Wednesday, August 17, 2005

The End of the IRS?

I'm watching Fox News right now, specifically Greta Van Susteren. Before going to commercial, Greta gave a tease about an upcoming segment, which you have probably guessed from the title of this post, about the end of the IRS. I'm very interested in just what this segment is all about. I'm sort of surprised that Greta is focusing on something other than Natalee Holloway, the Alabama teen missing in Aruba. I haven't watched much of Greta over the last couple of months, because I am tired of Natalee every night with nothing really new to report. Don't get me wrong, I'm as concerned about this young woman as any one else is, except those personally involved, but I'd like to hear something new, not a rehashing of the same old thing.

Ah....Congressman John Linder is the guest! And, The FairTax Book will be #1 on the NY Times bestseller list for a second week! yeah! I'm sort of live blogging this since it's on right now. I will be sending email to Greta after thanking her for the segment. Linder just said that the Tax Commision said that the Fair Tax is the only tax plan that totally untaxes everyone. He also mentioned that every household will receive a check (the prebate Fair Taxers talk about) to cover the taxes on the basic necessities of life up to the poverty level. It that doesn't sound like much, remember that in addition to the prebate, every wage earner will take home what they are making now, PLUS what is currently withheld as payroll taxes (withholding, Social Security and Medicare). It will make a difference to every American wage earner. In our house, that means approximately $1000 "extra" each and every payday.

Linder personally gave President Bush a copy of the FairTax Book (while on Air Force One)! Bush promised to read it. Linder said that everyone should realize a 50% increase in their take-home pay. I just realized that my Federal taxes are about 50% of my take-home pay. Don't know why I didn't realize that before. I've considered all the numbers, but hadn't thought of that percentage. Interesting!

Not a long segment, but Congressman Linder got his points across very nicely.

1 comment:

Anonymous said...

The FairTax would create a universal, explicit, and large tax penalty on those unable to buy homes. It would redistribute many billions of dollars upward from renters to homeowners. While homeownership would increase - rational renters will scramble to buy homes under this tax - it will also create a permanent underclass of those unable to buy homes who will pay a steep tax penalty for the privilege of renting the roof over their head. The FairTax would create Two Americas.