Have you heard of the “Fair Tax”? If not, you should really check it out. I truly believe it would do more to fix the economic situation in this country than anything else.
The basic premise is that the Federal Income Tax, Payroll Taxes (Social Security & Medicare), and Corporate Income Taxes would all be eliminated. They would be replaced by a personal consumption tax.
What does that mean?
Well basically, instead of being punished for acheivement and hard work, you only pay tax on the money you choose to spend. This does several things. It incourages saving. It ends tax loopholes and tax evasion. It taxes people that have never paid taxes (drug dealers). Think about it, do you think drug dealers and criminals file their income taxes with the IRS? Nope! This “Fair Tax” would ensure they help us foot the bill. Nice change, huh?
My favorite thing about this tax is that it would change the depressing fact that you and I pay taxes to support people that are here illegally. You see, with the “Fair Tax”, every person (legal or illegal) that spends money on US soil, contributes to Uncle Sam.
Think about it, research it, and let me know what you think.