Re: conservation of Euros

Savings aren't consumption. I never suggested taxing savings, and I did suggest exempting basics. If you want a yacht, you'd have to pay sales tax on it.

Start over with something simple, an it will take a while to get complex again. But imagine no tax returns, no record keeping, no inheritance taxes, no estate planning, no property tax, lots of jobs for your kids... unless they want to be lawyers or accountants.

John

Now it is, but too late. And yeah, I can work from just about anywhere, particularly since now the majority of my clients is no longer in CA.

It's pretty multi-cultural here already. I actually like that.

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This question needs to be asked. And will be, if this scheme would ever be discussed more seriously in public. But I am afraid most folks will simply react the instant they have their "oh, oh!" moment. And that will not be pretty for our financial market, not pretty at all.

No win there. First, there are no US television or sneaker or clothes manufacturers left. Even if there were or new ones would be sprouting up they could not possibly compete with the made-in-China pair of $29.99 jogging shoes that consumers have come to expect at places like Costco. It would be, "Oh, look, we can make the same sneakers for $60 instead of $75 because of the "fair tax". Big deal.

Then the whole thing should remain a non-starter. At least I hope so.

not.

That's usually quite laudable. We had a stellar process engineer who one day came into my office and said he'd need to resign. WHAT? Turns out his father-in-law had terminal cancer and he said he'd have to step up to the plate and take over the farm. He was most certainly not looking forward to checking out of the high-tech job he loved so much. When I held a meeting to announce this and commended him for being there for his folks back home some people got moist eyes.

do not.

Did he have the degree he claimed to have? Did his experience match his resume? Carter claimed to be a Nuke-E, yet passed *one* class on the way. He implied that he was a Navy Nuke-E on a sub, when that's clearly impossible. Yes, giving up what you want for family is laudable. Doctored resumes, not so much.

do not.

Our guy? I don't know what degree he had, "credentials" do not matter much to me. He did keep our processes going no matter how difficult the task was and whenever there was a hard question regarding materials science or chemistry people would first go to him. And then usually have their answer along with a few solutions.

That I don't know. But I agree, if a person would interview with me and I'd find out that the resume is doctored the interview would be over.

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do not.

No, I was really making the point that Carter's resignation from the Navy was irrelevant. *His* resume was stuffed.

You would do the same for any political candidate, no? How anyone can support Blumenthal after last week is beyond me, but CT isn't a stronghold of sanity.

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Sorry, I spent yesterday talking in person to the actual Fair Tax guys, along with some U.S. congressmen. I'll chime in later, but for now I'm swamped and pooped, with a left-handed shovel and a whole lot of ____.

Short version: no it's not in there, but yes, they're open to amending their bill so as to exempt savings that have already been taxed.

Of all the alternatives, I still find it very appealing, especially compared to the current system. That doesn't mean I'm fully buying it yet--I still haven't considered all the possible gotchas.

-- Cheers, James Arthur

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JKK >That is gross profit, not markup.

krw > Huh? =A0Gross profit is markup. =A0Price - cost.

W 100 R 120 GP 20 MU 20 % ( GP/W ) Gross Profit Margin 16 % ( GP/R )

Business insiders tend to focus on margin.

Consumers often focus on the markup.

Net margin would correct for overhead costs, but is not as reliably calculable.

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I would, but obviously other wouldn't. At least I don't think so after, for example, tax "lapses" were discovered with major office holders.

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Oh, oh, major spill somewhere? I hate whan that happens, but been there :-(

This is extremely important. First, because they will get a ton of flak from seniors and their organizations without taking care of this. Secondly, people who have diligently saved want some _ironclad_ guarantees there, in a way that thise guarantees cannot be changed later. Recent retroactive law changes have eroded a whole lot of trust, so this will now be much more difficult to achieve than years ago. In essence, folks that have saved should not pay any tax until all that savings is used up. Except for what's gained in future interest, of course, because one must also be fair in the other direction. But here we will have the first major bureaucratic job coming at it.

I am not even considering it unless the savings issue is taken care of. Not so much for the sake of myself but for that of our country because the repercussions for the financial market could be (or I should say would be) devastating.

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They were appointed.

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side.

Maybe James works for BP Microsystems. ;-)

As has been shown recently, AARP can easily be bought off.

Anyone with an IRA, particularly a Roth should be very worried, regardless of the Fair Tax.

Agreed, but that doesn't mean I'm not extremely concerned about it.

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That's all just pushing the same two numbers around.

Distinction without a difference; same numbers.

JKK >That is gross profit, not markup.

krw > Huh? =A0Gross profit is markup. =A0Price - cost.

Are you mixing real numbers with percentages?

W 100 R =A0120 GP 20 MU 20 % =A0( GP/W ) Gross Profit Margin 16 % ( GP/R )

krw > That's all just pushing the same two numbers around.

G > Business insiders tend to focus on margin. G > Consumers often focus on the markup.

krw > Distinction without a difference; same numbers.

You think 16% =3D=3D 20% ?

Don't be stupid. ...or do you share DimBulb's neuron?

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That doesn't count as an excuse :-)

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side.

Maybe be all send him a donation, one bag of Quikrete per poster :-)

And people getting very miffed. There's a reason for all the tea parties. Anyhow, with this "fair tax" stuff option #2 for body public would obviously be participating in the stampede. You just have to be very quick, else real estate will have shot up sky-high. I would sure make some realtors rich.

What do you think is going to happen there?

So am I, meaning that if this would ever make it into more serious discussions on the hill people need to be educated about the real ramifications.

impossible.

not so

support

sanity.

Not an excuse for Obummer, no. It wasn't the voters who didn't care.

JKK >That is gross profit, not markup.

krw > Huh? =A0Gross profit is markup. =A0Price - cost.

G > Are you mixing real numbers with percentages?

W 100 R =A0120 GP 20 MU 20 % =A0( GP/W ) Gross Profit Margin 16 % ( GP/R )

krw > That's all just pushing the same two numbers around.

G > Business insiders tend to focus on margin. G > Consumers often focus on the markup.

krw > Distinction without a difference; same numbers.

G > You think 16% =3D=3D 20% ?

krw > Don't be stupid. =A0...or do you share DimBulb's neuron?

Nope.

Why did you try to pretend that margin and markup are the same thing?

Markup is the percentage OF WHOLESALE that is GP.

Margin is the percentage OF RETAIL that is GP.

They are two different ratios.

This would be as if you looked at P=3D I x E and

------- I x R

And then announced that Watts =3D=3D Amps.

You could say they are just reworks of the same numbers, right? LOL

Are you impaired?