So unless you've been living under a rock, I'm sure you've probably heard about the FairTax. I know that I hear people talking about it on a daily basis at my college.If for some reason you dont know what the FairTax is, you may want to read this article so you can understand the system better and learn how it can greatly improve our lives!
The FairTax plan woule replace all federal income and payroll taxes with a new approach including a progressive national retail sales tax, a rebate to ensure no American pays federal taxes up to the poverty level, dollar-for-dollar revenue neutrality, and the repeal of the 16th Amendment.
The FairTax abolishes all federal personal, gift, estate, capital gains, alternative minimum, Social Security, Medicare, self-employment, and corporate taxes and replaces them all with one simple, visible, federal retail sales tax – collected by existing state sales tax authorities.
The FairTax taxes us only on what we choose to spend, not on what we earn. It does not raise any more or less revenue; it is designed to be revenue neutral. So it is also cost neutral – the final cost for goods and services changes little under the FairTax. 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
(From www.fairtax.org)
Please look into this system. I believe that it can greatly improve our country. It would actually give us, the people, say in the hard-earned money that we earn and give us full control of our finances!
If this is something that interests you, please visit www.fairtax.org and read more about this system and sign the petition.
Opinions, anyone?
I want to know what you all think about this FairTax.
Personally, I think it's wonderful!
~*Danni*~
I feel torn about our tax system. I recognize that the services provided by our taxes help make us a stronger community, however theres something stalinistic rather than humanistic about the whole system, so I've wondered about the "Fair Tax" issue....Recently I read a financial analysis of the Fair Tax, it was pretty well thought out, but I can't remember where. It basically said that the fair tax would economically collapse our nation. I will try to dig it out for you and maybe post it in a blog.
www.worldcantwait.com
Thanks for the info. Post it here if you can find it.
Thanks,
~*Danni*~