The FairTax Act

Sharky

Sharky

New Member
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:

Abolishes the IRS
Closes all loopholes and brings fairness to taxation
Ensures Social Security and Medicare funding
Brings transparency and accountability to tax policy
Allows American products to compete fairly
Reimburses the tax on purchases of basic necessities
Enables retirees to keep their entire pension
Enables workers to keep their entire paycheck
We offer a library of information throughout this Web site about the features and benefits of the FairTax plan. Please explore!
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From: FairTax.org

Think it will fly?

Personally, I don't - it takes away the tax breaks for the rich, and you know who controls Congress.

There is a petition on that website if you wish to participate.
 
oh i'd be all for it and i don't think it would be a disadvantage to the wealthy at all.

is buying stocks/securities/financial instruments "new goods and services?"

edit - (reads more...) okay how about just a flat (%) tax instead? i don't wanna pay a higher rate than other people.
 
federal retail sales tax administered primarily by existing state sales tax authorities.

Umh...can anyone say "Blackmarket"? - I knew that you could
 
It would if all of those 500,000 IRS agents became revenue enforcers... closing down those garage sales and kicking grandma in the shins.
 
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