The Fair Tax Act (H.R. 25/S. 18) is a bill in the United States Congress for changing tax laws to replace the Internal Revenue Service (IRS) and all federal income taxes (including Alternative Minimum Tax), payroll taxes (including Social Security and Medicare taxes), corporate taxes, capital gains taxes, gift taxes, and estate taxes with a national retail sales tax, to be levied once at the point of purchase on all new goods and services. The proposal also calls for a monthly payment to households of citizens and legal resident aliens (based on family size) as an advance rebate of tax on purchases up to the poverty level.[1][2] The impact of the FairTax on the distribution of the tax burden is a point of dispute. The plan's supporters argue that it would decrease tax burdens,[3] broaden the tax base, be progressive, increase purchasing power,[4] and tax wealth,[2] while opponents argue that a national sales tax would be inherently regressive and would decrease tax burdens paid by high-income individuals.[5]
^"H.R. 25: Fair Tax Act of 2007". 110th U.S. Congress. The Library of Congress. 2007-01-04. Archived from the original on 2016-01-18. Retrieved 2007-01-14.
^ abKotlikoff, Laurence (2005-03-07). "The Case for the 'FairTax'" (PDF). The Wall Street Journal. Archived from the original (PDF) on 2006-06-14. Retrieved 2006-07-23.
^Kotlikoff, Laurence; Rapson, David (November 2006). "Comparing Average and Marginal Tax Rates under the FairTax and the Current System of Federal Taxation" (PDF). Boston University. Archived from the original (PDF) on 2007-06-14. Retrieved 2006-11-04.
^Kotlikoff, Laurence; Jokisch, Sabine (2007-04-24). "Simulating the Dynamic Macroeconomic and Microeconomic Effects of the FairTax" (PDF). Boston University & Centre for European Economic Research. Archived from the original (PDF) on 2007-06-14. Retrieved 2007-05-13.
^Regnier, Pat (2005-09-07). "Just how fair is the FairTax?". Money Magazine. Retrieved 2006-07-20.
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larger amounts of income. Excise taxFairTax Flat tax Land value tax Pigovian tax Sales tax Sin tax Turnover tax Value-added tax X tax William Petty,...
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too much burden on the low-income earners. When thetaxburden is borne by the producers, the French economist Jean-Baptiste Say said: "taxes, over time...
depressing the purchase price during the process of commodity exchange. Tax shift is the redistribution oftaxburden. Its economic essence is the redistribution...
tax and various flat tax proposals on personal incomes. Excess burdenof taxation FairTax Flat tax Geolibertarianism Georgism Land value tax List of taxes...
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that of poverty and fairness. Income inequality metrics (or income distribution metrics) are used by social scientists to measure thedistributionof income...
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benefit of property taxation, the reliability oftax revenue, while providing for what some view as a correction ofthe unfair distributionoftaxburdens on...
The Illinois FairTax was a proposed amendment to the Illinois state constitution that would have effectively changed the state income tax system from...
share ofthetaxburden. Thetax code is often complex and includes rules that benefit certain groups of taxpayers while shifting more oftheburden to others...
purchaser ofthe same item. FairTax, a proposed federal sales tax, intended to replace the US federal income tax. Turnover tax, similar to a sales tax, but...
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tax burdens: "Economists at both the Treasury Department and the Congressional Budget Office assume that theburdenofthe corporate income tax is borne...
amount oftaxes paid to the total tax base (taxable income or spending), expressed as a percentage. Average tax rates is used to measure taxburdenof individuals...
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efficiency). The issue of how taxes affect income distribution is closely related to tax incidence, which examines thedistributionoftaxburdens after market...
and dynamic estimates of potential changes in revenue, GDP, wages, employment, and thedistributionofthe federal taxburden. The TAG model is a "neoclassical...
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