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Saturday, March 11, 2017

 

'Elimination of IRS' key to tax reform bill Complete overhaul provides 'a lot to be excited about'

'Elimination of IRS' key to tax reform bill
Complete overhaul provides 'a lot to be excited about'

".......The one plan that already has been proposed, and is being supported by dozens of members of Congress, would be a radical move.

For one thing, and it’s good news for most Americans, the IRS would vanish.

As would payroll withholdings.

But the revenue would be replaced by a use tax – a national sales tax that would have every person in the U.S. pay a sales tax on purchases of new goods and services.

Necessities would be exempted through a “prebate” payment to families at the beginning of the month.

While there’s not enough support in Congress yet for it to be adopted, with a president like Trump in the White House, there are few who would say such things are impossible.

The plan calls for a 23 percent sales tax, but it would replace what even for lower income earners is a 15 percent income tax, plus the 7.65 percent payroll taxes that are collected currently.

Consumers would keep their paychecks and pay only when they buy.

One of the more attractive features, the FairTax supporters suggest, is the sudden and complete disappearance of the IRS.

Martin Wattenbarger, a spokesman for Rep. William Woodall, R-Ga., said the Fair Tax Act is in the pipeline. ....."

http://www.wnd.com/2017/03/elimination-of-irs-key-to-tax-reform-bill/#V86kMRlBUKvgM3Ib.99


Comments:
interesting, want more info.
Thanks Sully. Fair Tax was the brainchild of former Representative John Lender (R) of Georgia and was introduced several years ago.

https://fairtax.org/
Oops name spelled wrong. John Linder    https://en.wikipedia.org/wiki/John_Linder
Repeal the illegal IRS!!!!! Flat tax, everybody in the game.
Thanks Jarasan. I like Fair Tax because it's based on purchases. To rein in government spending the population can stop purchasing.
The flat tax will elemental the entire need for the expesnse Fed agents in Black suits with badges & guns - easily replace with a simple Tax Bureau

Agree with all above, the only question remains, do you think Congress realistically will relinquish their control of the MONEY ????
Thanks Eddessa. I certainly hope they will. We have the best chance we've had in years to get it passed under Pres Trump.

Fair Tax as I understand it will eliminate all federal taxes we know about, and all hidden taxes. As was presented the cost of goods in stores would be less due to not having embedded manufacturing taxes. They also indicated we pay about that amount in payroll and taxes embedded in goods due to corporation compliance costs. Streamlines everything because it's no longer a bureaucratic nightmare to wade through.
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