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A great idea…
People, I urge you to learn all you can about the Fair Tax. It is a system that taxes what we choose to spend rather than taxing the income that we work so hard to earn. Do you understand what that means? No longer will our taxes be seized from our paychecks, instead we will pay taxes, voluntarily, on new goods and services that we choose to consume. Now doesn’t that sound better? I think it does.
We will receive our entire paychecks – no more Federal withholdings or Medicare or Social Security withholdings. We keep it all. This will put more dollars in our pockets that we can save, invest, or spend. Only then, when we decide to spend, will we pay a single dime in taxes.
This proposal involves a national retail sales tax of 23% (inclusive) on all new goods and services that we purchase. WAIT – how can we afford to pay 23% more for everything that we buy? Wouldn’t that eat up all the money we are keeping in our paychecks? All that money would be gone. Wrong folks. This is the beauty of the plan and one of the biggest reasons that it works. When the Fair Tax becomes law, the price of goods and services is expected to drop an average of 22% because the embedded and hidden tax costs in everything we buy will be removed. So, you will essentially be paying what you are now, maybe a little more, maybe a little less. It works. Furthermore, the government will be fully funded from that 23% sales tax. All government programs will remain intact, including Medicare and Social Security. Now, in case you skimmed over this before, only new goods and services will be taxed. Used cars, pre-owned homes, NO TAX.
Another benefit of the Fair Tax is called the “prebate”. This is a little more complicated, so please, bear with me as I try to explain. The idea is that the “basic necessities of life” (bread, milk, toilet paper, etc.) should not be taxed. Great idea, I agree completely. How does that work? Simple, here you go: every household in America will receive a monthly check (yes, I said check) from the U.S. government as (p)reimbursement for sales tax paid on “basic necessities of life”. The Fair Tax bill provides a formula for determining who gets how much based on the current poverty level, the size of your family, and the current national sales tax rate. For example, a thirty-something married man, such as myself, with two children and a middle class income would receive approximately $500.00 per month. That sounds pretty good to me. Combine that with the money that we (wife and me) would be keeping in our paychecks and we’ll receive $1000.00 more per month than we’re “bringing home” now. That will pay off a lot of debt.
Folks, we need to abolish the I.R.S. and repeal the 16th amendment to the U.S. Constitution. Imagine, no more income tax forms. How great is that? There are countless reasons to support the Fair Tax. We can’t discuss them all here. But, please look into it. It is revolutionary. It has a real chance of becoming law. What we need to do is overwhelm congress with our support. So, write, call, and email your congressmen and senators, attend “town hall” meetings, tell all of your friends. Do anything you can to help, please.
"There are risks and costs to action. But they are far less than the long range risks of comfortable inaction."
- John F. Kennedy
A great place to go for information is the Faitax website. You will find the answers to all of your questions and information for contacting your elected representatives. Also, check out the two books by talk show host, Neal Boortz. They are available at bookstores and online. Although they are books about taxes, you will be surprised how entertaining they are.
Thank you for listening. Feel free to contact me. I would love to hear your comments, questions, suggestions, and even criticism.
Additional benefits to the Fair Tax:
1. Creates jobs; brings jobs back to America
2. Replaces all federal income and payroll based taxes
3. Eliminates the cost and hassle of income tax compliance
4. Allows families to save more, faster
5. Taxes the underground economy
6. Fairtax is plainly visible in products you buy
Call it whatever you want, and it's a good idea no matter the label. You have to remember that even if we the people want it, our elected officials will not allow it. People worked for 30 to 60 years putting into SS/Medicare and the Republicans want to cut earned benefits for these people that have already put into the pot for decades. I disagree with medicade. This is an abused system that should be eliminated. Otherwise we will have hoards of people coming here just for that. It's what we have right now. But no politician is going to turn away money from uncle sam no matter what it's from or for. I say it's simple. Eliminate Medicaid. Eliminate the federal income tax. Eliminate the SS and medicare contributions. Tax all income 20% and have that cover all required collected taxes for everything. If Exxon makes 400 billion for the year, they pay $80 billion. GE pays no income tax at all and haven't for decades. Warren Buffet pays a smaller percentage of his earnings than his administrative assistant does. This is not fair. No more deductions, no more exclusions. Everyone with a valid reason to be here, and a SS card that is verifiable gets a $35k exemption on tax paid under a fair tax. You make $50k, less the $35k exemption, you pay 20% of the difference which is $15k, or $3000.00. If you make $1,000,000.00 less the $35k exemption, you pay 20% on the difference, or $193,000.00. Fair to all, even playing field, no one gets to bitch. It's just fair. Corporations pay the same 20% but lose all deductions and exemptions just like an hourly or salaried employee. Lastly, what is taken in in tax revenue is the total amount the government can spend in the following year. If we ever get into another non declared war scenario, every one stops. Write up a declaration of war and then issue a war tax like in WW11. 5 percent for defense programs for the war effort. We have not had a declared war since WW11. Our soldiers died in battle but not under a declaration of war, under police actions at best. This is embarrassing. If a life is worth risking, then it's worth having a declaration of war written up. This is 2012 and when the WW11 declaration was written up and signed off by congress and the president, it took 3 days. We could do it in 24 hours with the technology we have so there was never any excuse to sacrifice the lions for lambs. Stephen
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