Constantly, the left has called our current tax structure unbalanced and unfair. They claim that the wealthy aren’t being taxed their fair although some of the wealthiest in the US are paying around 65% of their income to Federal Income Taxes.
So how can we create a ‘fair’ tax system?
The answer is simple and the man who consistently co-sponsored the tax legislation is the president’s right hand man.
That solution to our tax system woes is the FairTax.
The FairTax is a proposal would replace ALL federal income taxes (including the alternative minimum tax, corporate income taxes, and capital gains taxes), payroll taxes (including Social Security and Medicare taxes), gift taxes, and estate taxes with a single broad national consumption tax on retail sales.
You will be in control of your financial destiny as only you controls your tax burden. If you’re thrifty, you’ll pay lower taxes than somebody who is not. Most importantly, you’ll be taxed fairly.
The FairTax also eliminates the IRS, as it would no longer have a purpose to collect taxes.
That means NO MORE:
- Complicated tax forms
- Individual audits
- 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.
Social Security and Medicare Funding Benefits WILL NOT change. 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.
To learn more about the FairTax visit their website or register for their next webinar. The American People are in desperate need of a less complicated tax system and an overall more ‘fair’ way of taxation.
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