A national retail sales tax to replace the income tax system will greatly improve the nation's economy, help to increase the national savings rate, and bring simplicity and fairness to the federal tax system.
The FairTax proposal is a comprehensive plan to replace federal income and payroll taxes, including personal, gift, estate, capital gains, alternative minimum, Social Security/Medicare, self-employment, and corporate taxes.
The FairTax proposal integrates such features as a progressive national retail sales tax, and a rebate to ensure that no American pays federal taxes up to the poverty level.
My employees would get to take home their whole paychecks.
Currently, I have to withhold federal income tax and SS tax from my employee’s paychecks.
Under FairTax, no federal income taxes or payroll (SS) taxes would be withheld from their paychecks. They would get to keep all that they earn. No tax on used goods. The amount you pay to fund the government is totally visible.
With the FairTax you are only taxed once on any good or service; the sales tax is charged just as state sales taxes are today. If you choose to buy used goods - used car, used home, used appliances - you do not pay the FairTax.
If, as a business owner or farmer, you buy something for strictly business purposes (not for personal consumption), you pay no consumption tax.
When you decide what to buy and how much to spend, you see exactly how much you are contributing to the government with each purchase.
No comments:
Post a Comment