{"id":277,"date":"2017-06-30T18:52:23","date_gmt":"2017-06-30T23:52:23","guid":{"rendered":"https:\/\/www.jamesdeprisco.com\/?p=277"},"modified":"2017-06-30T18:52:23","modified_gmt":"2017-06-30T23:52:23","slug":"the-fair-tax","status":"publish","type":"post","link":"https:\/\/www.jamesdeprisco.com\/the-fair-tax\/","title":{"rendered":"The Fair Tax"},"content":{"rendered":"

Here’s a quick example. \u00a0You would have a national sales tax of 20%. \u00a0Let’s assume a poor family pays $10,000 a year in expenses. \u00a0Therefore you would pay out a rebate of $2,000 to everyone over 18 years old.<\/p>\n

This tax has many interesting features. \u00a0A very important one is that if utopians were in power and wanted to hand out loot, they’d have to raise the tax on EVERYONE, so everyone would feel the pain. \u00a0This is a big advantage.<\/p>\n

US companies would be the big winners. \u00a0They would not pay a penny in tax and would not need anymore tax accountants and tax lawyers. \u00a0They would just run their business to produce a profit, and that is all you would worry about.<\/p>\n

Imagine the advantage to US businesses over European businesses. \u00a0The Euro’s would have to pay all sorts of taxes, and then whatever import duty we have. \u00a0This would be a huge advantage for US based businesses, and in fact your would be insane to build a manufacturing plant anywhere but the US.<\/p>\n

Foreigners would also pour their money in the US. \u00a0The gains on investments would be tax free. \u00a0So not only would their be a huge incentive to expand US production, jobs, and wages, there would be plenty of funds looking to invest.<\/p>\n

And on a personal level, you would not fill out any tax forms ever again. \u00a0You would pretty much break even (the middle class would actually come out ahead), as you would get a 14.7% raise from your payroll taxes, plus any income tax you now pay would go in your pockets. \u00a0Of course this would be offset by the new sales tax, but it would be much easier to deal with.<\/p>\n

Another big winner will be small businesses. \u00a0If you run a small business your mouth is already watering. \u00a0Imagine an environment where you no longer have monthly and quarterly IRS forms to fill out, and you don’t have to live in dread of the IRS coming to pick your pocket.<\/p>\n

This tax change makes so much sense it doesn’t have a prayer of passing. \u00a0Especially because the biggest loser of all would be lobbyists. \u00a0Since there would be no income taxes, there would no longer be a need to hire lobbyists to create loopholes for big businesses to cut their taxes.<\/p>\n

Still, check it out. \u00a0Just google the FAIR tax and maybe talk to your congressman about it.<\/p>\n","protected":false},"excerpt":{"rendered":"

This idea has gone out of style and I haven’t read much about it lately, but it could save our economy. \u00a0Very broadly you would eliminate all Federal taxes, including personal income tax, corporate tax, and payroll taxes, and replace them with a national sales tax on retail goods and services. \u00a0Import duties, road tax,…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"libsyn-item-id":0,"libsyn-show-id":0,"libsyn-post-error":"","libsyn-post-error_post-type":"","libsyn-post-error_post-permissions":"","libsyn-post-error_api":"","playlist-podcast-url":"","libsyn-episode-thumbnail":"","libsyn-episode-widescreen_image":"","libsyn-episode-blog_image":"","libsyn-episode-background_image":"","libsyn-post-episode-category-selection":"","libsyn-post-episode-player_use_thumbnail":"none","libsyn-post-episode-player_use_theme":"mini","libsyn-post-episode-player_height":"50","libsyn-post-episode-player_width":"200","libsyn-post-episode-player_placement":"top","libsyn-post-episode-player_use_download_link":"","libsyn-post-episode-player_use_download_link_text":"","libsyn-post-episode-player_custom_color":"","libsyn-post-episode-itunes-explicit":"","libsyn-post-episode":"","libsyn-post-episode-update-id3":"","libsyn-post-episode-release-date":"","libsyn-post-episode-simple-download":"","libsyn-release-date":"","libsyn-post-update-release-date":"","libsyn-is_draft":"","libsyn-new-media-media":"","libsyn-post-episode-subtitle":"","libsyn-new-media-image":"","libsyn-post-episode-keywords":"","libsyn-post-itunes":"","libsyn-post-episode-itunes-episode-number":"","libsyn-post-episode-itunes-season-number":"","libsyn-post-episode-itunes-episode-type":"","libsyn-post-episode-itunes-episode-title":"","libsyn-post-episode-itunes-episode-author":"","libsyn-destination-releases":"","libsyn-post-episode-advanced-destination-form-data":"[]","libsyn-post-episode-advanced-destination-form-data-enabled":"","libsyn-post-episode-advanced-destination-form-data-input-enabled":false,"libsyn-post-episode-premium_state":"","libsyn-episode-shortcode":"","libsyn-episode-embedurl":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,9],"tags":[],"aioseo_notices":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.jamesdeprisco.com\/wp-json\/wp\/v2\/posts\/277"}],"collection":[{"href":"https:\/\/www.jamesdeprisco.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jamesdeprisco.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jamesdeprisco.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jamesdeprisco.com\/wp-json\/wp\/v2\/comments?post=277"}],"version-history":[{"count":1,"href":"https:\/\/www.jamesdeprisco.com\/wp-json\/wp\/v2\/posts\/277\/revisions"}],"predecessor-version":[{"id":278,"href":"https:\/\/www.jamesdeprisco.com\/wp-json\/wp\/v2\/posts\/277\/revisions\/278"}],"wp:attachment":[{"href":"https:\/\/www.jamesdeprisco.com\/wp-json\/wp\/v2\/media?parent=277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jamesdeprisco.com\/wp-json\/wp\/v2\/categories?post=277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jamesdeprisco.com\/wp-json\/wp\/v2\/tags?post=277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}