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Fair Tax? Or is it? YOU decide...
This article was posted in one of my Pre-Paid Legal groups and I found it quite interesting. I encourage everyone to check out the 2 links at the bottom for more information. Especially, fairtax.org (under the FAQ section) where you can find many answers to common questions about the Fair Tax. ----------------------------------------------------------------------------------------------------
A 23% Federal Sales Tax!! But Wait! -- By Terry Rigg We are so used to having our federal income tax, social
security and medicare taxes withheld from our paycheck, most
of us don't realize there are efforts to change this
dramatically. There is a group going around saying that we
should pay 23 cents on every dollar we spend in a federal
sales tax. They must be crazy! Wait a minute. If we are going to pay a sales tax to cover
our income and social security tax, we won't have anything
except our state and local taxes coming out of our pay. Even
that doesn't add up to 23%. What are they talking about? What if they told you that, not only would you not have
federal and social security taxes withheld from your
paycheck, you would see the following things happen: -- Elimination of the Internal Revenue Service, saving an
estimated $420 billion annually
-- April 15th would be just another day
-- You would not have tax records to keep BECAUSE YOU WOULD NOT
HAVE TO FILE INCOME TAXES
-- No forms, no deadlines, no prepayments, no penalties,
no audits, and never again an abusive IRS that can claim
your assets without due process!
-- Even illegal income would be taxed when it is spent
Only new items will be taxed
-- No American will pay taxes on necessities
-- Cost of goods and service are estimated to decrease by 20%
to 30% because manufactures and other companies will not be
required to pay taxes (TAXES WILL ONLY BE PAID ON NEW
MERCHANDISE AT THE RETAIL LEVEL)
-- No tax on ANY investments
-- Each taxpayer will receive a rebate equal to the taxes paid
on necessities such as groceries and medicine, in advance of
those purchases
-- Seniors and low income families would be protected This list could go on and on about the advantages of a
National Sales Tax. The truth is that our current system of
taxation is totally out of control. The tens of thousands of
pages of tax laws have even the best tax minds confused. Yes, 23% does seem like a lot of sales tax to pay in
addition to any state sales tax you might have. You could
wind up paying 30% on a car purchase of $20,000. Lets look
at some of the possible savings with a sales tax. Sales tax on car purchase - $6000
Final Cost of Car - $26000
Cost of car might be reduced 20% because the manufacturer
doesn't pay any taxes under this plan. What is the cost of
the car? $16000
Sales tax on car purchase - $4800
Final cost of Car - $20,800 But Wait Again! You will be buying this car using your
entire paycheck. NO DEDUCTIONS. That's hard to calculate. I
can almost guarantee it will be below the initial $20000
price tag. Besides, $20,800 is only 4% above the price of
the car, far less than most state's sales tax. If you don't think companies will reduce their prices even
though they aren't paying taxes, just imagine an entire
nation knowing they are manufacturing their goods 20% to 30%
cheaper and not passing that savings on to them. In
addition, sooner or later one of their competitors will
reduce their price, and the war is on. To find out more about the National Sales Tax just visit
Americans for Fair Taxation at
http://fairtax.org You can also view a comparison of the different tax systems at
http://www.lafayettesbest.com/category/summary.html
-----------------------------------------------------
Terry Rigg is the author of Living Within Your Means - The
Easy Way and editor of The FREE Budget Stretcher Newsletter
and Budget Stretcher web site. He has 25 years of experience
counseling individuals and families concerning their
personal finances.
http://www.homemoneyhelp.com/x.php?adminid=11&id=45 |
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The copyright for this content entitled "Fair Tax? Or is it? YOU decide..." has been specified by the contributor as:
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This content may not be copied, distributed or adapted by anyone under any circumstances.
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This intel was contributed by Ann S.
Ann S.
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May, 2012
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