What is the FairTax Plan?
The FairTax Plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an
integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal
taxes on spending up to the poverty level, dollar-for-dollar federal revenue replacement, and, through companion
legislation, the repeal of the 16th Amendment. This nonpartisan legislation (HR 25/S 1025) abolishes all federal
personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and
self-employment taxes and replaces them with one simple, visible, federal retail sales tax – administered primarily
by existing state sales tax authorities. The IRS is disbanded and defunded. 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 inequ
2007-12-27
08:06:33
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10 answers
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