Oct 24, 2014
#167: Is it possible to have a simple and fair solution to the US tax code? Yes, it's called the FairTax.
105 years ago the 16th Amendment was passed allowing the US Government to levy an income tax on corporations. Somewhere along the way things changed and we find ourselves buried under 74,000 pages of tax code.
Which is simpler: 74,000 pages or 133?
The FairTax turns our complicated system into a medium sized book. The FairTax is much simpler:
- No more income tax withholding
- No more filing taxes on April 15th
- No more missed deductions
- No more taxes on interest earned or capital gains
- No more unfair tax breaks
- No more unreported revenues
- No more IRS audits
What the FairTax does is:
- Allows us to bring our entire paycheck home (minus voluntary retirement savings, health insurance, etc)
- Sends every person with a US address and Social Security number, regardless of citizenship, money to cover the sales tax paid on the necessities of life (food, shelter, clothing, energy, etc)
- Reduces the price of goods and services we buy
- Taxes EVERYBODY, even visitors to our country (legally or illegally)
- Taxes us only on new products and services we buy
- Funds Government programs, including THE MILITARY, Social Security and Medicare
- Makes US products more competitive in the global market
- Will increase demand for goods and services, thus creating more jobs
- Becomes more progressive as people who earn more, spend more
For more information, visit the show notes at https://moneyplansos.com/a-simple-and-fair-solution-to-taxes-the-fairtax/