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The Fair Tax should be Implemented in the United States - Essay Example

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Name: Tutor: Course: Date: University: The Fair Tax should be implemented in the United States Introduction 1.0 Fair Tax Explanation 2.0 Disadvantages of the Fair Tax Act 3.0 Advantages of the Fair Tax Act 4.0 Effects of Fair Tax Act on Corporations, Tax Evasion, the AMT, Estate and Gift taxes 5.0 Norms for tax justice system 6.0 Conclusion 7.0 1.0 Introduction Investments and personal savings are discouraged under the current income tax system in the US…
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The Fair Tax should be Implemented in the United States
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Download file to see previous pages NSBA was the first small business organization to give a pass to fair tax to apply to all consumers’ goods and services at the consumption final point at 23 percent which is single rate and a retail sales tax that is national. 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. 2.0 Explanation of Fair Tax Act 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 for the two programs would be replaced by sales tax revenue instead of payroll tax revenue. (United State Congress et al, 2007 p 225) According to Tomlinson Shelly-Ann, (2007), the fair tax act proposed that American would receive a check on money rebate that is equal to spending up to the federal poverty level according to the Department of health and Human guidelines. After the purchase of necessity, the rebate would ensure no American pays taxes. The fair tax act will create fairness and a simpler taxation system and allows all Americans the freedom to determine their own priories and opportunities. The amounts of rebate calculations are adjusted to the inflation account. In order for household to become eligible for the rebate, they would register only once in every year with the authority that administers sales tax. The name together with the social security number is submitted by the member of the household. The funds are either a submitted by check via US Email, Electronic fund transfer, or a smartcard which is used like a credit card of a bank by administration of the social securit ...Download file to see next pagesRead More
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