Let's assume it's the year 2020 the and FAIRTAX HR25 has been passed and signed into law.
LET'S LOOK AT THE DIFFERENCE! I sell the home I bought in 2010 for 100 thousand, it sells in 2020 for 200 thousand. On closing day I get a check for 200 thousand. I take it to the bank and deposit, end of story, no IRS, no taxes on my sale. I get to keep all of my profit of 100 thousand,and pay taxes when I purchase some new product or service. I sell 100 thousand dollars worth of stock I received from my uncles estate for a profit of 200 thousand, the check from the broker is 300 thousand. I am off to the bank to deposit my check, no taxes, no IRS, no problem. I buy a used home for my family for 150 thousand, no tax on used items. I hit the jackpot and win the lottery for 1 million dollars, cash in and go to the bank. No IRS, no taxes, until I purchase my new Mercedes Benz. and the diamond ring the Mrs would like. Uncle Zowloff dies and leaves me 500 thousand dollars, no lawyers, no IRS, no taxes I put it all in the bank. I pay tax when I purchase my new airplane. You see I am also a pilot. That's right folks with a FAIRTAX HR25 i GET TO KEEP ALL OF IT, EVERY LAST PENNY, until the time I spend it, then I pay the tax. Doby!