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posted at December 25, 2012 10:52 AM EST
First: October 13, 2012
Last: May 17, 2013
The FairTax is a national sales tax that treats every person equally and allows American businesses to thrive, while generating the same tax revenue as the current three-million-word-plus word tax code. Under the FairTax, every person living in the United States pays a sales tax on purchases of new goods and services, excluding necessities due to the prebate. The FairTax rate after necessities is 23% and equal to the lowest current income tax bracket (15%) combined with employee payroll taxes (7.65%), both of which will be eliminated.
Important to note ... the FairTax is the only tax plan currently being proposed that includes the removal of the payroll tax.
Curious? Visit: http://www.fairtax.org/site/PageServer?pagename=HowFairTaxWorks