This is the best way to tax citizens. Please watch the whole video. Share it on your favorite social media channel and send it by email to your friends.
We are going to spend millions of dollars with a lot of aggravation to try and collect $1 trillion in taxes that are evaded each year. The IRS only expects to collect $100B of that $1 Trillion.
The Fair Tax is a way to collect it.
We have an illegal immigration problem. They don’t pay taxes. Guess what? With the Fair Tax they pay 100% of taxes.
A lot of people are of the opinion that hyper-wealthy people shouldn’t be able to pass on wealth from generation to generation. Ask yourself, are families like the Kennedys still wealthy? They hire expert tax attorneys and lawyers to pass along wealth unimpeded by any wealth or estate tax. Some families stick their wealth in exotic entities in places like the Bahamas or Cayman Islands. With the Fair Tax, all that goes away. You spend, you pay.
A lot of hyper-wealthy people like Warren Buffett say things like, “My secretary pays more in income tax than I do and that’s not fair.” With the Fair Tax, that goes away. Warren will pay more because he consumes more.
Importantly, this wipes out all corporate taxes. That means the cost of goods and services goes down. Instead, the Fair Tax would be instituted. Corporations could run more efficiently.
Do you know when you look at your paycheck and you see that FICA deduction? That goes away. No more. Relegated to the dustbin of history.
All the saving of receipts and all the things you do to write off a home office, or a computer or cell phone or car goes away.
If you are a liberal left-wing Democrat, you should support and love the Fair Tax because it taxes the rich. They can’t avoid it, and they pay more. It will also capture all the money that’s being spent and evades taxes today, as I said above estimated to be $1 Trillion. That goes into the government coffers to spend, pay off debt and make the US financially healthy.
If you are a right-wing Republican you should support it too. It will make companies more economically efficient. It gets rid of a tiered tax system on capital gains versus income making investing more efficient. It will get significantly more income into the Treasury to pay down debt. The Fair Tax takes power away from the government and returns it to the hands of the people. It’s freedom-loving.
The Fair Tax only sounds radical because it’s different. If we had instituted it instead of an income tax back in the early 1900s, we’d never have the complex and loopholed filled tax system that we have today.
Many states in the US operate on consumption taxes instead of income taxes. Three of the most economically robust state economies, Texas, Florida, and Tennessee, rely on consumption taxes to power their state and local governments.
Write your Congressperson or Senator today and tell them to get on board with the FairTax. I know there are several in Washington that already support it. But, with your help, they can actually push it through.
I should add, the only way to avoid this tax is barter. The other phenomenon that should happen which would please Democrats is a lot of things will be recycled since there is no tax on used goods. eBay, Etsy, and other websites like that should be big!
I love this idea. Which is probably why it will never happen. I first read about it 25 years ago in college. My other favorite ideas are to defund all public education and raise the voting age to 25. But those will never happen either.