To Fools in the US:There is a bill currently in D.C. to change our Federal tax system. HR 25 in the House and S 25 in the Senate. The full information can be found at www.fairtax.org and also in "The Fair Tax Book".This bill would abolish the 16th Amendment, do away with Income and Payroll taxes and end corporate taxes. The Federal tax would be a single consumption tax with rebates to each head of household for the estimated taxes paid on basic living necessities This sets the stage for many great things to happen. As this is an investing website I will focus on this aspect. After the passage of the bill the economy is projected to grow over 10% in the first year, personal savings would increase, personal investing would increase, corporate investments would increase, capital investments would increase, the US would be the preferred place to operate a business and our US businesses would be rid of the unfair tax burden when trying to sell their products overseas. The current drag create by the income tax would end and the boom the investor would find themselves a part of would be incredible. Please visit www.fairtax.org, if you find yourself in favor of HR 25 and S 25 please sign the petition and email your representatives; all of which can be done at the website - and of course tells your relatives and friends to do the same.
Welcome to the Fool. You wrote:<The full information can be found at www.fairtax.org and also in "The Fair Tax Book".Make that the full information that the promoters want to discuss, discussed in the way they want you to see it. This is hardly a phenomenon restricted to the promoters of Fair Tax.You can find the "plain language" (irony alert) of any pending bill at http://thomas.loc.gov.For my thoughts on due diligence, a concept we're fond of here at the Fool, see http://boards.fool.com/Message.asp?mid=23668181.Phil
H.R. 25 has been around for a few years. Congress will NEVER pass it. Our current tax system is used by the members of congress to get themselves re-elected. It also propagates hordes of lobbyists as by tinkering with the tax code congress can influence the way people act. If you take that away then our congressmen and women would lose a considerable amout of power which is not why they are there. Personally I would rather see corporate and payroll taxes abolished. The IRS should just send everybody a bill for their share of the governments expenses every month. At least that way we would be able to put a number on what share of our income the government is taking.
All I know is that the tax laws have been written in favor of the rich in recent decades . During 1950-1960 income tax rate for the very wealthy was up to 91% . Today , it is only 35% . And if you are only an investor it can be even as low as 15% . If you study the growth of our national debt , you will notice there is a statistical positive correlation between the growth of national dept and growth of # of wealthy in our society . Meaning as we added people on the top with more millions and billions , at the same time our national dept grew with it . There is also a negative correlation between the rate of poverty and reduction of tax rate for the wealthy . In other words , the less the rich pays in taxes, more common people will be left behind to reach the American dream .
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