Wednesday, November 16, 2005

Make April 15th Just Another Day

I'm a fan of the FairTax, which is a proposed plan to overhaul our federal tax system.

I know, I know, taxes...*booooorrrriiiiiinnnnggggg*

But come on, people. Take a look at your paystub. How much of your money is being taken from your check every week? Do you even have a clue? This plan would make things more fair, and it would make Mom and Pop Normal realize just how much taxes the government levies on everyone.

For those of you who may not be familiar, here are some facts about the plan, courtesy of Americans For Fair Taxation.

The FairTax:

  • Creates jobs where the current system destroys jobs. By stripping out hidden federal income taxes and compliance costs, the FairTax makes U.S. goods more competitive overseas and more afordable at home, thereby sharply increasing job creation while sharply reducing our balance of payments deficit.

  • Gives you your whole paycheck. No federal withholding! What you earn, you get.

  • Eliminates Social Security withholding, the most regressive tax of all, while ensuring the system fulfills its promise to one generation without being a terrible burden on the next.

  • Eliminates the corporate taxes and costs of compliance hidden in both wholesale and retail prices.

  • Dramatically lowers effective tax rates for lower- and middle-income; a rebate ends taxes up to the poverty level.

  • Allows families to save more and faster for home ownership, education, and retirement.

  • Allows homeowners to pay their entire house payment with pretax dollars, a great improvement over the current home interest deduction.

  • Frees up time wasted on filling out cumbersome and inscrutable IRS forms throughout the economy to the tune of $250 billion or more (about three percent of GDP).

  • Raises the same amount of revenue for the federal government (revenue neutral). Retail costs stay the same.

  • Taxes the trillion-dollar underground, criminal, drug, and porn economy.

  • Makes taxation of income unconstitutional by supporting the repeal of the 16th Amendment.

  • Eliminates the IRS as we know it.


At 7:02 PM, November 16, 2005, Blogger catlover926 said...

Oh, you GO, girl!


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