Have you ever heard of the Fair Tax? More important has any of your candidates for congress or the senate ever heard of the Fair tax? These are the types of questions that should be asked to potential politicians who will directly influence the amount of money you get to take home.
First the voter needs to be educated on what the Fair Tax is and how it will impact people’s lives and finances. Second the political candidates need to be educated and the best way to educate them is to have the voter be the teacher.
Please See Video for more information on the Fair Tax
So we will begin with a brief explanation on what the Fair tax is and how it will operate and over time we will cover the Fair Tax Act (HR 25,S 296) from beginning to end. We will even throw out ideas on how to make the Fair Tax even better.
What is the Fair Tax?
The Fair Tax replaces all federal income and payroll based taxes with a progressive national sales tax. The Fair Tax also will allow a prebate check to every American to ensure no one pays federal taxes on their personal spending up to the poverty level. Under the Fair Tax Act (HR 25, S 296) also mandates the removal of the Internal Revenue Service (IRS) which would abolish of all corporate income taxes, capital gains, Social Security, Medicare, self employment and gift taxes to name a few. With the Fair tax we are only taxed when we buy goods and services. So you keep 100% of what you earn (unless your state has an income tax in place).
The Fair Tax:
• 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
One of my favorite facts about the Fair Tax is the people who are not paying taxes now like people being paid under the table; illegal immigrants, law breakers and others will have to pay a tax under the Fair Tax Act. I do think the Fair Tax has to be offset with some kind of flat tax and although it is a nice thought but we will need the IRS , but in a much smaller and in very limited role, to help administer these taxes.
We will have more on the Fair Tax and please leave us any questions or comments you have on this issue. In the mean time ask you candidate or congressperson if they support the Fair Tax or any kind of tax reform.
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