The Fair Tax -

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JesusChrist
Son Of God

Registered: 02/19/04
Posts: 1,459
Last seen: 14 years, 1 month

The Fair Tax -

#3385018 - 11/19/04 03:20 PM (21 years, 10 months ago)

The Fair Tax is a national consumption tax. It provides a rebate up to the poverty level to take out the regressive nature of consumption taxes on the working poor. I find this to be quite an exciting prospect. The time has come to abolish the Internal Revenue Service. Slay the beast and FREE THE PEOPLE!

http://linder.house.gov/index.cfm?Fuseaction=Resources.Home&Resource_id=1

www.fairtax.org

Some positive points about the Fair Tax:

The Internal Revenue Code consists of 40 volumes and 7.5 million words. Every item that you buy has a built in cost for complying with the expansive and intrusive Tax Code. Eliminating the current code eliminates the hidden costs and waste associated with it. The costs of regulation, corporate taxes, and payroll taxes amounts to over 20% of the price of every product that you buy. The reductions in price, inefficiency and waste will go a very long way in offsetting the consumption tax. Though consumption taxes would hike the price of the goods you buy, the prices themselves would be dropping to help even things out.

Low income workers will get an immediate increase in their pay. They would not have to pay FICA taxes, and their employers wouldn?t either. This would allow them to raise wages. FICA taxes account for 15.3% of the income for low income workers. High income workers would not pay any income tax.

The Fair Tax would be paid by everyone. Illegal aliens pay. Rich people pay. Tourists pay. People who earn their money in the underground economy pay. When drug dealers spent the money that they make on goods and services, we would finally be tapping that underground economy to finance taking care of the problems that drugs have posed on society. Illegal aliens would pay but receive no rebate. Illegal aliens and tourists would effectively be the highest taxed demographic by percentage, paying the full consumption tax rate. Rich people that hide money in offshore accounts to avoid income taxes would now be paying consumption taxes and contributing to the system. The overall tax rate would be reduced because more people are contributing to the system.

Job creation would be one of the best aspects of the system. US companies would see a substantial decrease in their costs, up to more than 20%. This will allow us to be more competitive in world markets and vanquish the trade deficit. The manufacturing sector will be rejuvenated. Foreign corporations will have an incentive to build new plants here because the profits that they make will not be taxed by the United States Government any longer.

The working poor will benefit from the Fair Tax. They will be paid more money for their work when payroll taxes are abolished. The prices for what they buy will drop, and they will get a rebate of the consumption taxes that they pay up to the poverty level.

A college education will instantly become cheaper. Educational expenses are not taxed under the Fair Tax plan. These expenses are now paid with after tax income. Let?s say your federal tax rate is 30%, and you pay 7% in FICA. Let?s also say that college tuition is going to cost you $20,000 a year by the time the lad gets in school. To pay that $20,000 in after tax income, you would have to make $27,400 in income before taxes. Under the Fair tax plan you would save $7,400 a year in educational costs in this scenario. The Fair Tax plan also would make private schooling cheaper for traditional K-12 education. It would strengthen this nation?s educational base, and it would be all done within the confines of free choice and the private market.

Everyone will see the taxes that they pay. No costs will be hidden. Many people don?t pay taxes, or more correctly, see the actual taxes that they are paying. This would encourage people to be more interested in what the government does with the money that we pay. An informed populous is a dangerous populous to the fans of Big Government. If this government had to balance the budget and everyone was force to share the burden of it?s costs, you would have a taxpayer revolt. More people will start demanding accountability and freedom from Big Government. The time has come to free the people.

FREE THE PEOPLE!

--------------------
Tastes just like chicken

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