Consider this a "revival" of the National Sales Tax topic on this board from last November.
There is a new book out, called the "FairTax Book". Just released Tuesday, it is currently #3 on Amazon.com and #7 on Barnes and Noble. These are impressive rankings for a book on taxes, of all things.
To quicky summarize, the plan:
1) Would eliminate all current federal taxes (income, corporate, AMT, FICA, Medicare, investment-related, death, etc.) and replace them with a single 23% sales tax on all retail purchases of NEW goods and services.
2) Probably (and this is my one slight hesitation about the plan) would result in the price reduction of goods and services due to the elimination of the current taxes paid during the intermediate levels of production. This might offset the new retail tax to some degree.
3) Would result in a "prebate" check sent each month to each head of household to compensate for the taxes paid for the necessities of life. The amount of the check would be based on the government poverty level computations for the size of the household. This significantly reduces the argument that the new tax would hurt the poor.
4) Would eliminate the horrendous cost of compliance with the current tax structure.
...and many more.
I would like to see comments from those who have read the book. I have, and it is an easy read of only about 2-3 hours, about 180 pages.
There is a new book out, called the "FairTax Book". Just released Tuesday, it is currently #3 on Amazon.com and #7 on Barnes and Noble. These are impressive rankings for a book on taxes, of all things.
To quicky summarize, the plan:
1) Would eliminate all current federal taxes (income, corporate, AMT, FICA, Medicare, investment-related, death, etc.) and replace them with a single 23% sales tax on all retail purchases of NEW goods and services.
2) Probably (and this is my one slight hesitation about the plan) would result in the price reduction of goods and services due to the elimination of the current taxes paid during the intermediate levels of production. This might offset the new retail tax to some degree.
3) Would result in a "prebate" check sent each month to each head of household to compensate for the taxes paid for the necessities of life. The amount of the check would be based on the government poverty level computations for the size of the household. This significantly reduces the argument that the new tax would hurt the poor.
4) Would eliminate the horrendous cost of compliance with the current tax structure.
...and many more.
I would like to see comments from those who have read the book. I have, and it is an easy read of only about 2-3 hours, about 180 pages.