The FairTax is a consumption tax, that will replace the income tax and eliminate the need for the Internal Revenue Service or (IRS) for short. The FairTax would eliminate self-employment taxes, death taxes, capital-gains taxes, corporate taxes and a lot of others and replace complicated regulations with a simple easy to collect sales tax. The tax would cause GDP to grow because without an income tax people will have more money to spend and the increased spending would fuel economic growth. The FairTax bill also has a provision that will issue a monthly “prebate” to nullify the tax on basic necessities like food. There will no longer be individual tax returns only businesses will pay taxes to the government with the tax money consumers pay. The compliance costs for the FairTax will be lower because of fewer collection points making less...
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... alternative minimum taxes. This tax will let the people become more active in government because under this tax they don’t have to pay for it. The FairTax helps create jobs because it gives people more money to spend increasing consumption and creating jobs which are desperately needed now. The repeal of these federal taxes will attract foreign investors to America to spend and help to grow the economy. Although many Americans are getting tax refunds around this time they are only getting the money they should have already had. The simple way to fund the government is much better than the complicated and confusing process of filing taxes. April 15th can just be another normal day for all of us, instead of one of the year’s most stressful days. As the FairTax gains support the United States is getting closer to the day when it says goodbye to April the 15th forever.
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