The #FairTax ensures that everyone earning above the poverty level would pay federal taxes.
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The FairTax ensures that everyone earning above the poverty level would pay federal taxes. Loopholes would not exist and Social Security and Medicare funding would be ensured.
The current federal tax code taxes those with higher income at a higher rate. Some low income individuals do not pay any income taxes at all. And the current federal tax code does not include illegal immigrants.
The FairTax plan does away with the IRS and federal income and payroll taxes. According to FairTax.org, it also abolishes ‘gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.’
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Related articles
- Wealth Matters: What Higher Taxes Will Really Mean (nytimes.com)
- Debating the Pros and Cons of a Flat Tax (usnews.com)
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