What is the Fair Tax Act?
The Fair Tax Act is currently before Congress and has been for several years. It proposes to replace the Federal Income Tax, Payroll Tax, and Estate Taxes with a National Sales Tax. I support this approach to "True Tax Reform" for the following reasons:
We all agree that the current income tax system is too complex. Calculating a tax based upon the sales price of some product is by it's very nature always going to be simpler than calculating the net profit from the sale of that product. As a CPA with years of tax experience in preparing tax returns and planning how to avoid such taxes, I can tell you this is a huge waste of time and talent. Supporting the Fair Tax is probably the single one thing that any of us can do that will have a tremendous positive affect for future generations.
For more information about the Fair Tax, go the Fair Tax Organization's website at http://fairtax.org.
Additionally, you can contact me, Jim Payne, using the Contact Us link for help in finding speakers about the Fair Tax for your organizations.
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This Website presents information to educate members of the public on various business subjects. The information on this Website is compiled from a variety of sources. It may not be complete or timely. It does not cover all aspects of any tax, financial or accounting matter. If you have any tax, financial, accounting or related questions, please consult a qualified certified public accountant licensed in your jurisdiction or in the appropriate jurisdiction promptly.