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On Tax Day: the Fair Tax option

Monday, April 15, 2019 23:05

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Today was the deadline to file your income tax returns. Mr. Vodkapundit, Stephen Green, marked the occasion with his column at PJ Media, “Abolish the Income Tax, Abolish the IRS“:

The Fair Tax isn’t exactly a new idea, but it’s one worth reminding people of every April 15.

The Fair Tax would completely eliminate payroll taxes and individual and corporate income taxes by repealing the 16th Amendment. Washington would be funded instead by a national sales tax — partly offset by a monthly “prebate” paid to every household. As described by Americans for Fair Taxation, the prebate is “an ‘advance refund’ at the beginning of each month so that purchases made up to the poverty level are tax-free.” You would take home 100 percent of your pay, and determine your own tax rate based on how much you spend each month.

The IRS is abolished, replaced by a tax collection mechanism every single merchant is already familiar with. Conspicuous consumption by the rich would be met with a heavy sales tax burden, but investments in jobs and growth and innovation would be tax-free.

Other benefits include zero compliance cost for individuals, no more audits, no more loopholes, and vastly reduced opportunities for official corruption and graft. Almost as good, perhaps, is that only legal U.S. residents are eligible for the prebate, but everybody, from native-born citizen to illegal alien, pays their fair share at the cash register.

Makes sense, which is why it’s unlikely to happen. Full article is here.

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Source: http://clevelandteapartypatriots.blogspot.com/2019/04/on-tax-day-fair-tax-option.html

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