| | The FairTax Act (HR 25, S 296) is proposed nonpartisan legislation. It would abolish all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replace them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.
The FairTax plan is a comprehensive proposal that would replace 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 would tax 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 would:
* Enable workers to keep their entire paychecks
* Enable retirees to keep their entire pensions
* Refund the tax on purchases of basic necessities in advance
* Allow American products to compete fairly
* Bring transparency and accountability to tax policy
* Ensure Social Security and Medicare funding
* Close all loopholes and bring fairness to taxation
* Abolish the IRS
The Fairtax website CLICK HERE offers a tax calculator that will show you how you would be affected.
To try the calculator CLICK HERE
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| | Posted 1/17/2010 9:00 PM - 59 Views - 4 eProps - 2 comments
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