Fair Tax

[McGuireV10]

This is kind of interesting. They advocate eliminating the current income tax code and replacing it with a flat-rate consumption tax collected at point of purchase. It was introduced into Congress as House Resolution 25 last year (text of HR25) and apparently hasn't seen any additional activity yet. The same bill was simultaneously introduced in the Senate as S1493.

This is a good comparison of the proposed Fair Tax bill, the current system of taxation, and the more well-known flat tax initiatives:

http://www.fairtaxvolunteer.org/mate...omparison.html

There is some interesting stuff in other areas of the site, too.

[OriginalSin]

On with Fair Tax... I doubt it will increase saving though. For some yes, for most no. That's just more money for people to spend on useless items and services. I hate taxes! But we all know there are two things we can't avoid and only prolong. Jason

[Chuck 98 RT10]

I'd vote for a flat tax, but don't go believing that it wouldn't be abused within a couple years. They would continuously raise it half a penny "for the children" and within ten years we'd be paying a higher percentage than we are now.

[Minivan Man]

A simple, predictable tax system is a bad idea.

Signed,

Accounting industry professional