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What would The FairTax mean to you?

The FairTax has passed, Happy New Year!!

So the FairTax passed last year and its now January 1st...wow are things about to change.
What are you to expect?
Well let's make a quick list:
Your paycheck will be a lot bigger
All those federal taxes are no longer being taken out so you keep a lot more of your money
You'll receive your prebate each month
Once you file for your prebate (every legal household is eligible) you'll receive that at the beginning of each month. It could be direct deposit or on a pre-bate card but that is your money to do with as you please.
You'll see how much you pay in taxes on your receipt
The 23% FairTax will be listed on your receipt like other sales taxes are. Everyone sees it so you'll know if government raises or lowers taxes or not. Buy used goods and pay no tax so you can control your tax rate.
Watch the prices come down
Remember the FairTax replaces all other federal taxes so businesses see a decrease in the cost of doing business.
You'll see price wars across the nation for your dollars.
They're Hiring!!
With businesses no longer having to worry about paying taxes they can invest that money in their own business and grow!
All those companies who moved offshore to lower their tax rates....watch them come back. In fact businesses from overseas will be coming to the US and hiring.

How much will you pay?

This is a great question as everyone hears 23% and many people freak out thinking that's ridiculously high.
Well the fact is that when you include the prebate you'll receive at the beginning of each month your tax rate will drop.
The graph below shows what your effective tax rate will be based on the money you have.
As everyone spends differently its impossible to get an exact rate like we can with the income tax,
but the graph below is based on you spending everything you have (which of course not everyone does).
As you can see, those below the poverty level ($14,000 a year) would have a tax rate -23% so the prebate would increase their standard of living bringing them up to the poverty level.
Many people do not understand this and thus state the FairTax hurts the poor.
We see this as helping the poor and improving their standard of living.Those 'at' the poverty level ($29,000) have a tax rate of 0% because the prebate zeroes out their tax bill.
This trend steadily improves (as you can see) with the more you make (and thus spend) the higher your tax rate.
This is what makes the FairTax progressive and unlike a straight sales tax which the states have.
You must also not forget that you control when and how much you pay in taxes...so if you wish to reduce your tax rate you can by buying less or buying used.

Tomorrow is April 15th!!!

So? Go to the beach, take the family for a drive, go to work as normal and wow the boss.....no one cares that its April 15th. You as an individual do not have anything to file and the IRS is only still around to collect back taxes owed from that old system everyone hated, they'll be gone before you know it. I just hope it doesn't rain if you go to the beach.

So...you run a business!!!

For this we divide your business into one of three categories, but fear not...we're not about to make it complicated.
Category 1:
Businesses who sell to consumers; restaurants, doctors, gardeners etc
Your business no longer has to pay taxes. This includes taxes on goods you purchase from other businesses, for being an employer or for making a profit.
You do however have to collect the FairTax on the purchases made by your customers and remit those to the government.
Every registered seller filing a timely monthly sales tax report is entitled to a taxpayer administrative credit for collecting the FairTax on behalf of the federal government. To qualify for the credit, the sales tax report must be filed timely. Rather than sending the retailer a check, the retailer is allowed to claim an administrative credit against the amount of tax due on its monthly sales tax return, provided that the return is filed timely. The monthly credit is equal to the greater of these two amounts: (1) $200 or (2) one-quarter of one percent of the tax paid, but the credit cannot exceed 20 percent of the tax paid.

Category 2:
Businesses who sell to other businesses; manufacturers, trucking firms etc
Your business no longer has to pay taxes. This includes taxes on goods you purchase, for being an employer or for making a profit. As you do not sell to consumers you are not charged and do not collect taxes on business to business transactions.

Category 3:
Businesses who sell to both consumers and businesses; big box retailers, gas stations etc
Your business no longer has to pay taxes. This includes taxes on goods you purchase, for being an employer or for making a profit.
However as you sell to both consumers and other businesses you will need to identify which customer is which and charge the FairTax to consumers only, but not to businesses.
Every registered seller filing a timely monthly sales tax report is entitled to a taxpayer administrative credit for collecting the FairTax on behalf of the federal government. To qualify for the credit, the sales tax report must be filed timely. Rather than sending the retailer a check, the retailer is allowed to claim an administrative credit against the amount of tax due on its monthly sales tax return, provided that the return is filed timely. The monthly credit is equal to the greater of these two amounts: (1) $200 or (2) one-quarter of one percent of the tax paid, but the credit cannot exceed 20 percent of the tax paid.

So in a nutshell you have to pay no taxes to run your business, but if you sell to consumers you have to collect the taxes and remit them to the government, of which you receive a credit for a timely return to help cover the costs of collecting and remitting. You can now make business decisions on whats best for your business, nothing more.

We must also take into account any inventory you have prior to the FairTax passage. As the FairTax is only charged on items once at the final point of retail sale the inventory you have would have already included the taxes. For this you will receive a credit for your inventory so your prices do not have to increase 23%. You collect the FairTax as normal and subtract it from your credit. Once your credit has depleated you continue as normal remitting the funds to the government.

 

If you would like to learn more, get involved and help with our goal please browse the website and we look forward to meeting you shortly.
Search the 'Library of Congress' and track the progress of HR.25 The FairTax