Do you dread doing your taxes and income tax day? Did you know that Americans spend $265 billion dollars a year preparing their income taxes? btw, this is substantially more than the tax rebates that the gov't is sending out this month.
I had heard about flat tax in the past, but last night on the radio, for the first time, I heard about the Fair Tax Plan. http://www.fairtax.org/
Currently, we pay income tax based on income we receive. This plan is to flip the tax paying from income to spending (sales tax). In other words, you don't pay any income tax, you just pay sales tax (of course it would be higher than the current sales tax).
- Did you know that illegal imigrants pay no income taxes, but if the fairtax was implemented, everytime they buy something, they would be paying. They would no longer be immuned.
- Drug dealers, pay no income tax. What's the big deal? $1.5 trillion dollars per year.
- You've heard this a million times, "the rich have tax shelters, so they don't pay any taxes". With this new plan, there are no tax shelters. There is no income tax.
- No filing of income taxes, ever!
- Your weekly salary net income will be the same as your gross income (imagine if you got to keep your whole check).
I'm not an expert on this, but it sure seems like a great idea. vist the website http://www.fairtax.org/ to learn more. If you think this is something good, sign the petition, send the link to your friends and family.