Blogging the Bill for 2007
Folks, I have been blogging the Fair Tax Act of 2005 for several weeks, but now the 2007 bill is upon us.
Due to personal business I haven’t had time to go over the entire 2007 version of the bill yet.
I would like to continue blogging the 2007 bill, rather than the 2005 bill, but there may be differences between the two (I haven’t found anything specific yet, but I am sure there are some) and I don’t want to do half of the 2005 version and half of the 2007 version.
So I am going to take some time and begin reviewing the 2007 bill against all the posts I have made thus far. If there are any discrepancies, I’ll post them here, and pick up where I left off in the 2007 bill.
If anyone has a better idea on how best to continue blogging the bill, please let me know.
Thanks!!
Edit: I found a PDF diff tool and combed thru the 2005 and 2007 bills. There are no significant differences between the two. The 2007 bill would take effect in 2009, using transition inventory from 2008, and would phase out the IRS by 2011. The rate of tax does not change. No other language in the bill changes much, save for some typographic corrections in format and a couple of additional cross-reference notations.
I would like to see an evaluation of Section 501 e. Specifically, the requirement on large collectors.
Duane, check out the Archives section, specifically Feb 12th, Feb 20th, and Feb 23rd for a complete evaluation of Section 501. There was a fairly lively exchange on Feb 23rd, (10 comments), regarding large collectors and surety bond requirements. Any additional insights you may have would be appreciated, I’m sure.