I have thought a lot about what has happened to this country over the past few weeks and I have come to the conclusion that The Fair Tax is the answer to get us out of this economic crisis. The FairTax would eliminate the capital gains taxes and income taxes and would allow the people to keep more of their money and use that money to re-invest in America. Billions of dollars that has has been tax sheltered off of the shores of the United States would come back to work for our economy. It is a pay as you go system that reaches every consumer in this country regardless of social class or country of origin.
Just take a look at your most recent paycheck and think what you could do with the money that you are sending to the government every pay period. There is also a prebate that would come back to every family to cover the necessities of life. Here is a FairTax calculator so that you can see how this game changing tax plan would impact your life.
The only way John McCain is going to win this election to come up with a dramatic plan to fix this economy and I submit to you that The Fair Tax is the answer! Here are some details about the Fair Tax:
What is the FairTax plan?
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 1025) 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.
- 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
- The Fair Tax
- FairTax The Truth: Answering the Critics