The Fair Tax Act (H.R. 25/S. 122) 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]
Supporters argue that a consumption tax, such as the FairTax, would have a positive impact on available capital (through deferred taxation on investment), increased U.S. international competitiveness (border tax adjustment in global trade), incentives for international business to locate in the U.S., increased economic growth, and ease of tax compliance.[3][4] The plan may 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.[3][5] Because the FairTax plan would remove taxes on income, tax deductions would have no meaning or value, which concerns some lawmakers about losing this method of social incentive. There are also concerns regarding the repeal of the Sixteenth Amendment, transition effects on after-tax savings, impact to the income tax industry, incentives on credit use, and the loss of tax advantages to state and local bonds.
^"H.R. 25: Fair Tax Act of 2013". 113th U.S. Congress. The Library of Congress. 2013-01-03. Archived from the original on 2016-01-16. Retrieved 2013-04-07.
^Kotlikoff, 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.
^ abCite error: The named reference fairtaxbook was invoked but never defined (see the help page).
^"An Open Letter to the President, the Congress, and the American people" (PDF). Americans For Fair Taxation. Archived from the original (PDF) on 2006-10-15. Retrieved 2006-07-23.
^Sipos, Thomas (2007-07-10). "A Fair Tax for Progressives and Conservatives". American Chronicle. Archived from the original on 2007-11-10. Retrieved 2007-07-13.
and 27 Related for: Predicted effects of the FairTax information
consumption. However, theFairtax would also eliminate the EITC and CTC, dramatically reducing this benefit. Additionally theFairTax would be applied to...
testimony on the bill; however, it did not move from committee. A campaign in 2005 for theFairTax proposal involved Leo E. Linbeck and theFairtax.org. Talk...
favor oftax simplification (such as theFairTax or OneTax, and some flat tax proposals). In the absence of negative externalities, the introduction of taxes...
TheFairTax Book is a non-fiction book by libertarian radio talk show host Neal Boortz and Congressman John Linder, published on August 2, 2005, as a...
outside the Treasury. Americans For Fair Taxation Distribution oftheFairTax burden PredictedeffectsoftheFairTaxFairTax "H.R. 25: FairTax Act of 2007"...
Secret Fairtax: Give Yourself a 25% Raise (Paperback ed.). Authorhouse. ISBN 1-4033-9189-0. Regnier, Pat (2005-09-07). "Just how fair is theFairTax?". Money...
economics, tax incidence or tax burden is the effect of a particular tax on the distribution of economic welfare. Economists distinguish between the entities...
reform proposals were theFairTax and flat tax, both of which are regressive with regards to income. The first recorded mention of this reform by a political...
In the United States, individuals and corporations pay a tax on the net total of all their capital gains. Thetax rate depends on both the investor's...
increases the PIT of 99% ofthe population, their increase in net income will still be more than enough to compensate for theeffectsofthe excise tax on automobiles...
the 2018 version. Skopos Labs, a technology company that predicts risks and opportunities, gave the bill a 1% chance of being enacted. The Pink Tax Repeal...
suggests that a significant portion ofthetax cuts will be saved, not spent." The Trump administration predictedthetax cut would spur corporate capital...
Mark Zandi predicted that making the Bush tax cuts permanent would be the second least stimulative of several policies considered. Making thetax cuts permanent...
economic inefficiency, unlike other taxes. A land value tax also has progressive taxeffects. Advocates of land value taxes argue that they would reduce economic...
features in IFRS: Fair presentation and compliance with IFRS: Fair presentation requires the faithful representation oftheeffectsofthe transactions, other...
benefits raising tax rates), and the possible knock-on effects to the wages of more experienced workers who might already be earning the new statutory minimum...
ecological effects. The Court of Appeals affirms the dismissal from service of three Bureau of Immigration (BI) officers over their involvement in the ‘pastillas’...
Estimates ofthe Price Elasticity of Demand for Casino Gaming and the Potential Effectsof Casino Tax Hikes. Marshall, Alfred (1920). Principles of Economics...
the size ofthe unobserved economy. Economist Paul Pecorino presented a model in 1995 that predictedthe peak ofthe Laffer curve occurred at tax rates around...
2013). "PredictingtheEffectsof Sugar-Sweetened Beverage Taxes on Food and Beverage Demand in a Large Demand System". American Journal of Agricultural...
multiple states in the United States, and Portugal. According to a report released by FairTax Mark in 2019, Amazon is the best actor oftax avoidance, having...
are predicted to rise as well, with the CSIRO predicting buildings in Port Adelaide would need to be raised by 50 to 81 cm to keep the amount of flooding...
Another source is tax evasion, whose distribution is also disputed. Inequality can be measured before and after theeffectsoftaxes and transfer payments...
on the elasticity oftax rates, known as the Laffer curve. Arthur Laffer's model predicts that excessive tax rates actually reduce potential tax revenues...
the Congress on credit scoring and its effects on the availability and affordability of credit Credit-based insurance scores: Impacts on consumers of...
2 trillion. CBO predicted deficit reduction around a broad range of one-half percent of GDP over the 2020s while cautioning that "a wide range of changes could...
Global Information