September 27, 2004
DEVELOPING BENCH STRENGTH:
A national retail sales tax? GREAT IDEA!: Aim for goals of liberty (HERMAN CAIN, 09/24/04, Atlanta Journal Constitution)
The most popular of the various national retail sales tax plans is called the FairTax. It is in both houses of Congress today as HB 25 and SB 1493. It is a replacement, not an add-on, for the federal income tax and for federal payroll taxes collected to fund Social Security and Medicare.
The FairTax provides a dollar-for-dollar replacement of all revenues now collected through such taxes and eliminates the need for annual and quarterly income tax filings, the surveillance by the federal government of wages and investment income and the need for anyone to hire an expert in order to comply with federal tax laws.
The FairTax is a progressive tax. The biggest-spending wealthy will pay an effective tax of $23 for every $77 they spend on new products and services. The poorest get money back. American families would receive a monthly refund equaling the amount of sales tax a poverty-level family would normally pay.
Here's your chairman of the President's tax reform commission.
Posted by Orrin Judd at September 27, 2004 5:51 PM