What Is The Fair Tax Plan And How Does It Work?
Creating a New Monster Illinois' "Fair Tax" Plan Could and Should from www.rcreader.com The Fair Tax Plan is a proposal to replace the current federal tax system with a national retail sales tax. Under this proposal, the federal income tax and the payroll tax would be eliminated and replaced with a tax on all goods and services. This plan has been proposed in various forms since the mid-1990s and has gained support from some individuals, businesses, and political figures. Supporters of the Fair Tax Plan argue that it would simplify the tax code and make the tax system fairer. The Fair Tax Plan would replace the current income tax system with a 23 percent national retail sales tax that would be applied to all goods and services. This would include items like groceries, clothing, cars, and homes. The tax rate would be applied at the point of purchase and would be collected by the business that sold the item. The federal government would then collect the tax from the bus...