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With four people dropping out of the job market in August for everyone who found a job, our economy needs a boost. Why don't we eliminate the 77,000-page income tax code and replace it with the FairTax?
The FairTax would tax what we spend, not what we earn. Instead of discouraging work, it would encourage jobs, savings, and investment and bring a $1 trillion per year efficiency boost to the U.S. economy.
It would eliminate federal income, payroll, personal, gift, estate, capital gains, alternative minimum, Social Security, Medicare, self-employment and corporate taxes.
Instead, there would be a new federal 23 percent consumption tax on new goods and services, with no exceptions. Every citizen would receive a monthly pre-bate check for 23 percent of the poverty level, so a family of four could spend $26,800 tax free. A family spending twice as much would be paying 11.5 percent.
Almost all states collect sales taxes, so retailers and states would be paid a fraction of one percent to collect the federal tax. Form 1040s and the $13 billion per year IRS bureaucracy would be gone.
Workers would keep 100 percent of what they earn. Manufacturers would locate here and sell more abroad. Call 800-FairTax.