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Fair Tax

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Hidden : 2/28/2009
2 out of 5
2 out of 5

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Geocache Description:

With the economic crisis being the number one issue in our country today there has been a lot of phrases being thrown at us, I thought I would name a few caches after them.

Per Wikipedia The FairTax is a proposed change to the federal tax laws of the United States that would replace all federal income taxes[1] with a single national retail sales tax. The plan has been introduced into the United States Congress as the Fair Tax Act (H.R. 25/S. 296). The tax would be levied once at the point of purchase on all new goods and services for personal consumption. The proposal also calls for a monthly payment to all family households of lawful U.S. residents as an advance rebate, or 'prebate', of tax on purchases up to the poverty level.[2][3] The sales tax rate, as defined in the legislation, is 23 percent of the total payment including the tax ($23 of every $100 spent in total—calculated similar to income taxes). This would be equivalent to a 30 percent traditional U.S. sales tax ($23 on top of every $77 spent before taxes).[4]

With the rebate taken into consideration, the FairTax would be progressive on consumption,[3] but would also be regressive on income at higher income levels (as consumption falls as a percentage of income).[5][6] Opponents argue this would accordingly decrease the tax burden on high income earners and increase it on the middle class.[4][7] Supporters contend that the plan would decrease tax burdens by broadening the tax base, effectively taxing wealth, and increasing purchasing power.[9] The plan's supporters also argue that a consumption tax would have a positive effect on savings and investment, that it would ease tax compliance, and that the tax would result in increased economic growth, incentives for international business to locate in the U.S., and increased U.S. competitiveness in international trade.[10][11][12] Opponents contend that a consumption tax of this size would be extremely difficult to collect, and would lead to pervasive tax evasion.[4][5] They also argue that the proposed sales tax rate would raise less revenue than the current tax system, leading to an increased budget deficit.[4][13]

In recent years, a tax reform movement has formed behind the FairTax proposal.[14] Increased support was created after talk radio personality Neal Boortz and Georgia Congressman John Linder published The FairTax Book in 2005 and additional visibility was gained in the 2008 presidential campaign. A number of congressional committees have heard testimony on the bill; however, it has not moved from committee since its introduction in 1999 and has yet to have any effect on the tax system. The plan is expected to increase cost transparency for funding the federal government, and supporters believe it would have positive effects on civil liberties, the environment, and advantages with taxing illegal activity and illegal immigrants.[10][15] There are concerns regarding the proposed repeal of the Sixteenth Amendment, removal of tax deduction incentives, transition effects on after-tax savings, effect to the income tax industry, incentives on credit use, and the loss of tax advantages to state and local bonds

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