The FairTax would result in unprecedented economic growth.Yea, cuz there's nothing like a hefty 30% tax on all goods and services to spur economic growth.
And if a (gag!) prebate is such a good idea why not double it?
If a little fair tax is good, more is better. I say 20% fair tax isn’t fair. 65% fair tax is fair.
/dem think off.
You wrote: “Yea, cuz there’s nothing like a hefty 30% tax on all goods and services to spur economic growth.”
First, it’s not 30%, it’s 23%. Currently, businesses pass along their income taxes to consumers, so those taxes are imbedded in everything we buy. With the FairTax there would be no income taxes withheld from anyone’s salary, and no Socialist Security or Medicare taxes withheld from anyone’s salary. There would be no income tax returns for anyone or any company. The 23% would not be added to the retail price at the store, it would be imbedded in the price. This tax would be collected at the state government level and passed along to the federal government. There would be no sales taxes on any used goods. People could control the amount of taxes they pay based on their spending, or consumption. The Fair Tax is simple, unlike the current federal income tax system, which is so complex that Americans spend at least $250 billion a year just to comply with it -— hiring accountants, lawyers, etc.
The prebate is calculated to compensate for those who fall below the poverty line, so they would not be burdened with the retail sales tax up to a certain level of spending. The Fair Tax takes away the ability of Congress to use the federal income tax system as a way to control our lives. It kills lobbyists and loopholes. It is transparent, so any increase in the retail tax rate would be immediately obvious to all consumers. The Fair Tax would encourage savings and investment, versus spending, thereby providing the capital needed for economic growth. Foreigners visiting the U.S. would pay the tax, and so would the millions of illegal aliens and other crooks who evade paying federal income taxes. Capital would flow to the U.S. as a result of their being no income taxes here. It would give us a worldwide competitive advantage.
Go to www.fairtax.org for more detailed information, and to sign up and support it. There are bills pending in both the House and the Senate, so write to your congressmorons and tell them to support the Fair Tax, or you won’t vote for them in the next election.