The FairTax could replace all federal income taxes
By Hicbd
Fri Nov 9 2012 5:09 am
The FairTax could replace all federal income taxes (including the alternative minimum tax, corporate income taxes, and capital gains taxes), payroll taxes(including Social Security and Medicare taxes), gift taxes, and estate taxes with a single national consumption tax on retail sales. The proposal also provides 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. Supporters contend that the plan would effectively tax wealth, increase purchasing power, decrease tax burdens by broadening the tax base, ease tax compliance, and increase economic growth.
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