Replace All Federal Taxes on Income with the Fair Tax Act , HR 25 and S 122
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chiefcook is correct. According to SEC 304 ‘(d) of the FairTax Act of 2011 (HR-25): "Smartcards and Direct Electronic Deposit Permissible- The Social Security Administration may provide rebates in the form of smartcards that carry cash balances in their memory for use in making purchases at retail establishments or by direct electronic deposit."
There has also been talk of Visa or Mastercard providing the "rechargeable cards" and using their system to fund those cards which would take the burden off of the Social Security Administration and reduce their overhead.
Once a year, each qualified household (legal resident household) will complete a form that will show the head of household, the list of members of the household, their Social Security Numbers, the residence address and where they want the prebate deposited. This form will be sent to the department handling the verification. (Most likely the Social Security Administration.)
The department handling the prebate will review the information (bad SS# etc) and entering the info into the system (or verifying the info already entered). There is no need to provide personal financial information. The prebate is based upon the number of people in the household. There is nothing to track. The monthly prebate is processed electronically directly into bank accounts, debt cards, credit cards or entitlement cards. It will be automated process.
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