Folks, we think it might be time to support a new system of taxation in this country. The FairTax is one of the options.
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.
Try the FairTax Calculator here.
Read more here
I do not see how the fair tax is fair to citizens that are already on SS and do not pay very much in income taxes now if at all, do you just take away their buying power, after they have paid into something all their working life, thia also goes for those 50 and up that are so close to retiring, this is by no means fair to them, please do not tell me about the refund, I have read about it, and old people buy clothes, cars and things for their kids and grandkids also, do not take this away from them
The idea behind the FairTax that may help alleviate some of your concerns is that yes, certain people you identify in your comment may not be directly paying income taxes. But, when they buy goods or services, they are paying these taxes anyway.
For example, say a company is selling an item for $6. They make $1 of profit every time they sell it. It costs them $5 to produce it. Say $3 is spent on labor, $2 spent on equiptment and materials. Of that $3 spent on labor, some of it is going towards income taxes. So, these retired people not directly paying income taxes are still effected by it whenever they spend money.
That’s a rough example with numbers I just made up off the top of my head, but you should get the idea.
And, one of the goals of the FairTax is to approximate the amount of “embedded taxes” (described above) that are already in the goods and services you buy now.
How can you be in favor of the fair tax and want health premiums to be based on your income. These are two completely opposite positions. If you believe that health insurance cost should be proportioned by income then why not do the same thing with Milk, Bread and Gas. This is a Marxist idea Chris. Get a clue!
I am very much for the fair tax and also health insurance premiums based on a percentage of one’s income as well.
With all due respect where does it stop? Social Security is almost broke. Every other entitlement is going broke as well, why? Because when the government “gives” you something it generally goes broke. So where does it end? You don’t want to give up your SS. So who does? Am I to give mine up when my time comes? I paid into it as well, but it won’t be there for me when it comes time to collect. This is exactly the problem when people are managed by government. If we all had that SS income to put into our own accounts then no one would be worried about giving up their SS checks… because SS would not exist. Government got in the way, and look what happens… they are controlling your thoughts and actions. You are dependent.
But someone has to give it up at some point in the future, I guess you want it to be the next generation? You know the people that went through the great depression, if they were brought back to life, would likely step out of their graves, look around at our behavior, and slap the snot out of us for being cry babies!
I will go on record saying I would give up my SS check, get a job or figure out how to help myself and my family just to get this bad government idea called Social Security to die. That way I control my own destiny and my kids don’t get slammed with an even worse mess because I was too selfish to take a stand.
And it is not fair??? Oh my goodness what a comment. WW2 was not fair either but the men fighting the battle of the bulge did not whine about it not being fair. They realized the situation they were in, that they could die, but did the right and difficult thing and fought for our future.
Weakness… Weakness, weakness, weakness!
Hallelujah, Holy Shit… where’s the Tylenol?
I’m all for it. Let’s go.