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Friday, July 29, 2005

The FAIR TAX - Finally a Solution to our Income Tax System.

I have been an avid listener to the Neal Boortz show, I also make it a point to read "Neal's Nuze". He has done a great job over the last few months explaining how the travails of our current tax system can be fixed by the "Fair Tax." Through my experience as a CPA, I have seen both low income and high income taxpayers for lack of a better word...screwed by our tax system.

With a consumption tax, you are taxed when you spend...but don’t worry, there will be no 4 dollar gallons of milk. Under the current system, when you pay for that gallon of milk you are paying for the income taxes of the dairy farmer, the dairy/bottler, the wholesaler, the truckers that distribute the milk, and the grocery store. Under the "Fair Tax" that all goes away plus you keep 100% of your income (look ay your pay stub that will probably be a 30-50% raise...not bad).

On top of this, all taxpayers will be given rebate checks for the amount that the average person would spend on basic necessities.

This is a truly fair don't don't pay tax. Rich or poor there are no loopholes and you don't have to pay me $300 to find out how much you owe (I hope I still have a job).

'You absolutely need to check out this book, I can't wait to get my copy.