This just came to me, and I imagine all of you in an email. In past conversations I've had with people in other countries, most notably Austrailia, that have a NST(National Sales Tax), not repealing the existing Income Taxes was a huge mistake for them. I do NOT want that same mistake repeated here. I only want the NST put in place if Income Taxes are completely repealed. With that said, I can honestly say that over the past year I have not kept up with the FairTax legislation, but I cringe to think that we will be paying both a NST and Income Taxes for seven years. SURELY that's not what this is saying....right? I understand that there will be a "interim period of adjustment"....but seven years??!?!
Can someone more up on the actual enactment plans give me any insights?
SEC. 401. ELIMINATION OF SALES TAX IF SIXTEENTH AMENDMENT NOT REPEALED.If the Sixteenth Amendment to the Constitution of the United States is not repealed before the end of the 7-year period beginning on the date of the enactment of this Act, then all provisions of, and amendments made by, this Act shall not apply to any use or consumption in any year beginning after December 31 of the calendar year in which or with which such period ends, except that the Sales Tax Bureau of the Department of the Treasury shall not be terminated until 6 months after such December 31.