The only fair take is the Fair Tax.
And we're not talking State Fair here. I've been a proponent of the Fair Tax for years, and I'm glad to hear it's making head way in congress. What is the Fair Tax?
The FairTax is a bill that would repeal all taxes on income - no more corporate income tax, no personal income tax, no payroll taxes, no self employment tax - no gift tax, estate tax, capital gains tax or alternative minimum tax. Any tax that is pegged to income would be gone, as would the IRS. We would replace that with a consumption tax - a tax of retail sales on personal consumption at final purchase of new goods and services.
Currently, the average taxpayer gives the government 33 cents of every dollar they earn. In our system, they would give the government 23 cents of every dollar they spend. Then we would provide to every household - every household - a cash distribution at the beginning of every month that would totally untax them up to poverty-level spending.
More here.
H/T to Psycmeistr.
Fair Tax
The FairTax is a bill that would repeal all taxes on income - no more corporate income tax, no personal income tax, no payroll taxes, no self employment tax - no gift tax, estate tax, capital gains tax or alternative minimum tax. Any tax that is pegged to income would be gone, as would the IRS. We would replace that with a consumption tax - a tax of retail sales on personal consumption at final purchase of new goods and services.
Currently, the average taxpayer gives the government 33 cents of every dollar they earn. In our system, they would give the government 23 cents of every dollar they spend. Then we would provide to every household - every household - a cash distribution at the beginning of every month that would totally untax them up to poverty-level spending.
More here.
H/T to Psycmeistr.
Fair Tax
Posted by Surly Dave on
Wednesday, July 12, 2006
