Friday, July 30, 2010

ABCs of the FairTax

These were written by Herman Cain.

Herman is a newspaper columnist and radio talk-show host from Georgia.

He was a mathematician for the United States Navy and a business analyst for both the Coca-Cola Company and the Pillsbury Company. He is also a former CEO of Godfather's Pizza.

He ran for U.S. Senate in the State of Georgia and finished 2nd in the Republican primary against Mac Collins. He is a possibly candidate for President in 2012.

ABCs of the FairTax

A - All federal income taxes and federal payroll taxes will be replaced with the FairTax.

B - Brackets of taxation are eliminated.

C - Capital gains taxes are eliminated.

D - Death taxes are eliminated.

E - Everyone is taxed at the same rate, which is 23% on NEW goods and services.

F - Foreign visitors will pay sales taxes.

G - Groceries and basic necessities are not taxed.

H - Hidden taxes hurt the poor more than the wealthy.

I - Internal Revenue Service is eliminated and replaced with a Sales Tax Administration.

J - Job creation would take off because embedded taxes and taxed on corporate profits are eliminated.

K - Keeping the collection of taxes simple saves the taxpayer's billions of dollars annually.

L - Liberals and Lobbyists hate the idea because it gives the people control of their money instead of the government.

M - More money for workers by eliminating compliance costs.

N - No more income tax returns.

O - Oppressive demands by the IRS would be eliminated.

P - Pre-bate of expected sales taxes based on basic necessities is based on family size and paid monthly to each family.

Q - Quick passage by Congress is not likely without a massive demand by the voters.

R - Repeal of the 16th Amendment would be in a companion bill.

S - Spend more on stuff, you pay more in taxes.

T - Two-thirds vote by the Senate would be required to change the tax rate.

U - Underground economy would pay taxes like everybody else.

V - Visibility of the federal taxes we pay would be crystal clear.

W - Workers would control their lives and their pursuit of happiness.

X - Xtra Large economic growth would be unstoppable.

Y - You decide how much you pay in taxes when you spend.

Z - Zero rate of taxation on education expenses.

1 comment:

  1. I like the Fair Tax, but I have to quibble with the following statement (and I know that you didn’t write it Steve) –
    “L - Liberals and Lobbyists hate the idea because it gives the people control of their money instead of the government.”

    I think it is an inaccurate and disingenuous to lump all liberals in with lobbyists. I’m a liberal and lord knows that I want people to have more control of their money. I think that many liberals, especially the folks at home, would agree. Also if the author is just referring to politicians, then I’m sorry but Republicans want as much control of the population as Democrats. They all do. They are power hungry, blood sucking, leeches that only care about us as far as it keeps them in office.

    On a totally different topic…I like the new layout!