REASONS TO PASS THE FAIRTAX INITIATIVE SPONSORED BY REP. LINDER of FLORIDA IRS is too Big o Ever heard of a "refund loan facilitator, or an "enrolled agent?" S. 832, a bill that in itself is evidence that Senators and their aides have no idea of what their constituents need and want, expands the tax service by requiring education, testing and licensing of tax preparers. It adds another layer of bureaucracy (and cost) to the IRS, creating the office of "Director, Office of Professional Responsibility." o A tax code that is already 60,000 pages long. The IRS already costs the taxpayer billions of dollars a year -- this bill just adds to the burden. o The IRS will come after you for making a mistake. FairTax protects Americans from IRS unreasonable searches and seizures. o It restores the Fifth Amendment rights, guarantees the right to due process by negating the need for it. o FairTax restores individual privacy. The government no longer knows where you work, what you earn and what you are doing with your income. o No income tax means you don’t have to prove your innocence from accusations of the IRS that you misinterpreted tax law. o The government no longer requires a marriage clarification for tax purposes. o It eliminates the need for courts to decide which divorced parent gets to take the tax deduction for children. o State budget revenues increase because states, counties, school districts and municipalities no longer have to pay FICA taxes. o Eliminates administrative costs paid by states when they collect state sales taxes because states can piggyback their tax collection onto the national tax collection and be compensated ¼% in an administrative cost give-back. Retailers also get a kickback for collecting FairTax. o FairTax eliminates campaign donations for “tax favors.” o Eliminates Congressional wrangling over tax cuts, the tax code, etc. giving legislators more time to solve pressing issues. o FairTax saves 300.000 trees a year. The IRS sends out 8 billion pages of forms and instructions annually. Mortgage Interest Deduction o The Fair Tax Legislative package is only tax reform package that meets the goal of reform the income tax deductions for Mortgage interest and then maximizes it. o The Fair Tax reform package is well documented and researched on the Fair Tax website http://www.fairtax.org/. o The Fair Tax legislative package first eliminates the current income tax system on American families and American business. o Elimination of hidden business taxes will first cause prices to drop 22 to 25%. o The Fair Tax than adds in a federal retail sales tax of 30% (equivalent to income tax of 23%). American consumers will pay about the same as they did before but take home a much larger paycheck. o The Fair Tax is revenue neutral, bringing in the same revenue as current income taxes, Social Security taxes and Medicare taxes and estimated to grow the Economy 10.5% in its first year. o Mortgage interest rates will come down approximately 2%, creating a real estate boom and allowing homeowners to refinance at lower rates. STRENGTHENS INDIVIDUALS AND FAMILIES o Keep ALL of your paycheck. FairTax replaces the entire federal income and Social Security tax systems, including personal, gift, estate, capital gains, alternative minimum, Social Security/Medicare, self-employment, and corporate taxes. o No fear– income tax is gone. o FairTax funds the US government at current levels, including social security and medicare. o You get a rebate at the beginning of each month ($178 per social security card owner) so that you pay no tax up to the first $24,000.00 you spend. FairTax is a consumption tax. You pay tax only of purchases of new items and services. o The poor pay no income tax, thanks to the “prebate.” o Pay no tax at all on pre-owned items. o Reduces prices 20% to 30% by removing taxes passed along to consumers by businesses: 7.65% for earnings taxes, corporate and other taxes businesses pay. WalMart has promised to cut prices when the FairTax goes into effect. o Families can spend or save – or both. Their choice. o The average family making $50,000.00 a year will have $7,500.00 more a year in discretionary income. o You can set up any kind of savings or investment retirement account without worrying about taxes or government rules. o College tuition becomes a tax-free expenditure from tax-free income. No more paying tax preparers, spending time collecting data to comply with tax laws. o It’s simple, easy and

docDoc REASONSTOPASSTHEFAIRTAXINITIATIVE

Practical Docs > Common > Other > Preview
4 Pages 0 Downloads 23 Views 3.0 Score
Tips: Current document can only be previewed at most page3,If the total number of pages in the document exceeds page 3,please download the document。
REASONSTOPASSTHEFAIRTAXINITIATIVE Page 1 REASONSTOPASSTHEFAIRTAXINITIATIVE Page 2 REASONSTOPASSTHEFAIRTAXINITIATIVE Page 3 REASONSTOPASSTHEFAIRTAXINITIATIVE Page 4
Uploaded by admin on 2022-04-20 02:02:59
Rate
You can enter 255 characters
What is my domain?( answer:www.45doc.com )
comments
  • No comments yet