, there has been a dramatic shift in America's socioeconomic system, one that has gone virtually unnoticed by the general public. Tax policies and their enforcement have become a disaster, and thanks to discreet lobbying by a segment of the top 1 percent, Washington is reluctant or unable to fix them. The corporate income tax, the estate tax, and the gift tax have been largely ignored by the media. But the cumulative results are remarkable: today someone who earns a yearly salary of $60,000 pays a larger percentage of his income in taxes than the four hundred richest Americans.
Pulitzer Prize-winning investigative reporter David Cay Johnston exposes exactly how the middle class is being squeezed to create a widening wealth gap that threatens the stability of the country. By relating the compelling tales of real people across all areas of society, he reveals the truth behind:
* "middle class" tax cuts and exactly whom they benefit
* how workers are being cheated out of their retirement plans while disgraced CEOs walk away with millions
* how some corporations avoid paying any federal income tax
* how a law meant to prevent cheating by the top 2 percent of Americans no longer affects most of them, but has morphed into a stealth tax on single mothers making just $28,000
* why the working poor are seven times more likely to be audited by the IRS than everyone else
* how the IRS became so weak that even when it was handed complete banking records detailing massive cheating by 1,600 people, it prosecuted only 4 percent of them
Johnston has been breaking pieces of this story on the front page of The New York Times for seven years. With Perfectly Legal, he puts the whole shocking narrative together in a way that will stir up media attention and make readers angry about the state of our country.
Download Description
"One of the country's top investigative reporters reveals how the richest 1 percent of the country has rigged the tax code and other laws in its favor Since the mid-1970s, there has been a dramatic shift in America's socioeconomic system, one that has gone virtually unnoticed by the general public. Tax policies and their enforcement have become a disaster, and thanks to discreet lobbying by a segment of the top 1 percent, Washington is reluctant or unable to fix them. The corporate income tax, the estate tax, and the gift tax have been largely ignored by the media. But the cumulative results are remarkable: today someone who earns a yearly salary of $60,000 pays a larger percentage of his income in taxes than the four hundred richest Americans. Pulitzer Prize-winning investigative reporter David Cay Johnston exposes exactly how the middle class is being squeezed to create a widening wealth gap that threatens the stability of the country. By relating the compelling tales of real people across all areas of society, he reveals the truth behind: ""middle class"" tax cuts and exactly whom they benefit how workers are being cheated out of their retirement plans while disgraced CEOs walk away with millions how some corporations avoid paying any federal income tax how a law meant to prevent cheating by the top 2 percent of Americans no longer affects most of them, but has morphed into a stealth tax on single mothers making just $28,000 why the working poor are seven times more likely to be audited by the IRS than everyone else how the IRS became so weak that even when it was handed complete banking records detailing massive cheating by 1,600 people, it prosecuted only 4 percent of them Johnston has been breaking pieces of this story on the front page of The New York Times for seven years. With Perfectly Legal, he puts the whole shocking narrative together in a way that will stir up media attention and make readers angry about the state of our country."
Customer Reviews:
Review of Perfectly Legal.......2007-06-22
This book is well researched and addresses an area every American should be aware of, but I suspect too few are. The author has done everyone a service by pulling together evidence that is both comprehensive and detailed. It acts as a sad indictment on American society, showing that many wealthy Americans maintain and enhance their wealth by corruption. That the book shows the US authorities actively support it is all the more cause for concern. I recommend evey American to read this book thoroughly and demand appropriate action from those in power.
Excellent.......2006-07-12
Another book which confirms my own. This book in general shows that the super-rich are (in general of course) evil, but it also shows that the U.S. Government is also very evil.
He points out something interesting which is that it was found by a scholar, that the laws of the former Soveit Union were better than those of the U.S.'s, and mainly because of our tax laws, which he found to be worse than those of all the socialist countries of Europe.
The prize is capital gains........2006-05-23
Blattmair devised a scheme where he would use a charitable trust for MS Bill Gates as a way to avoid paying $56 million in capital gains taxes for $200 million in stock profits. Charitable Trust provided a shelter from taxes for stocks or buildings that appreciated in asset. The asset is transferred to the charitable trust and the charitable trust sells the asset tax-free and invests the proceedings. The trust gives the donating individual a lifetime income typically 6% a year. However, Blattmair plan was to take back 80% per year for two years and Gates would pocket $192 million without paying taxes and the charity would fold, but not before 92% of the funds had been converted into cash. The government would collect nothing. Instead, Bill Gates could claim a tax deduction of $2 million. It became questionable whether the IRS reviewed or challenged the tax shelter devise or even if the device was used. The only fact known is that at one time it existed and provided a shelter against the capital gains tax. The capital gain is the source of ½ of all the income of the super rich. Capital gains tax fell from 28% rate in 1987 to 15% in 2003.
