keep answers somewhat basic, but try to be thorough.
2007-11-29 14:35:57 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
It's a proposal where the current income tax system is scrapped andpayroll based taxes are replaced by what is essentially a federal sales tax. The proposal includes a"prebate" to each family to try to pay them back for the tax they'd spend on a certain number of dollars of income, pegged to the poverty level.
That's the very short version. See www.fairtax.org for lots more info.
2007-11-29 14:44:49 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
It is a 30% national sales tax that replaces the federal income tax as well as social security, medicare and corporate income taxes.
It has a lot a holes in it and most people who understand taxes and economics don't think it would work they way its proponents have said it would.
2007-11-29 15:41:20 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋
Fair tax is a good thing and bad thing, but it is not fair to everyone!
Why it is good?
http://www.charlotteconservative.com/index.php/2007/07/fair-tax-is-fair/
Why it is bad?
http://www.fairtaxblog.com/20070423/jay-brookman-decries-irrational-faith-in-the-fairtax/
2007-11-29 14:56:39 · answer #3 · answered by Q 3 · 0⤊ 0⤋
go to fairtax.org for info
2007-11-29 14:41:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