Say Goodbye to the IRS and the Income Tax
Here is a way to get rid of the IRS and never have to file another income tax return; or company tax return for that matter! Every dollar you earn you would get paid; no taxes withheld. You absolutely have the power to make this happen!
Congress is reviewing a bill right now that would get rid of the IRS and eliminate corporate taxes, personal income taxes, estate taxes, the death tax, etc. It's called the FairTax Act and I am serious when I tell you not only is it fair, it would definitely solve our country's economic woes overnight. First I do want to say that The FairTax is resisted by a vocal minority precisely because it will do what it claims in eliminating the IRS, the more than $300 billion in tax return filing costs, and the insidious corruption of our current tax system. Here's a snapshot of how it works.
What is the FairTax?
It is a retail consumption tax that is charged when you purchase something new. It is a transparent tax: it means that the tax will be on your receipt in plain English so you can see it.
Right now you are paying those taxes when you purchase something, but they are buried in the cost of the item all along the manufacturing line from the raw materials to the packaged end product. Those are called embedded taxes because they are not seen on your receipt. Under the FairTax Act, you would pay the same price for a loaf of bread, but the loaf 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 really fair?
Yes, the FairTax is fair. In fact, it is really much fairer than the income tax. You get to control how much tax you pay by deciding what items 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 be paying their fair share every time they purchase something. Someone who deals in cash and never reports it on an income tax return would now pay taxes on their income at the cash register when they use it to buy something. Yes, our 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 would have a very positive effect onAmerica's economy.
By removing the tax penalty for working harder and producing more income, U.S. businesses will experience a new wave of expansion and economic growth. Hidden taxes are history, U.S. citizens are able to save more, and businesses invest more. The FairTax, as proposed, would bring U.S. companies back home because it would not be an advantage to have American companies in overseas countries paying low wages to workers for jobs that Americans should be doing here at home for a fair wage.
Workers would bring home exactlywhat 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 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.
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 just like it does today, with the exception that its funds would come from a consumption tax, rather than a payroll tax.
Employers would continue to send in reports of the wages they pay to individual employees to the Social Security Administration only for the calculation of benefits. The move to a reformed Social Security system is eased while ensuring there is sufficient funding to continue paying promised benefits.
The FairTax protects low-income and lower-middle-income individuals and families.
Under the FairTax Plan, people near poverty level pay zero net FairTax up to the poverty level! Every household receives a prebate check each month that is equal to the FairTax paid on crucial goods and services [medicine and groceries], and all wage earners are no longer subject to the most oppressive tax of all, the payroll tax.
The FairTax takes careof senior citizens.
The fFairTax does a good job of protecting senior citizens. Low-income seniors get better benefits under the FairTax than underour current income tax system. There are some who mistakenly believe that those who live exclusively on Social Security don't have to pay any taxes. They may not be aware of it, but they are paying hidden corporate income taxes and employer payroll taxes when they buy anything. With the FairTax, seniors pay $0.23 out of every dollar they choose to spend on new items. Plus, 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 become law! The FairTax has taken it upon itself to build a grassroots movement and grassroots alliances to support the effort. But, this will only happen when the American people unite behind the effort, throw off the chains of income tax bondage, and demand that Congress correct 90 years of wrongs done by the income tax.
Do this RIGHT NOW to ensure 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. When visiting the FairTax website, look at the congressional scorecard to find out if your state congressional representatives support this bill. If they are not a supporter or co-sponsor, send them a letter and demand they vote for this bill and that you will be monitoring this scorecard to see how they stand come election time.
Second, buy and 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 not difficult 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 business owners and private individuals manage their income to achieve their financial golas. To learn more about the Money Management Software she created, visit her website and watch the FREE 5-minute demo video at www.MoneyMgmtSolutions.com
Published April 15th, 2008
Filed in Finance