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Is the Proposed 'FairTax' Really Fair?
I've been reading recently about the proposal of a 'FairTax'
that was introduced to Congress (H.R. 25) and the Senate (S. 25). In this
proposal, taxes as we know it will be done away with. In it's place, will be a
'consumption tax', basically the only taxes we would be required to pay would
be on the goods and services that we choose to purchase. A quote from the
American's for FairTax website explains it this way:
Want to find out more about the FairTax?
Read Neal Boortz' book:
Simply put, the FairTax replaces the way we're currently
taxed - based on our annual income - with a tax on goods and services. The
FairTax is a voluntary “consumption" tax: the more you buy, the more you pay
in taxes, the less you buy, the less you pay in taxes.
It's simple.
Everyone pays their fair share of taxes, and with the
FairTax rebate, spending up to the poverty level is tax free. The Federal
government is fully funded, including Social Security and Medicare, and you
don't need an expert to determine your Federal taxes.
It's simple.
But, just how fair is the FairTax? Sure, American's get to
take home 100% of their paycheck, but the tax that they pay for goods and
services will quadruple! Which system is better? And more importantly, which
one is going to cost us more?
Some of the benefits of the new tax are:
-
It allows workers to keep 100% of their pay, nothing will be
withheld. Taxes, Social Security and Medicare will no longer be deducted. In
short, Gross Pay will equal Net Pay.
-
There will no longer be tax breaks or loopholes for the
wealthy. Everyone will pay the same tax on items purchased.
-
It rewards those who 'save' money. Because you are only
taxed on money spent, the more you save, the more you actually get to keep!
-
It doesn't tax pre-owned or used items (clothes, cars, and
even homes!). Again, the new tax system rewards those who are frugal with
their money. However, it will be interested to see what happens to the
prices of used cars and homes... Will prices increase because you won't have
to pay tax?
-
It reduces the current tax code laws and regulations from
over 60,000 pages down to under 200, making the system simpler and much
easier to understand and comprehend.
-
And probably the best reason of all to support the FairTax...
it would do away with the IRS as we know it!
If you are interested in finding out more about the proposed
FairTax, visit their website at:
www.fairtax.org.
If
you'd like to submit your own article
click
here!
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