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#travissickle…(read more)
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The United States Congress has recently introduced a bill that would abolish the Internal Revenue Service (IRS) and federal income taxes. The bill, if passed, would be a major shift in the way the American government collects taxes and could have far-reaching implications for the economy and taxpayers.
The bill, known as the Fair Tax Act, would replace the current federal income tax system with a consumption tax. Under this system, the government would collect taxes on the purchase of goods and services rather than on income. This means that instead of filing a tax return each year, taxpayers would simply pay a sales tax on the items they buy.
The Fair Tax Act also proposes eliminating the IRS, as well as the payroll taxes and corporate income taxes. This would mean that businesses would no longer have to deal with the complex regulations and paperwork associated with the current tax system.
Supporters of the bill argue that the new system would be simpler and fairer for taxpayers, as everyone would pay the same rate regardless of their income. It would also make it easier for businesses to comply with the tax code, which could lead to more investment and job creation.
Critics of the bill argue that it would disproportionately benefit the wealthy, as they would be able to purchase more goods and services without paying any additional taxes. They also argue that the new system would be difficult to enforce and could lead to widespread tax evasion.
Only time will tell if this bill passes. If it does, it could be a major shift in the way the government collects taxes and could have far-reaching implications for the economy and taxpayers.
2:39
I read the fair tax book back in 2007. After reading it I was under the impression that all taxes on goods and services via the IRS would be removed and then replaced with the 23% tax. The way the book explained it, if a tv right now was say 100…there would a sales tax ADDED to the 100 price. Here in Maine we have a 6% sales tax…so that t.v would cost 106.00. Under the fair tax if all IRS embedded taxes are removed and then replaced wth the 23% tax the t.v would cost 100. The fair tax is an idea that is cost shifting and revenue neutral. It looks like H.R. 25 is the same legislation that was introduced back in the early 2000's . If I misunderstood…please correct me.
Just get rid of ALL governments and 99% of our pressures and problems go right away.
You cant seriously know anything about taxes AT ALL. THIS IS A REGRESSIVE TAX. THIS WOULD DESTROY THE ECONOMY. This is a ploy for the wealthy to not be held accpuntable for their fair share of taxes.
Consider this- You have a salary of (for example) $500/week.
You get a paycheck of maybe $385/week
It costs your employer $530 to give you a check for $385.
Under the Fair Tax, you get a check for $500, and it costs your employer $500.
Add in the prebate, and you have almost an extra week of salary to spend ANY WAY YOU WANT.
A flat tax would do the same thing and rich tax dodgers would be forced to participate in the future of America, and the need for the IRS, tax accountants and lobbyist would be unnecessary.
I hope realize how insane this proposal really is. If Republicans ever got it through they would lose so badly in the next cycle it would get repealed immediately.
Great points on the Roth vs Traditional 401k. This would change the game completely
Note the prebate is for everyone not just the poor. Rich people would get it to. Everyone is treated the same. The amount of prebate is calculated is based on the poverty level.
My opinion is once again the politicians got it wrong! It should be simple!
1. let’s call it sales tax
2. It should be 5% which can never go higher
3. If the government needs more money for things Fundraise for it!
4. Government will not be allowed to print money (Which causes inflation)
5. Balance Budgets you can only spend what you take in!
6. Pay off the debt!
Problem solved
You’ve done a fair job of explaining, but lots of errors. I’d be happy to “Spin you totally up” on the FAIRtax!
Every eligible American gets the prebate, not just those under the poverty line.
It is an INCLUSIVE tax. See SEC. 509. TAX TO BE SEPARATELY STATED AND CHARGED, page 72 of HR25.
30% on top of everything you buy? What you are quoting is the EXCLUSIVE rate of 30% on the dollar. But, the bill requires an INCLUSIVE rate on the cost of the product or service. It also requires the amount of the tax and the total price including the inclusive tax to be printed on every receipt. Based on viable, peer reviewed analysis to start FAIRtax off as revenue neutral, it was found that a 23% inclusive tax covers current revenues – 23% has held true over the years. The simple calculation for the register-computer to list the cost, tax and total price follows. We know the price, we know the tax, so the cost is,
Cost = Price – 23% tax = $1.00 – 0.23 = 0.77 or 77 cents out of each dollar.