The rich are getting richer. Money is moving from the middle class too the super rich. Both the middle class and the poor are increasingly burdened with tax while the super rich repeat all the social benefits of the tax. The Reagan "Trickle down Wealth effect" is mythical: 1. Working class wages increases have not increased in three decades 2. Food and consumer products have become cheaper offsetting the cost of living for the middle class. Cost reductions made possible because of government subsidies and manufacturing efficiency 3. Government debt in the form of government bonds has absorbed cheap money supply making market growth slow and become more competitive for available money. Business profit margins have slimmed jeopardizing survival long term. Interest rate thresholds have lifted increasing bankruptcies and reaching levels of about 1 million claims a year. 4. Stocks returns averaging a 7 percent real return less inflation have barely broke even. The Stock market is transferring wealth from the middle class to the super rich. The super rich are realizing profits of about 25 to 40 percent a year on their money. 5. Property taxes, fuel taxes, and income taxes have placed a heavier burden on the working class reducing the percent diverted to savings and retirement. The US has the highest percentage separation between rich and poor (1 dollar saved in the lower percentile equates to 7,500 dollars saved in the top 5 percentile). The middle class is in trouble as interest rates rise, the dollar weakens, the stock market routes, the housing market deflates, and the commodity market switches back into bear territory.
The weakness discovered in Title 26 of the US code are the law is based on politics and not principles; the tax system in America is being rigged to benefit the super rich; the tax system is a vehicle designed to finance social change; the rules that government sets for their tax system and the degree they enforce them, affects and determines who will prosper. "Congress lets business owners, investors, and land lords play by one set of rules, which are filled with opportunities to hide income, fabricate deductions and reduce taxes," and on the other hand, "Congress requires wage earners to operate under another, much harsher set of rules in which every dollar of income from a job, a saving account or stock dividend is reported to the government, and taxes are withheld from each pay check to make sure wage earners pay in full."
The richests 1 percent, whose adjusted gross income of more than $313,000 in 2000, earned almost 21 percent of all reported income and pay more than 37% of individual federal income taxes. For three decades profits have been growing 1/3 faster than corporate income taxes; in 1993, 26 cents went to taxes for every dollar and in 1998, 22 cents per dollar earned while corporate income tax remained 35%. Many of the rich owned businesses, creating opportunities to charge a portion of their lifestyle to the company and managed to keep profits near zero while the owners built up wealth in the company; wealth that would not be taxed until they died.
The share of income going to taxes for the top 400 in 2000 was about the same ratio as that paid by a single person making $123,000 or a married couple making $226,000. The average amount been paid was about $38.6 million dollars each.
The super rich are finding the tax shelter opportunities in the law and is perfectly legal. Law-makers are haphazardly allowing these opportunities to be put into the law because from lack or scrutiny or from pressure both politically and economically to allow these opportunities into the law. Lawyers and tax consultants study the law and discover these opportunities and advise the super rich on the tax shelter mechanisms. The super rich are able to increase their accumulation velocity. The accumulation of money is invested into bonds, commercial paper, bank notes, and stocks that pay the super rich a dividend. The capital gains are sheltered and increase the velocity of accumulation favoring the super rich. The middle class and the poor divert more of their money away from savings and retirement into taxes used for social change. Big government threatens to slow-down the availability of money causing rising interest rates for companies and business seeking to borrow money for capital projects. A business growth slows down employee wages are fired, unemployment increases, and retirement funds are jeopardized in survival tactics to save the company. The super rich do not have an economic incentive to risk their money on growth companies that generate almost all of the new jobs, innovations, and consumption trends. Instead, the super rich invest in large cap companies that are cash rich and promise a fat dividend payment and capable of withstanding short term distress in the business cycle. Financial devises like hedge funds become popular as the super rich dump billions of dollars into these funds. Insurance devises are also a popular tool for shelter vast amounts of money from taxes. The super rich are accumulating rather than creating jobs and that is the wealth illusion. Taxes do not create wealth. Capital creates wealth by creating jobs.
interesting, very needed yet a little over the top.......2006-05-10
This book was incredibly interesting and probably the most useful piece of investigative journalism I have seen on this topic. The tax code is rediculously complex and this book shows how that complexity is exploited by the rich and their friends.
