The FairTax would eliminate the federal income tax and the IRS along with it. Concurrently, it would establish a national sales tax on retail consumption.
It would eliminate the current crazy quilt of indecipherable tax code regulations that bogs down businesses and befuddles families.
It would make each of us the master of our own financial destinies. If you want to spend your money, that road is wide open to you with the FairTax. You’ll certainly have more take-home pay.
If you want to save instead, you won’t be penalized for having rightfully earned your money in the first place.
Let me emphasize this– if you made $50,000, you would take home $50,000, not the number you currently get after taxes. You would only be taxed when you make a purchase. Sure, that rate would be higher than it is now, but you would get a rebate check for necessities based on family size at the beginning of every month.
It’s a great idea and I hope this book gives the idea traction and we can get out of this income tax system with all of its loopholes, etc.