- Dear Abby
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Amazing things would happen if we took 10 percent of the time we spend filing IRS Form 1040 to learn about the Fair Tax.
Anyone elected to Congress would have to join 74 cosponsors of the Fair Tax Act (H.R.25). Congress would pass the Act. The IRS and 75,000 pages of tax code would be gone.
We would take home 100 percent of our paycheck. Corporations would not pay payroll or income taxes. They would cut prices to compete. The price of any new good or service would include a 23 percent sales tax. Education would not be taxed.
The poor would not pay any tax because we would all receive a monthly deposit equal to 23 percent of the official poverty level.
The federal government would get just as much revenue as it does now. Instead of taxing work and getting less work, it would tax consumption. Retailers would report their sales to the feds, like state sales taxes. Every American would make some contribution to government. Corporations would invest in the United State instead of sending jobs overseas. The economy would boom. Check this out at fairtax.org.