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What is the FairTax plan?
The FairTax Act (HR 25, S 1025) is nonpartisan legislation, and is so simple that it is only about 133 pages long. (The current tax code is roughly 70,000 pages long).
What it does:
- Abolishes the IRS
- Abolishes all federal personal income taxes
- Abolishes all federal corporate income taxes
- Abolishes all federal business income taxes
- Abolishes all gift taxes
- Abolishes all estate taxes
- Abolishes all capital gains taxes
- Abolishes all alternative minimum taxes
- Abolishes all Social Security taxes
- Abolishes all self-employment taxes
- Through companion legislation, repeals the 16th Amendment
What it includes:
- a progressive national retail sales tax on *NEW* goods and services (administered primarily by existing state sales tax authorities)
- a monthly PRE-bate to ensure no American pays federal taxes on spending up to the poverty level
Benefits of the FairTax:
- No more IRS
- No more fear of audits
- No more fear of IRS agents coming to your door carrying weapons to cart you off if you underpay your taxes
- FOR CHURCHES: Can no longer lose "tax exempt" status for mentioning political issues in the pulpit, since "corporate entities" no longer pay taxes
- Everyone keeps almost their entire paycheck (HR 25 does not affect state and local income taxes)
- Retirees keep their entire pensions
- *Everyone* now pays taxes (no more loopholes)
- Gives an Advance Refund of the amount of the tax people would pay on purchases of basic necessities
- Gives companies an incentive to keep jobs here in America, rather than shipping jobs oversees
- Gives companies an incentive to keep their money in banks here in America, rather than putting money overseas in offshore banks
- Brings transparency and accountability to tax policy
- Closes all loopholes and brings fairness to taxation
- The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn
- The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system
If you would like *all* the information possible on the FairTax, you might like to purchase these inexpensive books written by Neal Boortz (the #1 radio talk show host in the entire world), and Representative John Linder:
The FairTax Book
Neal Boortz, John Linder
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FairTax: The Truth: Answering the Critics
Neal Boortz, John Linder
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