Say Goodbye to the Income Tax and the IRS

Here is a surefire way to get rid of the IRS and not ever have to file another income tax return; or corporate return for that matter! Every dollar you earn would be in your paycheck; no taxes withheld. It is within your power to make this a reality!

Congress is reviewing a bill right now that would get rid of the IRS and get rid of income taxes, corporate taxes, death taxes, estate taxes, etc. It's known as the FairTax Act and I am serious when I tell you it is not only fair, it would without a doubt solve our country's economic woes in short order. First I do want to say that The FairTax is resisted by an extremely vocal few exactly because it will do what it claims in getting rid of the IRS, the more than $300 billion in tax return filing costs, and the insidious corruption of the current tax system. Here's a snapshot of how it works.

What kind of tax is the FairTax?

The FairTax is a consumption tax that is paid when you purchase something new. It is a transparent tax: that means the tax will be printed on your receipt in plain view so you can see it.

Currently you are paying the same taxes when you purchase something, but the taxes are buried in the cost of the item by all of the goods and services that go into making that item from raw materials to packaged product. Those are called embedded taxes because they are not seen on your receipt. Under the FairTax Act, you would pay the exact same price for a gallon of milk, but the gallon would have a lower shelf price and the tax would be printed on your receipt when it is added at the cash register.

Is the FairTax actually fair?

Absolutely. The FairTax is very fair. In fact, it is really much fairer than the income tax. You can control exactly how much tax you pay by deciding which things you are going to purchase. Wealthy people spend more money on more expensive items than other individuals. The FairTax will tax them on these purchases.

Tourists and illegal aliens, who pay no taxes now, would pay their fair share of taxes every time they purchase something. Someone who deals in cash and never reports it on an income tax return would have to pay the consumption tax on that income at the cash register when they use it to buy something. Yes, the government would continue to get as much tax revenue as they currently get, but the cost of running the government would be a lot less.

The FairTax will have a positive effect onthe U.S. economy.

With the penalty for working harder and producing more removed, U.S. businesses will experience a new era of expansion and economic growth. Hidden taxes are history, U.S. citizens can save more, and companies invest more. As proposed, the FairTax would bring American companies back home because it would not be an advantage to have U.S. companies in overseas countries hiring workers for low wages to do jobs that Americans should be doing here at home for fair wages.

Workers will bring home exactlywhat they earn.

It would put more money in the pockets of every U.S. citizen by eliminating the income tax. There will be no withholdings from the amount you earn to pay federal taxes, Social Security or Medicare. If you earned $100 you would get paid $100. Businesses would no longer be saddled with paying added taxes on their employees wages for Social Security/Medicare.

The FairTax has a positive effect on Social Security/Medicare.

Under the FairTax Act there would be plenty of money available for both these programs. Like all federal spending programs, Social Security would operate exactly as it does today, except that its funding will come from a consumption tax, rather than a payroll tax.

Companies that employ workers would continue to send in reports of the wages they pay to individual employees to the Social Security Administration simply for the determination of benefits. The move to a reformed Social Security system would be eased while ensuring there is sufficient funding to continue paying promised benefits.

The FairTax shields low-income and lower-middle-income individuals and families.

Under the FairTax Plan, poor people pay zero net FairTax up to the poverty level! Every citizen or household receives a monthly prebate check that is equal to the FairTax paid on essential goods and services [medicine and groceries], and every wage earner is no longer subjected to the most oppressive tax of all, the payroll tax.

The FairTax takes careof senior citizens.

Seniors do very well under the FairTax. Low-income seniors are much better off under the FairTax than underthe current income tax system. Some people incorrectly believe that people who live only on Social Security don't have to pay any taxes. Those people may not know it, but they are paying hidden corporate income taxes and employer payroll taxes when they buy anything. Under the FairTax, seniors pay $0.23 out of every dollar they choose to spend on new goods. Plus, seniors, like everyone else, will receive the monthly prebate check, in advance of making the purchases, for taxes paid on the cost of necessities.

Yes, The FairTax CAN really be passed into law! The FairTax has taken it upon itself to build grassroots alliances and a grassroots movement to support the effort. However, this will only happen when the American people rally behind the effort, throw off the chains of income tax bondage, and demand that their congressional representatives correct 90 years of wrongs done by the income tax.

What you can do RIGHT NOW to make sure this bill gets passed.

First, go to the website FairTax.org and sign the petition to let Congress and the President know that you want this bill passed into law. While you are on the website, look at the congressional scorecard to find out if your state congressional representatives support this bill. If they don't, send them a letter and demand they vote for this bill and that you will be watching this scorecard to see how they stand come election time.

Second, read The FairTax Book: Saying Goodbye to the Income Tax and the IRS by Neal Boortz and Congressman John Linder. Read it so you understand what this bill actually says. The book is not difficult to understand. Then pass it on to a friend to read and ask them to pass it on, too.

Related Videos
Play Video Why We Pay Income Taxes - TurboTax Tax Tips Video	Play Video What Are Tax Calculators? TurboTax Tax Tips Video	Play Video How to Convert Land into Retirement Income	Play Video Taxes Payment in Bankruptcy	Play Video What Are Income Tax Forms? Calculating Income Tax - TurboTax Tax Tips Video

Listed below are more articles related to the above article from the "Taxes" article category.

People interested in the above article "Say Goodbye to the Income Tax and the IRS" are also interested in the related articles listed below: