Fair Tax?
06-05-2007, 09:04 AM
#1
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Fair Tax?
Heard about this on the radio.
What is the FairTax plan?
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
Discuss.
Originally Posted by FairTax.org
What is the FairTax plan?
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
06-05-2007, 09:10 AM
#2
I like the idea, though I think it will reduce the government's "income" too much. I think a flat tax is a better alternate to this idea for personal income. But I do like the idea of not being taxed on:
What are your thoughts on not taxing people who work full-time and make under $25,000/yr and people who work part time and make under $15,000/year? Do you think that people would try to stay below this level, inevitably lowering the quality of living? Or do you think it might give people more of an opportunity to to save and live a better life?
I think if people are smart, they can achieve the latter of the two.
gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes.
I think if people are smart, they can achieve the latter of the two.
Last edited by jvick125; 06-05-2007 at 09:12 AM.
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