Libertarian Tax Plan. FairTax. IRS IS GONE!

The FairTax plan wasn't written by Libertarians but the Libertarian Party is the only party wanting to implement it. Over 150 congressmen and women (non-libertarins) have voted for it already.

The FairTax is a proposal to the federal tax code of the United States. It would replace all (including the,, and, (including,, and with a single broad national retail sales. The Fair Tax Act would apply a tax, once, at the point of purchase on all new and for personal consumption. The proposal also calls for a monthly payment to all of lawful U.S. residents as an advance rebate, or "prebate", of tax on purchases up to the poverty level. First introduced into the in 1999, a number of congressional committees have heard testimony on the; however, it has not moved from committee and has yet to have any effect on the tax system. In recent years, a tax reform movement has formed behind the FairTax proposal. Attention increased after and Congressman published in 2005 and additional visibility was gained in the

As defined in the proposed legislation, the tax rate is 23% for the first year. This percentage is based on the total amount paid including the tax ($23 out of every $100 spent in total). This would be equivalent to a 30% traditional ($23 on top of every $77 spent—$100 total). The rate would automatically adjust annually based on federal receipts in the previous fiscal year. With the rebate taken into consideration, the FairTax would be on, but would also be on at higher income levels (as consumption falls as a percentage of income). Opponents argue this would accordingly decrease the on and increase it on the Supporters contend that the plan would effectively tax, increase and decrease tax burdens by broadening the tax base.

The plan's supporters state that a consumption tax would increase and, ease and increase, increase incentives for to locate in the US and increase US competitiveness in The plan is intended to increase cost transparency for funding the federal government. Supporters believe it would increase, benefit the and effectively tax and Opponents contend that a consumption tax of this size would be extremely difficult to collect, and would lead to pervasive They also argue that the proposed sales tax rate would raise less revenue than the current tax system, leading to an increased Other concerns include the proposed repeal of the, removal of incentives, transition effects on after-tax savings, incentives on credit use and the loss of tax advantages to


By: The World is a Vampire (2044.30)

Tags: libertarian, tax, plan, gary, johnson, coke. analogy

Location: Kubinka, Moscow Oblast, Russia

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