The Fair Tax Act
What is the Fair Tax? 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.
* 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
The Fair Tax Act was introduced into Congress in 2007 and it is a bill to replace the current complicated income tax code. This tax code was written by Congressman John Linder and Neal Boortz. It will help reduce Government power (gotta love that) and increase spending power for consumers and we all know Americans love to spend considering that Americans actually owe more money than they make.
The current tax code also has a hard time keeping people in compliance with the tax laws like tax evasion or illegal immigrants living and working here and not paying tax. The Fair Tax is a tax on all new goods and services. This is an absolute must that all Americans should get to know and understand what is involved in the Fair Tax, our future depends on it! Remember you should always do your homework!
This is a must read. Link.
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Tags: fair, fair tax act, government, income tax, john linder, neal boortz, politics, power, tax
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July 3rd, 2008 at 7:11 am
Finally, a tax code written by an AM Talk Radio host.
August 22nd, 2008 at 11:53 pm
A federal sales tax would work —- if you could cut spending by 70%. But then, if you could cut spending that much, an income tax would work too.
The problem is — Fairtax math is way way way off. Did I mention way off? Repeated studies have shown the rate would have to be more like 60%, not 23.
The only way Fairtax supporters got 23% — they pretend to be able to get 800 billion in revenue FROM the government, for the government. And thats just on absurdity. They also pretend to be able to collect the worlds highest sales tax — on things like your rent. Your medical spending. Your gasoline. Your car insurance. Keep in mind - not just a “normal” sales tax - but the HIGHEST in the world — and things like your chemotherapy.
People would reject these lunatic high taxes — they just would refuse to pay the highest sales tax on earth, on their rent, for example.
How would you apply the highest sales tax on earth, to new house sales — without new house sales goind DOWN?
But Fairtax movment has all but died out. You hear nothing about it. Fairtax supporters bragged that in july of 2008, they would have 1.5 million supporters marching in Washington DC. Know how many showed up?
I dont know either, but they could all fit in a taxi cab. And thats like all Fairtax hype — take it with a huge grain of salt.