The only problem I had with the book is the built in asumption that the rich should be taxed more that the poor. The point of his analysis is that the code is too complex, exploited, etc. The logical conclusion is to SIMPLIFY or CLOSE LOOPHOLES. However, the author repeatedly claims that as the taxes fall on the rich they must go up on the poor and middle class which is not always true and certainly need not be true. Taxes can go down on everyone. Or we could just as easily easily lower taxes on the middle and poorer citizens as raise them on the rich. There are more than one option.
The author seems to set up a case for a major reform of the tax code but his bias for an old fashioned 1930's style progressive tax policy is clear. Advocating for a retro tax code is fine and I might even agree to an extent but it seems to be a failing of many financial journalists to not understand the economics ramifications of their proposals. The economy is to different to go backward and we need a tax code for a global, serviced based economy. Robert Reich has good ideas as do many conservative advocates for a consumption tax. Which is best is still open for debate.
In conclusion the book is a vaild analysis of the problems with our current tax code but combines this analysis with advocating an old fashioned progressive system that I am afraid would be economically hurtful.
Blinded by numbers.......2006-04-27
Simply put, this book uses statistics and uncited claims to wow the reader whenever possible. This book had tremendous potential to show how broken the US tax system is and how much in need of reform it is. Instead of doing this it appears that the author took more or less substantial research and well developed hypotheses and ran it through the NY Times Krugmanizer, making everything seem like a grand right-wing conspiracy that with a wink and a nod politicians and multi-billionaires are bilking "American families" (the political buzzword du jour) from their hard earned cash.
Furthermore, as the Supreme Court has ruled explicitly, it is not an American's citizens duty to pay anything but the minimum amount of taxes required by law by using whatever lawful deductions or tax shelters he/she chooses.
So the thesis of the book is that the super-rich have taken advantage of and, the horror of it all, used their money to influence lawmakers to make tax laws even more favorable for them. I'm aghast!! The thought that lawmakers could sacrifice the principals of fairness and their constitutional duty for monetary gain?!? Thank goodness we have such paragons of virtue (Randy Cunningham, Tom Delay and his good friends Jack Abramoff and Mike Scanlon, and my new personal favorite W. VA congressman Allan B. Mollohan) protecting we plebians.
Book Description
One hundred eighty million Americans file income tax returns, almost as many complain about the system, yet few understand the underlying social and economic outcomes. This book carves open the belly of the income tax for Americans who never have had the opportunity to learn about it, and empowers Americans to make informed judgments about what income tax laws would be best. John Fox explains how the laws represent the most comprehensive expression of official government values. Fox also elucidates how special relief provisions far exceed in sheer dollars and importance programs funded directly through the federal budget, and why these special provisions typically fail to advance tax justice or economic growth. Fox presents a compelling argument that our nation's interests would be best served by overhauling the system through reforms that eliminate all but the most essential special relief provisions, while reducing tax rates across the board. Such reforms, he argues, are far more compatible with principles of liberals and conservatives than is today's system. Part primer, part manifesto, If Americans Really Understood the Income Taxis sure to open the eyes of tax-paying Americans and earn the respect of policy experts.
Customer Reviews:
Only the FairTax Outfoxes Fox.......2005-05-12
John Fox says the values of our government are represented in the tax system and that Congress has pursued social and economic programs through the tax system by using deductions and credits that amount to 3 trillion dollars (in 2000) of un-taxed income.
John Fox obviously loves the FairTax. The FairTax does all those things and more, repealing the income tax, employee taxes, corporate taxes and more while fully funding the US government. Everyone also gets a monthly rebate so noone pays any tax at all up to the poverty level.
Fox says the U.S. would have a stronger economy without these provisions. He suggests doing away with all but the most essential special relief provisions, and implementing a simpler tax code that would reduce taxes for all brackets.
If we get rid of the income tax and become the first nation on earth to NOT tax productivity, "outsourced" jobs return and foreign companies come to America to do business.
Everything John Fox advocates is taken just a step farther with the FairTax.
