THE TIME TO PASS THE FAIR TAX ACT WAS YESTERDAY

 

With Fair Tax - you decide what do with your wages. 

Under the FairTax, every person living in the United States pays a sales tax on purchases of new goods and services, excluding necessities due to the prebate. The FairTax rate after necessities is 23% compared to combining the 15% income tax bracket with the 7.65% of employee payroll taxes under the current system -- both of which will be eliminated!

 Social Security & Medicare: Instead of being funded by taxes on workers’ wages, which is a small pool, they’ll be funded by taxes on overall consumption by all residents.

 The FairTax provides a progressive program called a prebate. This gives every legal resident household an “advance refund” at the beginning of each month so that purchases made up to the poverty level are tax-free. The prebate prevents an unfair burden on low-income families. 

 Tax evasion and the underground economy cost each taxpayer an additional $2,500 every year! But by taxing new products and services consumed, the FairTax puts everyone in the country at the same level at the cash register. Further, only legal residents are eligible for the prebate. 

 No more complicated tax forms, individual audits, or intrusive federal bureaucracy. Retailers will collect the FairTax just as they do now with state sales taxes. All money will be collected and remitted to the U.S. Treasury, and both the retailers and states will be paid a fee for their collection service. 

 A family of four would receive over $7,000 annually in rebate.

 Business are paid for collecting taxes. 

 Never file a tax return again. 

 Example: under Fair Tax, 250 million will pay taxes (U.S. adults & foreign tourists) versus 155 million income tax filers. 

 Average household has more than $8,000 per year take home pay. 

The following video provides a detailed explanation of the Fair Tax system:

The following video was produced by Fair Tax organization: