FairTax, with its decreased overhead, allows the American People to pay less taxes to the government, while still maintaining the same amount of income under the current income tax system.
These are the highlights:
- FairTax is a consumption tax, paid in a manner similar to sales tax.
Benefits to the consumer
- All categories of consumers would pay less federal taxes under FairTax than the current system
- This is a progressive tax - households below the poverty level
- This tax would make taxes easier for the household, saving money on tax preparations.
Benefits to the government
- This tax will gain the same amount of income as the current tax system
- Since 45 states already collect state sales tax, the federal government could utilize these resources to collect the FairTax from the states. In the other five states, the federal government could subsidize the foundation of FairTax collection systems.
Feel free to research more on this tax: http://www.fairtax.org/site/PageServer
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