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.