My accountant will be just a busy as always, paying my 50 plus bills each week and tracking my business. Maybe a few less forms to file, but still has to report income of our employees to the SS office and still has to file and submit payments (much bigger payments I might add) to the tax collector. I would perfer the much smaller tax payments in exchange for the extra payroll forms.
My accountant will be just a busy as always, paying my 50 plus bills each week and tracking my business. Maybe a few less forms to file, but still has to report income of our employees to the SS office and still has to file and submit payments (much bigger payments I might add) to the tax collector. I would perfer the much smaller tax payments in exchange for the extra payroll forms.And if you purchase business items from resellers who also sell to the public, your accountant will spend a lot of time filing for the credits on the tax you paid.
"If a business went to Home Depot and bought some goods from Home Depot they would pay the tax at Home Depot which sells to both consumers and businesses. And they would keep their receipts and they'd use the value of those receipts as a credit against paying the tax in the future. So they would not be taxed and we would not ask the Home Depot to make the decision whether or not to raise the tax from them. Any business-to-business transfer will not be taxed at all."
Rep. John Linder
Testimony before the Ways & Means Committee
July 28, 2005
In a word, Rongie, NO!
Income is not reported under the FairTax - only wages. And there is also no payment of payroll taxes to the government, either.
The "filing" of the FairTax amounts to a 2 line report each month and you are well-paid for submitting it along with the tax collected. How much are you paid now for filing and paying your income tax and payroll reports????
And presently the tax payments come out of your gross where with the FairTax, the tax is paid by consumers and is never really part of your gross as it always belongs to the government.