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 sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue replacement, and through a companion legislation, which would be the repeal of the 16th Amendment. This nonpartisan legislation (HR 25/S 1025) abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-emploment taxes and replaces them with one simple, visible, federal retail tax. The IRS is disbanded and defunded.
In other words, The "FairTax" taxes the American people only on what they choose to spend on new goods or services, not on what they earn. What is not to like about the Fair Tax Plan? It is definitely fair and equitable in comparison to the inequity of our current tax system.
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