www.fairtax.org Click and read, since this was started by local John Linder in the house. Imagine if you could keep all of your paycheck again, and not have to be taxed for simply working. All you have to do is pay a %23 sales tax, and only when you buy something.
A lot of countries already do this. It's usually called a VAT (value added tax), I don't know why we have waited so long for this to come around in the States.
Well, most other countries have a VAT in _addition_ to the income tax. Sweden adds 25% sales tax on top of the income tax. It's pretty brutal.
and were saving with tax-free interest on everything you didn't spend... and SUBARU didn't have to pay to have a massive accounts team to comply with America's ridiculous tax codes... that STI would probably drop about 6~8 grand in price. the evidence of this 'embedded tax' in everything we buy is proven and analysed at www.fairtax.org if you want to crunch the numbers, but rest assured, prices would drop...
In Pennsylvania we had the OPT tax (Occupational Priviledge Tax) It was on your first paycheck each year. Only $10 a year, but it just bothered me to have to pay a tax for the Priviledge, (as if) to work in PA.
and remember. Your employer has to pay income tax on you as well.. well... they don't really PAY the tax so much as they lower your pay to compensate for the taxes they have to pay on you... Those will go away under the Fair Tax too. Right now its in the house, so goto your District reps and tell them to back this. There currently is no opposition, and its supported by the big 2.5 parties. Dem, Repub, and Libertarians. There is no good reason not to try this tax system for 50 years and see how it works better than the convuluted piece of red tape we have now..
You talking about FICA taxes? Yeah, that's a big scam. When a company budgets for an employee, they take into consideration their FICA contributions. Guess where those dollars come out... but the government touts it as "Your employer pays half!" I just wish for one thing... that instead of having taxes sucked out of our paychecks, that once a year we'd have to write a single check to the IRS for taxes owed. Think that'd cause a revolt pretty quick?