Must read.......2004-07-06
John Fox's take on taxes is a must read for anyone who cares about tax equity and the well-being of the body politic. When I first studied taxes as an employee of the California Legislature -- now nearly four decades ago -- we learned that simple equity -- equal treatment of equals -- was the first principle of a fair and just tax system; absent equity the system would be manifestly unfair and eventually would lose its legitimacy, the greatest danger a democratic republic can face. As Fox points out,that's exactly what's happening with modern tax policy -- regressive, unfair, unjust are the attributes that leap out at you. But Fox does more than point the finger of blame; he offers constructive suggestions to get the system back where it belongs, to restore fairness and legitimacy.
Income Tax Ignorance.......2002-03-16
Plain and simple, the Amercan people know nothing when it comes to Income Taxes.They know nothing about their Constitutional Rights with regards to the Income Tax and they do not know how to use the three Internal Revenue Code Sections in the Prvacy Act Notice in the 1040 instruction booklet. An old saying is quoted by judges; "Ignorance of the Law is no excuse". The very first IRC section in the Privacy Act Notice is 6001. Most people would not know where to search for the information of this code section. The very first sentence implies Liability. In looking in the Index of the IRC under Liability for Tax, you will find all of the subjects that are taxed. Income is NOT one of them. For tax purposes, Income is defined by the Supreme Court as a Gain or Profit earned by Privlege. Every citizen of the USA has a Right to work for compensation. I rated this book low and the little bit of expose offered is proof that the author does not know or implies he does not know the Truth about the Income Tax.
Income Tax Ignorance.......2002-03-16
Plain and simple, the Amercan people know nothing when it comes to Income Taxes.They know nothing about their Constitutional Rights with regards to the Income Tax and they do not know how to use the three Internal Revenue Code Sections in the Prvacy Act Notice in the 1040 instruction booklet. An old saying is quoted by judges; "Ignorance of the Law is no excuse". The very first IRC section in the Privacy Act Notice is 6001. Most people would not know where to search for the information of this code section. The very first sentence implies Liability. In looking in the Index of the IRC under Liability for Tax, you will find all of the subjects that are taxed. Income is NOT one of them. For tax purposes, Income is defined by the Supreme Court as a Gain or Profit earned by Privlege. Every citizen of the USA has a Right to work for compensation. I rated this book low and the little bit of expose offered is proof that the author does not know or implies he does not know the Truth about the Income Tax.
My wife took my copy and I will have to buy another........2001-05-20
This is an excellent book. It has been written in a comprehensive style that can enlighten taxpayers as well as tax professionals. Every one can benefit from the collected information and well-conceived opinions of Mr. Fox. This book can serve as a wellspring to initiate questions, debate, or perhaps a citizen's revolt against our present archaic, confusing, and unequal tax system. Mr. Fox has obviously been working on this book for several years, but his phenomenal foresight has placed this brilliant work in our hands at just the right moment when we consider the major tax law changes now being considered by the U.S. Executive and Legislative branches of our government. The proposed changes could have a profound negative effect on our children and us. In the 18th century American citizens had a tea party in Boston because of unfair taxes. What will our generation do? Whimper and complain or become informed and proactive?
Average customer rating:
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U.S. Agricultural Response to Income Taxation
Hoy Fred Carman
Manufacturer: Iowa State Press
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Customer Reviews:
A Recommended Read!.......2001-11-26
Dr. Carman's research is thorough, well written and concisely presented. A worthwile read for those who are interested in the discourses of agriculture, economics and politics.
"U.S. Agricultural Response to Income Taxation is the first extensive look at how income tax policy affects agriculture in the U.S. Surveying a significant body of research, Carman documents the effects of federal income tax on production and investment decisions in agriculture, farm size, and, prior to 1986's tax reform act, tax-shelter investments by non-farmers.
Guiding a reader through tax and farm policy with helpful flow charts and graphs, Carman discusses the impact of income taxes on land prices; decisions regarding machinery and equipment, orchards, and livestock; management practices that take advantage of cash accounting; capital gains tax and depreciation provisions; and tax equity. He also examines the interactions of income taxes with social security taxes, estate and gift taxes, and corporate income taxes.
This book concludes with a timely review of how various tax proposals, from a fiat tax to a consumption tax, might affect farmers and agriculture in the U.S." U of I press
Book Description
Comprehensive yet detailed discussion of tax increment financing.
Customer Reviews:
Practitioner's thoughts.......2007-08-12
I found this to be the most comprehensive review of Tax Increment Financing that is currently published. It is generally written in a style that is approachable and understandable by a layman, while provide solid analysis for a practitioner.
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