Fair Tax Nation

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

The Fair Tax (my way of explaining it to friends)

The current infrastructure to our economy is too complex, outdated, and unfair to all of this great nations citizens. The main cause of this economic collapse (downfall is to mild a word) is the current structure and usage of taxes (the IRS) in this nation.The main function of our taxes is to fund the federal government, the last thing it should be used for is to extend the arm of the US Government into the personal lives and private sector businesses of its citizens. Our tax code is to complex many of our leading industries, and even politicians who have written the tax code have trouble complying with it just because of its sheer density. The tax code has thousands of pages and is estimated to cost Approx. $450 billion a year in compliance related expenses.

I have studied extensively tax solutions, the best one in my mind is the Fair Tax. The current bill for this new tax is H.R.25 and S.1025 they call for:

Eliminating all federal income taxes for individuals and corporations

Calling for the repeal of the 16th Amendment

Eliminating all federal payroll withholding taxes

Abolishing estate and capital gains taxes

If the Fair Tax becomes law it would:

Let workers and retirees receive 100% of their paychecks

Replace all federal income and payroll taxes with a fully transparent national retail sales tax of 23%.

Provide a rebate to every household each month for the taxes they would pay on basic necessities. The rebate would be based on family size and HHS poverty level for the year. This makes the tax progressive and removes burden of tax on the poor.

Tax is collected at the retail level and is revenue neutral to provide the same amount of tax revenue that is now being raised.

Eliminates the IRS and all tax paperwork.

Continues to fund Social Security and Medicare as provided by law.

What will this do:

Collect taxes on all consumption no matter who you are. Illegal alien, those involved in illegal activity, tourist etc.

Provide a major incentive for $11 trillion in offshore banks to come back to the US and encourage other foreign investments to look to the US for lower taxation on their earnings.

Reduce tax compliance costs and remove hidden taxes in retail goods. Results in hundreds of billions of dollars put back in the economy.

Makes American products more competitive.

Increase GDP by 10% the 1st year

Bring down long term interest rates

Final Thought

Princeton University Econometrics surveyed 500 companies from Europe and Asia to see what impact the Fair Tax would have on their business decisions. 100 said they would move their corporate HQ to the US, and 400 said their next plant would be built in the US. The Job's in this country would sky rocket, and the economy would receive a sudden economic surge from employment rates, and now wealth shooting into our economy.

Please see www.fairtax.org for more in depth information

In Christ
Seth J. Riggio

To learn more about Seth J. Riggio and to become a supporter of this young man entering into the political world with Conservative guns and Charisma blazing. please visit his Facebook page at http://www.facebook.com/pages/Seth-J-Riggio/130525192467

All information in this blog has been found and taken through my own research from various sources. This is just a compilation of information found.

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Comment by Dan Hunt on August 20, 2009 at 6:17pm

Excellent outline of The Fair Tax. One correction needs to be made and one addition. The Senate version is changed in this session of Congress from S1025 to S296.

I also suggest informing people a heavy progressive tax on income is one of the planks in Karl Marx's Communist Manifesto. He understood incrementally increasing the tax burden on one's productivity will discourage people overtime to produce, as has been born out over the last 96 years with the federal income tax code and cause more people to depend on the government. A tax on consumption will end the dependency and restore power to the people.
Comment by Raymond Chuang on August 17, 2009 at 8:07pm
In my opinion, THE biggest reason we need to get FairTax into law now is no thanks to the disincentive of our income tax system, we have some US$14 to US$19 TRILLION taken out of our financial system through participating in the underground economy and legal offshoring of liquid assets, all done in the name to reducing the income tax burden. Imagine what would happen to the US economy if we get a US$14 to US$19 trillion liquidity boost because of no more taxes on earning money--our deep recession will come to an end in no time flat.

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