Law Articles And Legal Issues

Say Goodbye to the Income Tax and the IRS

Here is a way to eliminate the IRS and never have to file another personal income tax return; or company tax return for that matter! Every dollar you earn you would get paid; no taxes withheld. You absolutely have the power to make this happen!

There is a tax bill before Congress right now that would abolish the IRS and get rid of income taxes, corporate taxes, death taxes, estate taxes, etc. It's called the FairTax Act and I am serious when I tell you it is not only fair, it would without a doubt solve our country's economic problems in short order. I want to start by saying that The FairTax is resisted by a vocal minority precisely because it will do what it promises in abolishing the IRS, the more than $300 billion in tax return filing costs, and the insidious corruption of the current system. Here's a brief overview of what it is all about.

What is the FairTax?

It is a consumption tax that is charged when you purchase something new. It is a transparent tax: that means the tax will be on your receipt in plain English so you can see it.

Currently you are paying those taxes when you purchase something, but they are buried in the cost of the item all along the manufacturing line from the raw materials to the packaged end product. These are called embedded taxes because they are hidden from your view. Under the FairTax Act, you would be paying the same price for a loaf of bread, but the loaf would have a lower shelf price and the tax would be added at the cash register and printed on your receipt.

Is the FairTax actually fair?

Yes, the FairTax is fair. In fact, it is really much more fair than the income tax. You can control how much tax you pay simply by deciding what things you are going to purchase. The rich spend more money on more expensive items than other individuals. The FairTax taxes them on these purchases.

Illegal aliens and tourists, who pay no taxes now, would pay their fair share of taxes every time they buy something. Anyone who gets cash income and never reports it on an income tax return would have to pay taxes on that income at the cash register when they use it to buy something. And yes, the government would continue to get as much tax revenue as they currently get, but the cost of running the government would be a lot less.

The FairTax would have a positive effect onAmerica's economy.

By removing the tax penalty for working harder and producing more income, U.S. companies will experience a new wave of expansion and economic growth. Hidden taxes are history, U.S. citizens are able to save more, and companies invest more. The FairTax, as proposed, would bring American companies back home as it would no longer be an advantage to have U.S. companies in foreign countries hiring workers for low wages to do jobs that Americans should be doing here at home for a fair wage.

Workers would bring home all that they earn.

the FairTax will put more money in the pockets of every U.S. citizen by removing the income tax. There would be no deductions from the amount you earn to pay federal taxes, Social Security or Medicare. If you earned $100 you would get paid $100. Companies would no longer be burdened with paying additional taxes on their employees wages for Social Security/Medicare.

The FairTax has a positive effect on Social Security/Medicare.

There would be plenty of money available for both these programs under the FairTax. Like the rest of the federal spending programs, Social Security would operate exactly as it does today, with the exception that its funding would come from a consumption tax, instead of a payroll tax.

Employers would continue to report the wages they pay to individual employees to the Social Security Administration only for the determination of benefits. The move to a reformed Social Security system is eased while ensuring there is sufficient funding to continue promised benefits.

The FairTax protects low-income and lower-middle-income families and individuals.

Under the FairTax Plan, people near poverty level pay zero net FairTax up to the poverty level! Every citizen or household receives a monthly prebate check that is equal to the FairTax paid on essential goods and services [medicine and groceries], and all wage earners are no longer subject to the most oppressive tax of all, payroll taxes.

The FairTax protects senior citizens.

Seniors do very well under the FairTax. Low-income seniors get better benefits under the FairTax than underthe current income tax system. Some people incorrectly believe that those who live exclusively on Social Security don't have to pay any taxes. Those people may not know it, but they are paying the hidden corporate income taxes and employer payroll taxes when they purchase something. Under the FairTax, seniors pay $0.23 out of every dollar they choose to spend on new products. In addition, seniors, like everyone else, will receive the monthly prebate check, in advance of making the purchases, for taxes paid on the cost of necessities.

Yes, The FairTax CAN really be passed into law! The FairTax has undertaken to build a grassroots movement and grassroots alliances to support the effort. However, this will only happen when the American people unite behind the effort, throw off the chains of income tax bondage, and demand that Congress correct 90 years of wrongs done by the income tax.

What you can do RIGHT NOW to ensure this bill gets passed.

First, go to the website FairTax.org and sign the petition to let Congress and the President know that you want this bill passed into law. While you are on the website, look at the congressional scorecard to find out whether your state congressional representatives support this bill. If they are not a supporter or co-sponsor, send them a letter and demand they vote for this bill and that you will be watching this scorecard to see how they voted come election time.

Second, read The FairTax Book: Saying Goodbye to the Income Tax and the IRS by Neal Boortz and Congressman John Linder. Read it so you understand what this bill actually says. The book is easy to understand. Then pass it on to a friend to read and ask them to pass it on, too.

Sandra Simmons, President of Money Management Solutions, has years of experience helping professionals and families manage their income to reach their financial goals. To learn more about the Money Management Software she created, visit her website and watch the FREE 5-minute demo video at www.MoneyMgmtSolutions.com (http://www.moneymgmtsolutions.com)

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