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| | The Consumption (Fair Tax) Tax.... . whats your opinion |
| created @ 03/28/2008 04:32 am |
| mum expired. [FRIENDS] |
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(HR 25/S 1025) is a bill in the United States Congress for changing tax laws to replace the Internal Revenue Service (IRS) and all federal income taxes (including Alternative Minimum Tax, corporate taxes, and capital gains taxes), as well as payroll taxes (including Social Security and Medicare taxes), gift taxes, and estate taxes with a national retail sales tax. The FairTax would be levied once at the point of purchase on all new goods and services. The proposal also calls for a monthly payment to all households of citizens and legal resident aliens (based on family size) as an advance rebate of tax on purchases up to the poverty level. The sales tax rate, as defined in the legislation, is 23% of the total price including tax (23 of every $1calculated like income taxes), which is comparable to a 30% traditional sales tax (30 on top of every $1). Because the U.S. tax system has a hidden effect on prices, it is expected that moving to the FairTax would decrease associated production costs due to the removal of business taxes and compliance costs, which is predicted to offset a portion of the FairTax effect on prices.
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