The tax code is a mess and I firmly believe in our tax system needs to be overhauled. My in-depth research and investigation leads to me to support the “Fair Tax.” A 23 percent national sales tax that does away with all other forms of federal taxation.
• Frees up the time wasted on filling out cumbersome IRS forms.
• Wipes out the income tax code and shuts down the IRS.
• Makes taxation of income unconstitutional by repealing the 16th Amendment.
• Exempts all taxpayers from federal taxation up to the poverty level, through a monthly rebate.
• Ensures that all Americans pay their fair share of taxes.
• Dramatically lowers tax rates for low-income and middle-income Americans.
• Makes taxes visible by eliminating hidden income and payroll taxes in consumer prices.
• Enables families to save more for home ownership, education, and retirement.
• Protects and ensures the funding of Social Security and Medicare.
• Leaves unchanged the amount of money raised by the federal government.
• Makes American products more competitive overseas.
Currently there are trillions of dollars sitting in off-shore banks. That money is not being brought to the United States because it would be subject to taxation. Once the “Fair Tax” is enacted, that money can be repatriated. The immediate impact on the economy will be dramatic. It will serve as a one trillion dollar private stimulus.
Everyone needs to be invested in the system Sadly nearly half of all Americans pay no income tax.. The “Fair Tax” ensures everyone pays their fair share.