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Friday, March 27, 2009

The FairTax

Ok, I have been thinking about this post for a really long time....and haven't been able to figure out how to go about it, but I need to post about it, because I totally support it and "tax day" is coming up quick, so here goes.

I have been a pretty quiet supporter of the FairTax for about 3 years....maybe longer... long enough to have been able to acquire a something on my car that has been featured on the Neal Boortz show, website, and other places on the net...that's all I am gonna say about that ;-)

Anyway...with all this economic crap going on, and the ridiculous bailout plan, I feel the need to share with my American bloggy pals about the FairTax Bill - HR 25 - and the wonderful benefits it could have for everyone, if only it could be put into effect.

What is the FairTax Plan?
The FairTax Plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue replacement, and, through companion legislation, the repeal of the 16th Amendment. This nonpartisan legislation (HR 25/S 1025) abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax – administered primarily by existing state sales tax authorities. The IRS is disbanded and defunded. The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.

That is the summary of the plan, to read more about it please visit the FairTax website.

Now, I ask that you please do your homework concerning this, as I am horrible at explaining things. I am giving references to you so you can read about it for yourself, because I am sure to mess something up if I try to do it myself. Here are some links to popular questions and concerns about the FairTax:

Explanation of the difference between Inclusive and Exclusive tax

FAQ - including answers to ?'s concerning how the tax affects prices & wages, low income, retirees, how the tax affects social security, how it affects the people employed by the IRS, accountants, tax preparers, etc. and many MANY more!

Please, PLEASE educate yourself on this subject, it is very important that something be done to help our country in these tough times and this is the answer!! I hope this post has been helpful and maybe sparked some interest, thanks for reading!

3 comments:

angelina said...

this is really good info!! I have been to the website and it has a lot of good, logical solutions.....everyone should always know all of the options.

blueviolet said...

I appreciate your post and the link to more info about the FairTax plan. Happy VGNO!

~Sandy~ said...

I work at a bank..and believe me this comes up a lot! Great post :O) Hope you have a lovely weekend and Happy VGNO!!!

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