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Federal Fairfax ACt (H.R 25 and S13) and SCFarifax Act (H-3993) - Assignment Example

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The income tax is considered excessively complicated, wasteful, counterproductive regarding economic growth, inequitable due to the influence of…
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Federal Fairfax ACt (H.R 25 and S13) and SCFarifax Act (H-3993)
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Extract of sample "Federal Fairfax ACt (H.R 25 and S13) and SCFarifax Act (H-3993)"

Download file to see previous pages The idea behind this legislation is that it seeks to simplify the current tax code, expand home ownership, un-tax the poor, improve global competitiveness, promote higher education and charitable giving and create more jobs. The underlying assumption was that consumption provides a more stable and fairer base for taxation than income.
The bill has conveniently been called “A bill to promote freedom, fairness and economic opportunity by repealing the income tax and other taxes, abolishing the internal Revenue Service and enacting a national sales tax to be administered primarily by the states.”
The Fair-Tax plan is a comprehensive proposal that replaces all federal income and payroll-based taxes with an integrated approach including a progressive National Retail Sales Tax (NRST) and a prebate to ensure that no American citizen pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality and through companion legislation, the repeal of the 16th Amendment. The proposed Fair-Tax would be a broad-based, destination type consumption tax with statutory tax liability on final consumers and tax collection in the hands of sellers of goods and services to these consumers.
The tax base would include all supplies of goods and services, which would mean a substantial enlargement compared to the tax base of the current state sales and use taxes. It promotes neutrality as tax cascading is prevented by taxing all final consumption of goods and services and by exempting business inputs.
Under the fair tax act, the IRS will be disbanded and in its place a new excise tax bureau established within the department of treasury to collect remaining excise taxes. The social security administration would collect Social Security and Medicare payroll taxes. The NRST would collect the revenue services of the individual states.
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