The FairTax Act: a Revolutionary Idea
Dissatisfied with the current tax code, Americans are ready for change. The FairTax proposal is a plan designed to address the weaknesses in the current code, to provide relief for individuals and corporations, and to stimulate the economic growth of America. With the FairTax plan, people will no longer pay Social Security Tax, the Medicare Tax, corporate income taxes, the death tax, the self-employment tax, the alternative minimum tax, the gift tax, or capital gains taxes. Obviously, the plan is revolutionary; but America has a history of revolutionary ideas.
Americans have disliked taxes since colonial times. In fact, the intolerable taxes levied by Great Britain were a major factor leading to the …show more content…
So what are some of the alternatives? The best knowns are the Flat Tax, the Value Added Tax (VAT), the Tax Reform Act of 2014, and a national sales tax. However, only one of those proposals eliminates the IRS along with corporate and income taxes.
In 1995, a Houston businessman, tired of wasting time on tax conversations and issues, organized a group of like-minded citizens, politicians, and businessmen to create Americans For Fair Taxation. The group, through their website, FairTax.org, quickly raised several million dollars to hire economists and university researchers to develop a plan for a new tax code.
(Boortz 70). All options were to be considered. By 1999, the FairTax Act was ready to be introduced by Georgia Republican Congressman John Linder (H.R. 2525) and by Georgia Republican Senator Saxby Chambliss (S. 1493). In the current 113th Congress, Representative Rob Woodall introduced the Act again as H.R. 25 with 75 cosponsors (Woodall). Senator Chambliss again introduced the Act as S.122 with 8 cosponsors (Chambliss). The Act has been
Huston 5 stalled in committee since 1999; but with the Republicans now in control of both houses of Congress, the Act may finally make it out of committee. President Obama opposes the
Americans have disliked taxes since colonial times. In fact, the intolerable taxes levied by Great Britain were a major factor leading to the …show more content…
So what are some of the alternatives? The best knowns are the Flat Tax, the Value Added Tax (VAT), the Tax Reform Act of 2014, and a national sales tax. However, only one of those proposals eliminates the IRS along with corporate and income taxes.
In 1995, a Houston businessman, tired of wasting time on tax conversations and issues, organized a group of like-minded citizens, politicians, and businessmen to create Americans For Fair Taxation. The group, through their website, FairTax.org, quickly raised several million dollars to hire economists and university researchers to develop a plan for a new tax code.
(Boortz 70). All options were to be considered. By 1999, the FairTax Act was ready to be introduced by Georgia Republican Congressman John Linder (H.R. 2525) and by Georgia Republican Senator Saxby Chambliss (S. 1493). In the current 113th Congress, Representative Rob Woodall introduced the Act again as H.R. 25 with 75 cosponsors (Woodall). Senator Chambliss again introduced the Act as S.122 with 8 cosponsors (Chambliss). The Act has been
Huston 5 stalled in committee since 1999; but with the Republicans now in control of both houses of Congress, the Act may finally make it out of committee. President Obama opposes the