Long live the Fair Tax!
I'm not sure any of can say that we feel warm and fuzzy inside when we see our paychecks and see how much has been taken out in taxes every pay period. In fact, if I stop and think about it makes me sick to think of how much of my money slimeball politicians are spending. I don't want to pay for a bridge to nowhere. I don't want to subsidize illegal immigration. I don't want to pay for all this crap that they are signing me up for.
Recently I received a bonus of about $1300.00. Of that bonus I received just about $750! That's insane, nearly 42% or $550 of a bonus lost to taxes. I don't know about you but I think I know how to spend my money better than congress does and I'm tired of giving them so much. That's why I support the fair tax. It's an alternative tax system that is revenue neutral (meaning that no current programs will have to be cut) but promotes simplicty, and transparency over the current tax code. It also promises many economic benefits and the great hope that congress might be forced to lower taxes as a result of greater transparency. Now that's something I can get behind and would actually spend my money on to promote, so I signed up to support them financially... I really want to get the word out about this, you can read more on the website at http://www.fairtax.org/ and I have included the official short description below.
Here's the official description:
The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue replacement, and, through companion legislation, the repeal of the 16th Amendment. This nonpartisan legislation (HR 25/S 1025) abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax -- administered primarily by existing state sales tax authorities. The IRS is disbanded and defunded. The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.
Posted on September 27, 2007 4:51 PM | Permalink
