As promised...the Fair Tax. How many of the 72,536 pages of our tax code have you read? How many of them do you understand? Our tax code is so vast and so complicated that many of the people we hire to do our taxes dont know all of the laws and provisions of our system. The tax code is also so burdensome in terms of cost and time, that the mere existence of our code in its current form deters thousands of people every year from turning their hobbies into businesses. The Fair Tax can end this madness. What is the Fair Tax? It is a national sales tax (I prefer to call it a national spending tax). What would the purpose of the Fair Tax be? To replace our current tax system, by eliminating every other form of taxation in our code. As cited in their website (FairTax.org), the Fair Tax is revenue neutral at 23%. What that means is that if we apply a sales tax of 23% on every sale, for every good and every service, we can completely replace every other tax on our books, and with that, eliminate all of the complexities and time consuming paper work that goes into our attempts to comply with the current law...and keep the exact same spending levels we have right now (which is a bad idea, but for another day). The Fair Tax isnt just about revenue though. It is about simplicity, fairness and morality. A sales tax is a tax applied to spending. Spending is a freedom of choice. Under the Fair Tax every time I choose to spend my money, I am also choosing when and where to pay my taxes; I am choosing to contribute to society. Since the Fair Tax would be the only form of taxation, this makes each and every individual their own representative for taxation. ...this concludes the introduction to the Fair Tax...I will try and make this a 3 part mini-series...for any specific questions about the Fair Tax, check out the website I referred to above.
Posted on: Wed, 05 Feb 2014 17:41:51 +0000
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