Abolishes the IRS
need I say more! OH maybe just one thing--How much would this save? Obiviously these folks would be out of a job, but I don't think for long as they would assimilate into the private sector.
No more april 15th deadline
April 15th will be like any other day and previous weeks and months won't be filled with the anxiety of that doomful/stressful day.
Every one pays their taxes as they purchase goods/services
What a simple and friendly way to pay. Everybody, which includes you,me,lawyers, doctors, criminals, drug dealers, congress men./women, tax evaders, CPAs, website owners, long shoremen, stockbrokers, retired rich, Vistors to the US, anyone that buys anything, pays their fair share based upon their purchases. (There are currently a number of the above that pay no taxes which will now contribute)
Cost of goods and services remain the same
No embbed taxes. In other words the loaf of bread you buy includes the income taxes, social security, medicare taxes of the the employees and owner of the grower,miller,trucker,merchant. Since these taxes will be ablolished the cost of goods will be lowered and replaced with 1 tax, approxmately 23%, when the loaf of bread is purchased.Hence the cost of goods remain the same.
Tax Prebate- big win for poverty level
Every family/individual will recieve a prebate (rebate of taxes paid for the neccesities of life) up to the poverty level income. in other words those that are at or below this level will pay NO TAXES. Currently those making less than poverty level still pay social security and medicare (7.52%)
Big money stays in US
Currently those that have the "where- for-all" ship there large sums of money off shore helping other countries investments all for the purpose of avoiding taxation. Remove our conventional taxation system and the money moves back to US where it will help grow our economy.
Underground markets wil pay tax
Even though these may be illegal (drug dealers come to mind), the folks running these underground markets pay little or no tax. With the fair tax when they buy goods (boats, luxury yachts, expesive autos, fabulous beach homes, expensive clothes, jewlery and servcies) they will finally pay their share. This will add to the treasury as these folks typically do not pay any by virtue of their livelihood.
The US will become more competitive in the world
Currently embedded taxes are in all services and products we purchase, consequently these embedded taxes increase the products we ship to other countries making us less competitive.
More jobs in the US
As more money is avaible to companies and individuals, economic growth would ensue.
One of the things we exactly want the Government to do
Pass the FairTax bill.
Greatly reduced book keeping
No more keeping receipts , think about companies that spend millions and millions of dollars on record keeping just to justify deductions and expenses. This money will be put to more productive use.
Tax lobbyists will not be around to influence congress members
There will be no need for these folks, no special interest groups looking for tax loop holes that help very few. Taxation will show no discrimination.
OnMyList
List your pants off!