Study the proposed legislation before it passes and you find out what's in it!
JWK
Are we really to believe the founder of fairtax.org., Leo E. Linbeck Jr. and Herman Cain, both former ringleaders of the federal reserve banking cartel which plunders our national treasury?
It would cut yearly tax compliance costs as much as 95 percent (instead of spending soon US$500 BILLION per year in tax compliance, we now have US$475 billion per year now freed up for more productive activities), and would eliminate 50% of the lobbyists in Washington, DC (and all the corruption that goes with it!). The DJIA would zoom past 25,000 in a matter of a few years because we eliminated capital gains and stock dividend taxation. And that only scratches the surface of the positive effects on the US economy.
Linder first introduced the Fair Tax Act (H.R. 2525) on July 14, 1999 to the 106th United States Congress and a substantially similar bill has been reintroduced in each subsequent session of Congress.
H.R.25 Latest Title: Fair Tax Act of 2013 Sponsor: Rep Woodall, Rob [GA-7] (introduced 1/3/2013) Cosponsors (74) Latest Major Action: 1/3/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.
SUMMARY AS OF: 1/3/2013--Introduced.
Fair Tax Act of 2013 - Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2013.
Imposes a national sales tax on the use or consumption in the United States of taxable property or services. Sets the sales tax rate at 23% in 2015, with adjustments to the rate in subsequent years. Allows exemptions from the tax for property or services purchased for business, export, or investment purposes, and for state government functions.
Sets forth rules relating to: (1) the collection and remittance of the sales tax, and (2) credits and refunds. Allows a monthly sales tax rebate for families meeting certain size and income requirements.
Grants states the primary authority for the collection of sales tax revenues and the remittance of such revenues to the Treasury. Sets forth administrative provisions relating to: (1) the filing of monthly reports and payments of tax; (2) accounting methods; (3) registration of sellers of goods and services responsible for reporting sales; (4) penalties for noncompliance; and (5) collections, appeals, and taxpayer rights.
Directs the Secretary of the Treasury to allocate sales tax revenues among: (1) the general revenue, (2) the old-age and survivors insurance trust fund, (3) the disability insurance trust fund, (4) the hospital insurance trust fund, and (5) the federal supplementary medical insurance trust fund.
Prohibits the funding of the Internal Revenue Service (IRS) after FY2017. Establishes in the Department of the Treasury: (1) an Excise Tax Bureau to administer excise taxes not administered by the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF); and (2) a Sales Tax Bureau to administer the national sales tax.
Terminates the sales tax imposed by this Act if the Sixteenth Amendment to the U.S. Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this Act.
http://thomas.loc.gov/cgi-bin/bdquery/z?d113:h.r.25:
John, I grow weary of your ignorance on this and other issues. I really try not to insult FReepers and remain respectful to all. But.... sometimes I find myself on the verge of failure in this endeavor. I'll at least stop short of name calling.
“The fairtax [H.R.25] proposes to create two new taxes, a 23 percent tax upon articles of consumption and another 23 percent tax upon the sale of labor, while keeping alive Congress’ power to lay and collect taxes calculated from profits, gains and other “incomes”.”
You truly are a flat out liar. I am astounded at your purposeful LYING!