How much longer before i get my refund?
Answers: I don't understand your question..not enough infomation.
No way to say. When did you file? How did you file? Direct Deposit or paper check?
Who thinks that the Fair Tax program is a good one?
Answers: Love it! It allows all people to pay taxes. For example...those people who don't pay such as immigrants, and people who are fully capable of working, milking our governement for welfare checks and so on!
It's a terrible idea.
It would increase our trade deficit because it would make it more expensive to buy things produced in the US.
It would be a regressive tax, impacting the poor and middle class more than the rich.
It is a gimmick.
It's the worst possible tax, bar none. Here's some food for thought, none of which has been addressed by its proponents:
1. If you are going to do away with the IRS, who will collect the tax. (It will still be the IRS, we'll just give them a sweet sounding name.)
2. How do you intend to deal with "prebate" fraud? (The IRS can't track income in real time -- it takes about 18 MONTHS to match W-2s with tax returns in the SAME computer system -- so how will they (or whomever) track family composition in real time?)
3. With a 30% tax on ALL new goods, how do you intend to deal with the massive black marketing that will result. (Any city or state with high tobacco or alcohol taxes will tell you that black marketing is a REAL problem.)
3a. OK, Congress dealt with that with tax stamps like on liquor and tobacco. (How about "The Audit of the New Millenium" now as armies of IRS agents decend on neighborhoods on trash day looking for evidence of untaxed goods. Or worse yet, burst into your home and rummage through your dresser looking for untaxed gruns and sex toys?)
4. How do you intend to deal with financing of the $60,000 tax on a new $200,000 home -- a modest price in much of the nation? (The home is still only worth $200,000 so the lenders won't lend the extra $60,000.)
4a. How will you deal with the collapse of the construction industry that will result from #4. (The resale market will take off, but new construction will grind to a hault.)
5. Ditto for the $6,000 tax on a new $20,000 car. (Same as #4.)
5a. How will you deal with the collapse of the auto industry in the US as a result of #5. (Before long US roads will look like Cuba with ancient pollution-belching relics being pushed along far past their "use by" dates.)
4b & 5b combined. Now that the US economy itself has collapsed following the collapse of its two primary movers, what next? (I'd LOVE to hear their answers on this!)
6. While you claim that the manufactureres of goods and the providers of services will reduce their prices due to the lack of corporate taxes, how to you plan on ensuring that that actually happens? (Sounds like quasi-communisim with central control on prices. Shudder!)
7. How to you explain to the single mother with 2 kids that the EIC that she was depending upon for basic survival is being replaced by the "prebate" BUT she'll now pay about $5,400 in taxes that she didn't have to pay before? (Virtually every penny she earns pays for essential goods and services. She'll be cruicified by the added tax burden as she doesn't pay any income taxes now but WILL pay heavily under the co-called "Fair Tax.")
8. How do you plan to deal with the outcry from the World Trade Organization as untaxed American goods flood the global markets, shutting out imports in the US and local products overseas? (Hmmm... Go back to corporate income taxes? Whoops! There goes a prime argument for the "Fair Tax!")
9. How will you deal with the Paris Hiltons, Steve Forbeses, Bill Gateses (insert favorite rich person's name 1,500 times) who will simply make their major purchases overseas and bring them into the US as used and therefore tax-free. (Remember the failed Luxury Tax from the 80s that put yacht dealers out of business in droves and tossed their employees onto the unemployment and welfare lines.)
10. Finally, how to you explain to the middle class taxpayer earning $50,000 per year with a family of 4 and paying almost no income tax that he now has to pay $10,000 in taxes MORE than his "prebate" amount? (I'd love to hear that one too!)
In the end it's a SWEET deal for the wealthy (who tend to amass wealth, not spend it all) but would crucify the poor and bring the middle class to their knees. The economists who dreamed this up have no focus on the social impact of this and were told to ignore any impact other than the bottom line for the US government. Hardly "Fair" IMHO.
No.
Bad idea. See Bostonianinmo's answer above.
Tax statements. When are are tax statement due such as income, interest, brokerages etc?
Answers: W-2s and 1099s should have been mailed by 1/31.
Many of the 1099 items can be provided to you by an alternative method. If your bank statement shows the total interest paid or payable to you for the year, it will suffice as your 1099 for that interest income. The same is true for brokerage accounts, etc.