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Write a 7 page essay on The Fair Tax should be Implemented in the United States.The fair tax enhances the fact that there is the same rate of tax without exemptions and exclusion on every taxpayer. Th
Write a 7 page essay on The Fair Tax should be Implemented in the United States.
The fair tax enhances the fact that there is the same rate of tax without exemptions and exclusion on every taxpayer. There will be a total tax exemption to those who share on the cost of the government. The tax rate is determined and affected by the rate of purchase. To promote reutilization, the used items will not be subject to tax. In goods and services production, the purchase from business to another business will not be taxable. This fair tax will thus act as a replacement on the federal income tax on individuals, tax on capital gains, tax on self employment, and taxation on gifts and the estates. (Kotlikoff and Laurence, 2005).
According to congressional report p 20190, the fair tax of 2003 was introduced to promote fairness, freedom, and economic opportunity by repealing the income tax and other taxes, abolish the revenue services that are interest, and enacting a sales tax nationally. In another term, the fair tax can commonly be called national sales tax. It is an essential tax reform item and that was unjust to replace it with a tax system that is simple and fairness.
The fair tax Act of 2003 would repeal taxation on individual income, taxation on corporations, taxes on capital gains, payroll taxes, taxation on self employment, gifts and Estate taxes in lieu of 23 percent tax on all goods and services final sales. These taxes eradication will bring about simplicity and equality within the US system of taxation.
The bill also provides transactions on business to business tax relief. The transactions are not subject t tax on sales including transactions on products and this helps in abrogating double taxation that may arise. Under the bill of fair tax, Medicare benefits and social security would not be touched. To either one of the vital programs, there would be no financial reduction. The trust fund revenue source