024 Is 29.6% Fedeal Consumption Proposed Tax a Fair Tax?

In this week’s episode 24, I discuss the issues I had in recording the podcast during the last two weeks:

For Federal:

The Senate passed a 2014 budget with a Trillion dollar tax increase.  There were no specifics on the tax increase.

Senate passed a resolution that said States have the right to charge sales tax on internet purchases/sales.

H&R Block software for educational tax credits delays the processing of 600,000+ Federal returns

For State:

Intuit software wasn’t calculating the Minnesota tax correctly

California was giving a tax credit on returns that now has been denied.  They are requesting the tax plus interest for not filing the tax return correctly for the past four years.

In International tax news:

The French government is discussing lowering the highest tax rate of 75% to 67%

The EU and IMF wanted Cyprus to charge a bank tax to reduce the number of Euros in circulation in Cyprus.  They came to an agreement; but not all the details have been worked out on uninsured deposits.

For the indepth discussion, I discuss the fair tax (consumption tax) proposed by Rep. Rob Woodall from Georgia.

If you want to leave me feedback or if you have a tax question, please send me an email to feedback@yourtaxteacher.com.


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