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 paychecksWe offer a library of information throughout this Web site about the features and benefits of the FairTax plan.
* 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
1 comment:
Welcome to the Fairtax blog world.
Its an interesting subject, I wish you well.
Personally I believe Fairtax is deeply flawed. In fact, I blog about what I see as the fallacies in fairtax.
Still if the rest of the country evenly divided over HR25, and it were up to me, I would say, let's do Fairtax. IF thats the only thing people will cooperate on to pass --- to get rid of the lobby infested, cliche driven, double talking complex code we have now -- its worth it.
Its hard to gauge how strong the Fairtax support is now -- if it has the momentum and public supported needed to pull out the entrenched tax code.
If Fairtax passes, the worst that could happen is we learn something -- and go on. Its like building your first house. You make plenty of mistakes, and your next house is better. Third time is charm.
I don't see any other plans out there gaining attention. IF Fairtax folds its tent and goes home -- what is left?
Sometimes its better to have an imaginary Eaaster Bunny, than no Easter Bunny at all.
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