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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 296) 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.
I have one good reason. It's called The Black Market. As I understand it, a Fair tax would have to be set at about 23%, right? Add state sales taxes to it (mines 9.25%) and suddenly we are looking at 1/3 of the price of everything to be sales tax. At that point, I think the black market would become a serious problem and a lot of off book deals going through to avoid taxation. At that point, what you'll see is gov't having to step in with controls and reporting requirements, no different than the IRS does today, and eliminate all the benefits of the Fair Tax. Other good reasons include that many folks have made long term financial decisions based on the current tax structure. Folks who hold mortgages or Roth IRA accounts will come out on the short end of that stick.
The Fair Tax Act is partisan Republican. It is also not fair. the wealthy can't spend what they earn, it would be impossible. thus, they would get to derive a greater benefit from the American system than less wealthy. You should pay for how much you use. Exxon/Mobil benefits GREATLY from our warships patrolling the Persion Gulf. It is, in effect, a subsidy to their business of shipping oil. Should they pay for that or should the Amish?.
Simple, because it would be the largest transfer of power from Politicians to the people in the history of this country. To every person who says "It won't work". 1. Read the books about it. 2. Prove to me that the current tax system Does work. It would be the greatest thing to happen to this county's economy ... ever.
Federal income tax is the US Congress primary way to conduct social engineering in this country. In addition, they need the tax code to run unconstitutional mandates and other legislation through so that they cant be challengened in the Supreme Court. Congress will NEVER let go of that powerful tool btw...I agree. The Fair Tax makes the most sense
The so called "fair tax" is regressive because the real big money players would be able to slowly move all their wealth to huge, untaxed income producing deals. Meanwhile middle-income wage earners would pay a disproportionate amount in taxes. It would be almost impossible to jump the bridge.
Fair Tax, You should see what happens in Massachusetts (Better known as Corrupticut). Massachusetts is known as the Tax Capital of the world. Even when you die, you are responsible to pay a death tax.
I agree but the dems cant get enough money out of a fair tax or put in new hidden taxes
The libs will never pass something like that. It doesn't allow them to punish those that have worked all their lives to accumulate wealth, it also wouldn't allow the libs to reward those that suck on the government teet and have no intention of doing otherwise.
Because it's regressive as all hell, and wouldn't provide enough revenue for the federal government. Also, it would vary wildly from year to year and make budgeting impossible.. sounds nice in theory, but like many libertarian ideas, wouldn't work in practice.
Because it would increase freedom, and reduce the power of congress to influence behavior.