What is the FairTax?

By
Real Estate Broker/Owner with Broad & Bailey Realty LLC

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).

As much as I think the idea is brilliant, it seems that it is one of those ideas that will take a miracle to implement.Fair Tax Plan

Some benefits:

  • 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.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Groups:
The Economics of Real Estate
Real Estate Professionals for John McCain
Albanian-American RealtorĀ©
Tags:
income tax
fair tax
flat tax
fairtax

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
240,478
Bob Southard
Atlas Realty Service, LLC - Kennesaw, GA
e-Pro - Cobb, Cherokee, North Fulton

And the best part is no more IRS!

I think the positive impact on the economy would be astronomical. If we could implement the "Fair Tax" and have self directed social security, I belive we would see an ecomomic boom like never before.  Businesses would be jumping to relocate here instead of businesses moving out....

Its a great plan, people just need to get informed.

Apr 14, 2008 03:17 AM #1
Rainer
56,996
Peter Nikic
Broad & Bailey Realty LLC - Valhalla, NY
From what I could see, I agree Bob. We need to let others know about this plan.
Apr 14, 2008 03:20 AM #2
Anonymous
Jacie
I'm impressed by your writing. Are you a professional or just very knowledgebale?
Oct 25, 2011 07:05 AM #3
Anonymous
wrhdkc
4c3uki fmpoprhwnytq
Oct 28, 2011 03:49 AM #4
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
56,996

Peter Nikic

Ask me a question
*
*
*
*
Spam prevention