Most importantly, you’ll be taxed fairly.
If you’re thrifty, you’ll pay lower taxes than somebody who is not. The prebate prevents an unfair burden on low-income families. This gives every legal resident household an “advance refund” at the beginning of each month so that purchases made up to the poverty level are tax-free. The FairTax provides a progressive program called a prebate. Get a Tax Refund in Advance on Purchases of Basic Necessities Instead of being funded by taxes on workers’ wages, which is a small pool, they’ll be funded by taxes on overall consumption by all residents. The FairTax actually puts these programs on a more solid funding foundation. You will get an instant raise in your pay!īenefits will not change. Important to note: the FairTax is the only tax plan currently being proposed that includes the removal of the payroll tax.įor the first time in recent history, American workers will get to keep every dime they earn including what would have been paid in federal income taxes and payroll taxes.
The FairTax rate after necessities is 23% compared to combining the 15% income tax bracket with the 7.65% of employee payroll taxes under the current system - both of which will be eliminated! Under the FairTax, every person living in the United States pays a sales tax on purchases of new goods and services, excluding necessities due to the prebate.
The FairTax is a national sales tax that treats every person equally and allows American businesses to thrive, while generating the same tax revenue as the current four-million-word-plus tax code. A system that allows you to keep your whole paycheck and only pay taxes on what you spend. But there is a reasonable, nonpartisan alternative before Congress that is both fair and easy to understand. The current federal income tax system is clearly broken - unfair, overly complex, and almost impossible for most Americans to understand.
0 kommentar(er)
