What is the FairTax plan?
The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment.
The FairTax Act (HR 25, S 1025) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.
The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.
The FairTax:
* Enables workers to keep their entire paychecks
* Enables retirees to keep their entire pensions
* Refunds in advance the tax on purchases of basic necessities
* Allows American products to compete fairly
* Brings transparency and accountability to tax policy
* Ensures Social Security and Medicare funding
* Closes all loopholes and brings fairness to taxation
* Abolishes the IRS
www.fairtax.org
2 comments:
I've always been intrigued by the idea of the fair tax. The counter argument I keep hearing is that it soaks the middle class but I don't know that to be true. I'm going to read the book and read the counter arguments and make my own conclusions. Either way, I think we all want fair taxes without any group having an unfair advantage. Thanks for posting this and inspiring us all to study the tax plans a little closer.
http://www.fairtax.org/
http://fairtaxfraud.com/fallout.asp
http://www.factcheck.org/taxes/unspinning_the_fairtax.html
All decisions in life are incumbent on educating oneself. I'm not certain how the middle class could be soaked any more than anyone else. The fair tax is base on the more you spend the more you pay. You only pay tax on what you spend. I can see a black market like this country has never seen before.
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