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Welcome to phil 's Blogs page..

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Commented: Saturday October 14, 2006

FairTax

Phil

10/18/2006

What is the FairTax? Here is an exerpt from www.fairtax.org.
"The FairTax plan is a national grassroots campaign to replace federal income and payroll taxes with a progressive national retail sales tax, a "prebate" 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 legislation is pending in Congress as HR 25/S 25."

If you want the FairTax, you should visit the web page and you should buy the book.

10/15/06

Here is a web site that will tell you more about the FairTax: http://www.fairtax.org/fairtax/about.htm

The FairTax taxes us only on what we choose to spend, not on what we earn. You get to keep your paycheck. Think about it, everything you make under the FairTax, you now get to keep minus your personal deductions (insurance, savings, etc.).

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

(This information is from the website, I encourage you to visit http://www.fairtax.org/fairtax/about.htm)

10/14/06

I would like to talk about the FairTax (one word). In the US, there is growing support for the FairTax.

The FairTax is a fair and equitable way for all to pay their fair share in federal taxes. Under the FairTax, every legal citizen will get a tax rebate equaled to several hundred dollars per month depending on the size of their family and the poverty level. Under the FairTax, every time you buy something, you will pay a 23% federal tax. Since you won't be paying any income tax, this shouldn't be a problem. Also, under the FairTax, people who get paid under the table, will now pay their fair share in taxes. That would include the criminal element, prostitutes, drug dealers, thieves, illegal aliens, etc.

Also under the FairTax, the overall price of a product will decrease because there will no longer be embedded taxes on products. These are taxes that you never see because these are the taxes that are placed on all products throughout the manufactoring process. For instance, a product that now cost $100, under the FairTax will cost about $78. Now at $78 add your 23% you are back at $100. But why change you ask, because the Tax Cheaters are now paying, too.

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