Why you should care about the FairTax
The FairTax:
- Enables workers to keep their entire paychecks
- Enables retirees to keep their entire pensions
- Refunds in advance the tax on purchases of basic necessities
- Allows American products to compete fairly
- Brings transparency and accountability to tax policy
- Ensures Social Security and Medicare funding
- Closes all loopholes and brings fairness to taxation
- Abolishes the IRS
FairTax increases the number of people paying taxes so that most of us will pay less overall.
Check it out for yourselves and sign the petition if you agree.
posted by Teresa | 2:45 PM
3 Comments:
I love the FairTax! But, I should point out that it is "revenue neutral", meaning it's job is not to bring in any more or any less money than the current screwed up tax system does, but bring in the same amount. Therefore, it is hard to say whether or not you will actually be paying any more or any less taxes than you were. If you work hard, give 25% (or more) of your paycheck to the gov't and don't spend frivolously, then you may end up ahead... As for me, even if it hurt me a little, the fact that it would make illegal workers pay taxes more than makes up for it. No more tax free money to drug dealers and illegals and under the table workers. They can pay their fair share just like me...
There is a calculator on the FairTax web site that lets you put in your particulars and see where you would come out under the currently proposed legislation. To get an accurate assessment you have to be accurate about how you spend.
Thing is when it comes to spending we have a lot more control than when it is taken out of our paychecks before we ever get our money. If I am tight one pay period I just don't buy as much or I look for bargains or used things if I really need something. With the FairTax we'll be able to apply the same principle to paying taxes.
Based on the calculator I would pay just slightly less as the legislation is currently written. And yeah, they want to bring in only the same amount of money as they have been collecting, so the rate could go higher or lower.
My bet is that, especially after the first year, the rate would be at least a little lower.
Like Amanda, even if I don't come out ahead or even have to pay a little more, I like the FairTax because it is FAIR and it will help this downward economic spiral into which we're sending future generations.
I'm suprised I actually would pay a touch less since I'm in a low tax bracket and don't have a bazillion deductions. I'd still be for it too, even if I had to pay a bit more. I know one thing, the combined Federal taxes on my quarterly bonus pay is taxed at over 33% and was much worse before they lowered the capital gains taxes. Tax cuts for the rich my butt! I'm all for the Fair Tax.
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