Say Goodbye to the Income Tax and the IRS
Posted on Apr 30 2008 | Tagged as: Finance
Here is a surefire way to get rid of the IRS and never have to file another income tax return; or corporate return for that matter! Every dime you earn would be in your paycheck; no taxes withheld. It is within your power to make this a reality!
There is a tax bill before Congress right now that would get rid of the IRS and eliminate corporate taxes, personal income taxes, estate taxes, the death tax, etc. It’s known as the FairTax Act and I am here to tell you not only is it fair, it would definitely solve the United States’ economic problems in short order. I want to start by saying 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 greater than $300 billion in tax return filing costs, and the blatant corruption of the current system. Here’s a snapshot of what it is all about.
What kind of tax is the FairTax?
The FairTax is a retail consumption tax that is paid when you buy something new. It is a transparent tax: it means that the tax will be on your receipt in plain view so you can see it.
Right now you are paying those taxes when you buy 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. These are called embedded taxes because they are not seen on your receipt. Under the FairTax Act, you would be paying the same price for a gallon of milk, but the gallon would have a lower shelf price and the consumption tax would be added at the cash register and printed on your receipt.
Is the FairTax actually fair?
Yes, the FairTax is fair. In fact, it is really much more fair than the current income tax. You get to control how much tax you pay simply by deciding which things you are going to buy. Wealthy people buy more expensive items that other individuals. The FairTax will tax them on these purchases.
Illegal aliens and tourists, who pay no taxes now, would pay their fair share of taxes every time they purchase something. Someone who gets cash income and never reports it on their income tax return would now pay the consumption tax on that income at the cash register when they use it to buy something. Yes, the government would still get as much tax revenue as they currently get, but the cost of running the government would be a lot less.
The FairTax would have a very positive effect onAmerica’s economy.
With the penalty for working harder and producing more removed, American companies will experience a new wave of economic growth and business expansion. Hidden taxes are history, U.S. citizens are able to save more, and companies invest more. As proposed, the FairTax would bring American companies back home because it would no longer 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 a fair wage.
Workers would bring home all that they earn.
the FairTax would put more money in the pockets of every American by removing the income tax. There would be no deductions from what you earn to pay federal taxes, Social Security or Medicare. If you earned $100 you would get paid $100. Businesses would no longer be burdened with paying additional taxes on employee wages for Social Security/Medicare.
The FairTax has a positive effect on Social Security/Medicare.
There would be plenty of money available for both these programs under the FairTax. Like the rest of the federal spending programs, Social Security would operate exactly as it does today, except that its funding would 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 each employee to the Social Security Administration only for the calculation of benefits. The move to a reformed Social Security system would be eased while ensuring there is enough money to continue paying promised benefits.
The FairTax protects low-income and lower-middle-income families and individuals.
in the FairTax Plan, poor people pay no net FairTax at all up to the poverty level! Every household receives a monthly prebate check that is equal to the FairTax paid on crucial goods and services [medicine and groceries], and all wage earners are no longer subjected to the most burdensome tax of all, payroll taxes.
The FairTax protects senior citizens.
The fFairTax does a good job of protecting senior citizens. Low-income seniors are much better off under the FairTax than underthe current income tax system. Some people incorrectly believe that those who live only on Social Security don’t have to pay any taxes. Those people might not be aware of it, but they are paying hidden corporate income taxes and employer payroll taxes whenever they purchase something. Under the FairTax, seniors pay $0.23 out of every dollar they choose to spend on new goods. In addition, seniors, like everyone else, 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.
Do this 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 demand this bill gets passed into law. While you are on the website, view the congressional scorecard to see whether 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. You need to understand what this bill actually says. The book is easy to understand. Then give it to a friend to read and ask them to pass it on, too.
Sandra Simmons, President of Money Management Solutions, has years of experience helping company owners and families manage their income to achieve financial freedom. To find out about the Money Management Software she created, watch the FREE 5-minute demo video on her website at www.MoneyMgmtSolutions.com
- Sandra Simmons