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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 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. The FairTax: * Enables workers to keep their entire paychecks * 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 Lets see the illegal aliens and greedy rich corporations get away from this one!
The problem is that those receiving their checks from the government don't want fair or equality. Personally I love the fair tax idea since it gives me all of the power. If I disagree with policies I can choose to not buy anything and thereby eliminate most of any taxes I would otherwise be paying.
The federal government spends 22% of GDP and states spend another 10% to 12 % and personal consumption account for about 60% with the remainder saved. For the sales tax rate on 60% of GDP to equal 22% of GDP it must be at least 33% and if states would also use the system you would need sales tax near 50%. If the tax were imposed on all spending the federal tax rate would fall to about 23% but then the government would also be paying the sales tax so their spending would increase by 23%. The numbers do not work.
The Fair Tax sounds nice in theory, kind of like Communism. However I can see 2 main problems with the fair tax. 1. Many people and companies have made financial decisions based on current tax law. People with mortgages and Roth IRAs for example will get screwed! We're talking maybe 100 million people here. 2. Black Markets. What's the national sales tax supposed to be? I see figures of 23% or so. Now add state sales taxes, and suddenly, many folks are paying 1/3 of the value of the product in taxes. I won't try and evade the sales tax when it's 8% or 9%. I, and millions of others, will be much more willing to evade it and purchase in cash off the books if I can save 1/3rd. To combat this, you wind up with the IRS just shifting focus. Instead of regulating and monitoring income, it will turn it's focus to regulating and monitoring inventory of cost of goods.
No need for a "prebate." Here in minnesota the sales tax does not apply to food and other essentials. With our fancy computers we could easily have a national sales tax that taxes stuff that poor people need at 0%, things that people of more means need at some % and things that rich people "need" at the highest rates. Instead of the highest income earners paying a higher % tax, the purchasers of the highest big-ticket items should pay the higher % tax. Things that everybody buys, like haircuts, should not be taxed as much as things that the wealthy buy, like landscaping and yachts.
No tax of any sort is going to solve any of our problems. With more money the government will find ways to spend more. Some though not much will undoubtedly go to pay toward the debt, but the majority of any money collected will go to other programs just as it always has in the past. Politicians have no incentive to solve the debt problem. You have a good day now
Economists have projected that the Fair Tax would actually increase taxes for those making more than $30,000 and less than $200,000. That's because a flat 30% rate on their gross consumption would suck more dollars than a graduated rate on taxable income, after deductions, exemptions and the like. Taxpayers in that range would lose the benefit of the 10%, 15%, 25% and 28% rates on their taxable income.
The new tax called value added tax is just an increase to sales tax so that anyone buying stuff other then food will pay the tax. and no politician would ever give up pay roll tax. not when they can have both and get more money to waste
Because IT'S NOT FAIR, IT'S REGRESSIVE. The only people pushing for a "Fair Tax" scheme are rich people and conservative dupes like you. "Since 1980, median real household income has risen less than 15 percent. The only period of strong middle-class income growth during this time came in the mid- and late 1990s, which by coincidence was also the one time when taxes on the affluent were rising. "For most of the last three decades, tax rates for the wealthy have been falling, while their pretax pay has been rising rapidly. Real incomes at the 99.99th percentile have jumped more than 300 percent since 1980. At the 99th percentile — about $300,000 today — real pay has roughly doubled."
For that to work protective tariffs would have to be re-instituted, but it's time for that even with our present tax system. The more money that stays in America, the better.
I agree with you, but politicians will never give up something that gives them so much power. That's why Social Security, Medicare, and Welfare have not been fixed or abolished.