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Replace All Federal Taxes on Income with the Fair Tax Act , HR 25 and S 122

Marilyn Rickert's Blog – May 2010 Archive (3)

Stealth IRS changes mean millions of new tax forms

Stealth IRS changes mean millions of new tax forms
By Neil deMause, contributing writer
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Added by Marilyn Rickert on May 24, 2010 at 11:31am — 2 Comments

Question: is there a credit for individual ROTH IRA accounts?

Question: is there a credit for individual ROTH IRA accounts?

No, there is not a credit for individual ROTH IRA accounts?



However, the FairTax legislation totally repeals the current income tax on Social Security benefits.



The bill also adjusts the Social Security benefits indexing formula, commonly known as the cost of living adjustment or COLA, so that benefits increase to the extent, if any, that the federal sales tax results in higher costs to seniors.…

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Added by Marilyn Rickert on May 20, 2010 at 11:08am — No Comments

Question: How does the "transition inventory credit work"?

Question: How does the "transition inventory credit work"?

The effective date of the FairTax is January 1 with the income tax repealed on Dec. 31st (the day before). The “items for sale” on retailer’s shelves will still have the cost of embedded taxes in them. That is why the…

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Added by Marilyn Rickert on May 20, 2010 at 11:00am — No Comments

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