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Posted: 8/17/2001 9:59:07 PM EDT
call your congressman on this one...it gives the IRS the boot!! http://www.salestax.org/ http://www.house.gov/linder/fairtax.htm house of congress http://www.house.gov/ this is the summary of HR.2525 the way i read it there is no tax taken out wheather you recieve a weekly wage or make money on investments. Now I have to say i have not read the entire bill yet but i am working on that, as you can guess there is a lot of text involved as our government doesnt do anything simple and easy Imposes a 23% (tax-inclusive) sales tax on the purchase of new goods and services in the U.S. Lets workers keep their entire paycheck and retirees keep their entire pension. Abolishes the IRS and ends all audits of individual taxpayers. Replaces the federal income tax. Frees individuals from ever filing a tax return again. Replaces all payroll taxes including Social Security and Medicare taxes. Current Social Security and Medicare benefits would not change. Replaces corporate and self-employment taxes. Eliminates all hidden federal taxes. Provides a universal rebate equal to the sales taxes paid on essential goods and services to ensure that no American pays taxes on necessities. Replaces all estate, gift, and capital gains taxes. Dramatically lowers tax rates for low- and middle-income Americans. Closes all tax loopholes. Brings accountability to tax policy. Lets American-made products compete fairly.
Link Posted: 8/17/2001 10:00:41 PM EDT
Will be labled a regressive tax by the liberals. I would go for it though.
Link Posted: 8/18/2001 6:17:34 AM EDT
btt
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