All About the Proposed FairTax Plan By Bonnie Alba |
Imagine receiving a full paycheck, all your last pay period wages. No income tax except possibly state. Think FairTax. It is the proposed replacement plan to the dreaded IRS and the complicated tax code system which the majority of citizens, including the experts, do not understand.
How will the government collect revenues then? It’s simple. Citizens would pay federal government taxes on what they buy in new purchases and services. The proposed 23 percent tax on every dollar would be included in all displayed prices. No added tax at the register.
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