A ALL federal income taxes and federal payroll taxes will be replaced with The FairTax, also called a consumption tax or a national retail sales tax.
B Brackets of taxation are eliminated. There is just one rate for everyone.
C Capital gains taxes are eliminated. More investment means more jobs.
D Death Taxes are eliminated, and keeping track of deductions is over.
E Everyone is taxed at the same rate of 23% on new goods and services.
F Foreign visitors will pay sales taxes (about $60 billion/year).
G Groceries and basic necessities are not taxed using the “pre-bate”.
H Hidden taxes hurt the poor more than the non-poor.
I IRS is eliminated and replaced with a Sales Tax Administration.
J Job creation in the USA would take off, because embedded taxes and taxes on corporate profits would be eliminated.
K Keeping the collection of taxes simple saves taxpayers billions of dollars annually, which is estimated to be about $250 billion or more.
L Liberals hate the idea because it gives people control of their money instead of government. Lobbyists will hate it also.
M More money for workers and businesses by eliminating compliance costs.
N No more income tax returns!
O Oppressive demands by the IRS would be eliminated!
P Pre-bate of expected sales taxes on basic necessities is based on family size and paid monthly to each family.
Q Quick passage by Congress is not likely without a massive demand by the voters.
R Repeal of the 16th Amendment would be in a companion bill.
S Spend more on stuff, you pay more in taxes.
T Two-thirds vote by the Senate would be required to change the 23% rate.
U “Underground economy” would pay taxes (billions!) like everybody else.
V Visibility of the federal taxes we pay would be crystal clear.
W Workers would control their lives and their “pursuit of happiness”.
X XL (extra large) economic growth would be unstoppable!
Y You decide how much you pay in taxes when you spend, not the government.
Z Zero rate of taxation on education expenses and Zell Miller would love it!
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