That means the price of a product or service marked $1.00 will be purchased at the register for $1.00. The tax is inclusive in the price. It is printed on the receipt to include 77 cents for the cost of the item, the 23 cents tax, for a total price of $1.00. It ain’t rocket science.
Item Cost $0.77
FAIRtax +/$0.23
Price $1.00
Why is it inclusive? Because, we’re doing an apples-to-apples change from the current income tax system to the FAIRtax consumption tax. The income tax is an inclusive tax, taken from within your total adjusted gross income (AGI). You don’t have to figure out your AGI, then go out and earn more money to pay taxes on your stated AGI. The taxes are inclusive of your AGI. The FAIRtax, as shown above, operates the same way.
Everyone is automatically entitled to the prebate, regardless of income. High income individuals may not even bother to opt in.
I don't believe this helps the working the middle or working class.
Why can’t we just have Universal Basic Income and call it a day!!!?!
Is the government going to pay back the money they stole from my parents social security and medicare tax?
It is official the Republicans would like to replace income tax with a National Sales Tax of…
30% on everything
This is the stupidest idea ever.
Pay your cellphone bill $70 + 30% tax ($21) = $91
Pay for Groceries (x2 monthly) $350 + 30% tax ($105) = $455
Pay Electric bill $85 + 30% tax ($25.51) = $55.50
Pay Gas bill $70 + 30% tax ($21) = $91
Life Insurance $200 + 30% tax ($60) = $260
Auto Insurance $160 + 30% tax ($48) = $208 Homeowners Insurance $230 + 30% tax ($69) = $299
Credit card $100 + 30% tax ($30) = $130
Dinner at Mortons $400 + 30% tax ($120) + City sales tax 9.5% ($38) = $558 + Tip
Pay property tax $1.6 million CA 0.71% $11,360 + 30% tax ($3408) = $14,768
This does not look better than taxes
Do millionaires and billionaires get exemptions on new planes, yachts and other large expenses?
When republicans can answer this question to every American with a straight face, then maybe we’ll listen.
Regarding the 23% vs 30%, they use the 23% figure because that is how income taxes are calculated. $100 in gross income is $23 tax, do you keep $77. $100 in gross spending (after tax is added) is $23 in Tax. It is how you compare apples to apples.
so, i see everywhere they say "federal" taxes. does this mean state level taxes would still exist? The 30% sounds like itd be a wash, at least for us. unless we're still paying property tax, registration, licensing taxes, fishing and hunting, and all the other state taxes. if thats the case, we'd be paying more…..
I would like to see 5% social security and Medicare tax separated and 25% rest. Otherwise politicians can abolish SST and MT. What about offshore business, estate and inheritance? All millionaire will enjoy and Middle class will suffer? If I ship everything to offshore business ask some to be wired then you will drain america? It's not that simple and dumb republican will scare everybody and dems will take advantage. Just like abortion bill made women to vote dems..lol. Freaking bill has to be discussed on floor before just introducing.
I'm here for it! Who do I vote for lol sign me up!!!!
No this terrible the poor wont be able to afford anything for sure .30% on top of the sales tax that already exist like my state 6.7% tax already so it would be 36.7% tax buy a house for 300,000 you pay 110,000 in taxes just to buy the house .
The IRS isn't even a govt agency… they are a private for profit organization. Sad!
Thieves.
This would be freaking awesome! For once people would be incentivized to earn and save instead of being penalized for it!
That sounds to me that the digital currency will be implemented. It seems that will be the only way they can do this.
if this passes,all the states with sales taxes will be insanely pricy to live in.
So buying a brand new car at $40,000 I will have to pay 12,000. Total cost 52,000.
If I sold my house at 255,000 dose, that means the buyer has to pay 76500 in taxes. Total cost of 331,500
How is that great. If anything that will cost more job to be lost, less economy spending.
Let me know what you think?
I could be wrong about the stipulations behind this bill.
I'm in constant contact with business owners and professionals all over the country since I was 16 years old. Most people agree that income tax should've been eliminated years ago. The democrats are currently in power, so the government will obviously be run horribly, but getting rid of these unnecessary taxes should be done next time republicans are in power.
Of course Biden is opposed to it. Lol
It's a publicity stunt. Nothing will happen.