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Msg. 33735 of 62138
(This msg. is a reply to 33734 by micro) |
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Micro: PLEASE visit http://www.fairtax.org as they have ALL of the answers to your questions and have put a lot of effort into this. It is HR 25 if interested here is the link: http://www.congress.gov/bill/116th-congress/house-bill/25 #1 a flat tax does NOT eliminate the IRS or repeal the 16th Amendment. #2 EVERYONE pays the SAME taxes based on their spending - not based on their income. #3 The currently embedded taxes in the multiple layers of cost of goods and services are removed thus lowering prices = WIN for ALL Americans! Estimates are .22 per $1 just in tax compliance costs!!!
Below is a summation from HR 25: This bill imposes a national sales tax on the use or consumption in the United States of taxable property or services in lieu of the current income taxes, payroll taxes, and estate and gift taxes. The rate of the sales tax will be 23% in 2021, with adjustments to the rate in subsequent years. There are exemptions from the tax for used and intangible property; for property or services purchased for business, export, or investment purposes; and for state government functions. Under the bill, family members who are lawful U.S. residents receive a monthly sales tax rebate (Family Consumption Allowance) based upon criteria related to family size and poverty guidelines. The states have the responsibility for administering, collecting, and remitting the sales tax to the Treasury. Tax revenues are to be allocated among (1) the general revenue, (2) the old-age and survivors insurance trust fund, (3) the disability insurance trust fund, (4) the hospital insurance trust fund, and (5) the federal supplementary medical insurance trust fund. No funding is authorized for the operations of the Internal Revenue Service after FY2023. Finally, the bill terminates the national sales tax if the Sixteenth Amendment to the Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this bill. This makes MUCH more sense to me than the current broken/rigged system. Just adding to the conversation here. And I still think that our energy solutions, or the beginning threads to them, are buried in the USPTO files!! |
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