- Politics and Social Issues
FAIR TAX NOW!
What is the Fair Tax and Why We Should Support It.
You work. Either as an employee, or a business owner, or an independent contractor. In any event, you work quite hard, right? And you do 100% of the work on your job, right?
But, if you're like most of us, you have a portion of your pay withheld, or you make quarterly tax payments, and you have to file and report your income every April 15th. And if you use a CPA or tax attorney, it will cost you to pay your taxes!
On top of this, when a person dies, their are estate and death taxes that must be paid! Even though the money used to buy the estate and the money in the bank account has already been taxed!
This is wrong, and there is now a great idea to address this problem. It's called the Fair Tax.
The Fair Tax has been proposed by Congressman John Linder of Georgia, and has been publicised greatly by Atlanta radio commentator Neal Boortz.
They have also co-authored two books on the Fair Tax, "The Fair Tax Book", and "Fair Tax: The Truth". These are two books that every American should read.
First, here's what the Fair Tax would do and how it would work:
- It repeals the 16th amendment and eliminates the current income tax and death taxes.
- It replaces the embedded taxes in everything we buy. Currently these embedded taxes make up about 22% of the total price of everything we buy. The Fair Tax would make up roughly this same percentage. NOTE!:The Fair Tax is NOT a tax on top of the price of the item, as a sales tax would be! This means that the prices we pay now would not change much, if at all!
- No more would you need to file taxes every year!This includes those who are self employed. This alone would save most people $100-$500 or more yearly, since they wouldn't have to pay a CPA or Attorney and every April 15th would be just another spring day. Currently, the cost of compliance alone is staggering. It accounts for much of the price of things we buy, as businesses are forced to carry this cost to the consumer.
- No More Audits! Yea!
- Everyone, regardless of income, will get a 'prebate', a monthly check up to the poverty level.This will protect the poor as they can use this prebate for necessities. To those of you who believe this to be another handout, This can actually replace, yes, replace the current welfare state. And it will actually cost less, as there is less room for fraud and the poverty line is the limit as to how much a person would get!
- Business around the world will want to relocate and do business in the USA, since there would be no income tax or the massive cost of compliance to go with it! And, domestic business will want to stay right here! This means possibly the end of outsourcing, or at least a great reduction of outsourcing, and, jobs will be coming here from abroad as well!
- The economy will likely boom as it never has before! With the money saved from no longer having to pay income taxes and not having to pay so much to comply with the tax code, they will have money to expand, produce, and hire! This will translate into more jobs, cheaper goods, more goods being available, and a robust stock market. And since people would be getting 100% of their paychecks and investment profits, they'll have more money to spend, which will keep the economy rolling along nicely!
- Bigger savings than from deductions and credits under the current system! No one would need deductions and credits under the Fair Tax, and they will save more money! Everyone will save by not having to pay their accountant or attorney at tax time, everyone will get an automatic raise because they won't need to have anything forcibly withheld from their paychecks, the self employed will no longer have to pay quarterly taxes, everyone gets the prebate up to the poverty level to cover necessities, and no one will be hit with audits, which almost always results in onerous additional taxes, fees, and penalties on top of penalties.
To add a personal note, I currently work two jobs and still feel the need to supplement my income just a bit more. If the Fair Tax were implemented, I wouldn't need to supplement my income! It's as simple as that!
Now, what I've written here is just a concise description. There is more information out there. I urge everyone to:
- Visit www.fairtax.org. There is much information here that is better explained than what I've written here. It is very informative.
- Buy, borrow, or beg someone for a copy of "The Fair Tax Book" and "Fair Tax: The Truth. Read them. They will provide you with excellent information.
- Find out if your elected congresspeople and senators support the Fair Tax!If not, contact them if possible, and urge them to support it, and tell them to read the books and to contact Neal Boortz or Congressman Linder, as they will certainly explain and answer any questions regarding the Fair Tax.
- Word of Mouth! Tell everyone you know and meet about the Fair Tax! tell them what I've told you here. And please feel free to print this hub and give them a copy if that will help.
Know that this is really a Non Partisan Issue! While more republicans than democrats currently support the Fair Tax, the Fair Tax actually addresses issues on both sides of the aisle. For Conservatives , it presents perhaps the greatest amount of 'getting government off people's backs'. For Liberals , it helps the poor, and gives automatic raises to everyone who works through the elimination of witholding and the prebate.
It's way past time that the American people got to keep what they work for and stop being abused by our current system! None other than Vladimir Lenin, founder of the old Soviet Union, said that the first thing to do to control the people, is to implement an income tax.
Today, and since 1913, Americans have had to 'Report' what they've earned. And we've had to put up with abuse from the IRS that no other American agency could ever get away with, even if national security were involved !
It's time for the Income tax to go! Thank you for reading, and for any efforts you make towards supporting the Fair Tax.