The FairTax Act of 2023
FairTax Act of 2023 (H.R.25) has been introduced to the United States Congress.
Is it time for a tax revolution?
The current US Tax Code grows more complex daily, politicians in Washington add 1 new tax code per day to fund their bills. No regular taxpayer could possibly ever know what rules they need to follow to be certain they are compliant with the law.
Taxpayers are constantly living in fear that they may not have had enough already taken out of their wages to cover their share. Endless hours and massive funds are spent on complying with the burden of the current income tax system.
Albert Einstein: “The hardest thing in the world to understand is the income tax.“
The tax code is full of discrimination, limitations and special interests.
The environment suffers as truckloads of mail are hauled into and out of IRS facilities daily.
Taxpayers have had enough, it is time Abolish the tax code and IRS as we know it.
Alfred E. Neuman: “Today, it takes more brains and effort to make out the income-tax form than it does to make the income.”
The FairTax is a national consumption tax that would be levied on all new goods and services purchased within, shipped to, or provided to end users located within the USA and its territories.
Take home all of your wages, no social security or income tax will need to be withheld, the consumption tax pays into Social Security and funds all government programs.
NO PERSONAL TAX RETURNS ARE REQUIRED.
The FairTax does not want anyone in poverty to pay federal tax. The poor and middle classes benefit greatly from the FairTax when compared to keeping our current system of taxation. Their standards of living and well-being rise at a faster rate than the wealthy.
Solutions for the poor include; reimbursing US Citizens and Legal Residents by sending a monthly “prebate” for tax spent up to the current poverty limit based on their family size. Employees will get to take home all their pay saving 7.65% of current taxes imposed on all employees. Additionally, purchases of used items will be tax exempt from tax.
Businesses get a credit (compensation for their time) for filing their returns by the due date. The opposite of a penalty, a reward for being on time! And they can deduct/get a credit for the tax paid on their Costs of Goods sold.
The FairTax will, for the first time, tax undocumented workers who now evade U.S. income and payroll taxes. All persons living or visiting in the U.S. will pay taxes, whether they are here legally or illegally.
By using this consumption based taxation, we can collect an equally administered tax from virtually all stateside businesses & residents.
Our Individuals can thrive because they will have control over their financial success. Imagine taking all of your earnings home and only paying tax on what you want to.
By giving a monthly allowance through the prebate, we can assure no US citizen living in poverty is paying tax. Families can get assistance monthly when they need it instead of tax refunds they received annually in the past.
Our Businesses will be able to focus on making business decisions instead of tax decisions.
We will be decreasing the paperwork burden creating a measurable net positive impact on the environment.
The Fair Tax is designed to collect tax!
Sufficient tax revenue will be collected to fund government spending, retirement & social security payment obligations, all without penalizing the worker and businesses.
If you want to the TaxAct of 2023 to be enacted share the word about the Act and let your Representatives know you want a FairTax.
Go to https://www.congress.gov/ use the “Contact Your Member” widget on the right side of the website for a list of your representatives and ways to contact them.
For more information visit www.FairTax.org