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Name:
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Lifer
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Subject:
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Hey LNG
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Date:
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4/21/2010 11:44:16 AM
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It is impossible to do it justice with bullet points, but ironically it a very simple system. It eleminates the IRS and all federal withholding, FICA etc. taxes. What you earn is what you keep (as far as the feds are concerned). Many if not all excise taxes will be elimated also. They are replaced with a 22% national INCLUSIVE RETAIL sales tax on goods and services. There is a 'prebate' system that prefunds the tax on everything up to the poverty level to EVERYONE.
Currently there is about 300-500 Billion spent every year with folks now jsut trying to comply with the current tax code. That is money that can now be rolled to the bottom line. Virtually everyone is already set up to pay sales taxes. With the new system everyone who handles it gets to keep .25% (think of the numbers WalMart posts and calculate what a turn around it will be for them).
Everyone who spends money will now be paying to support the government. All the folks who now live in the shadows and work 'off the books', all the criminals, all the illegal aliens, wait that was redundant, even the tourists, who spend money will now be paying to support the government.
The Fair Tax will be revenue neutral so everything will be funded 100%. ( I wonder how the current spending frenzy might have affected the percentages, but haven't bothered to look it up )
In order to fully understand how this system works you have to realize that 22-23% of the cost of EVERY item/service is a direct result of the current tax burden. This is a FACT. So once the current system is scrapped by repeal of the 16th Ammendment the cost of everything goes down by the 22-23%, then you add the FT back in. This keeps prices pretty much stable while your paycheck increases.
I have other things to do now but I hope you will be curios enough to research it on your own. It makes too much sense, so therefore we can NOT count on our current 'leaders' to support anything that takes away their power. They buy votes with 'refundable tax credits'. If you have specific questions I will try to answer them.
URL: Fair Tax Website
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