At a twenty three percent deduction on your gross pay

Simplifying Our Tax System

canada goose clearance Wouldn’t you just love it if April 15th came and went without having to fill out a ton of paperwork and meet a deadline to pay your income taxes? How would you like to retire and not have to pay an income tax on your retirement accounts when you start to dip into them? Would you love to leave your children the whole sum of your inheritance without the government taking a portion because, for the kids, it’s considered income? How about selling your used car and not having it be double taxed? After all you paid taxes on it already when it was newly purchased. Why should you have to pay canada goose outlet store montreal taxes on the same item again? canada canada goose outlet shop goose clearance

canada goose coats And best of all, what if we didn’t have to answer to the IRS for our income tax and tell them everything we do in our lives when we do? There would be no more intrusions on our privacy if we switched from our current income tax system to one where everyone pays the same way and everyone is taxed the same rate. And everyone gets an initial break, called a prebate, for essential needs whether they are living at the poverty level or have millions of dollars. canada goose coats

canadian goose jacket The Fair Tax is a tax on purchases of new goods and services. It’s as simple as that. Consumers, who now would collect their whole paycheck, would pay their taxes through new purchases. New items would be taxed at canada goose kensington parka uk twenty three percent. Sound like a lot? Let’s think about this for a minute. canadian goose jacket

Canada Goose sale Say you work for XYZ Company and say you make $1,000 a week. Under our current system, that is your gross pay. Now deduct the taxes you now pay from that amount. At a twenty three percent deduction on your gross pay, your net is now $760. Wouldn’t you rather take home the whole thousand? Of course you would. With the Fair Tax you would. Canada Goose sale

Canada Goose online Now think about how the Fair Tax affects your employer. His or her company canada goose jacket outlet store currently pays payroll taxes, corporate canada goose outlet montreal taxes, and compliance costs to fulfill these tax mandates. In fact, we wouldn’t have to pay to have our personal income taxes done by an accountant either. With the Fair Tax, your employer is no canada goose outlet in uk longer taxed in this way. The only thing the employer is taxed on is new purchases, the canada goose outlet near me same as you. This means the bottom line for the business increases which could potentially lead to growth for the company and more jobs canada goose outlet in vancouver for the unemployed, or more raises, bonuses, and promotions for it’s current employees. Canada Goose online

Canada Goose Parka If the company sells retail products, another option they would have would be to lower the prices of their products to consumers instead of raising them as they do now to defray tax related costs they pay now in the current tax canada goose jacket outlet uk system. Canada Goose Parka

canada goose coats on sale The elderly would be affected in a positive way as they would not be taxed on their Social Security income or retirement earnings. In the current system, you save all you can to a 401K or other retirement account and hope there is any money left in the coffers of the Social Security system when you retire. And it’s truly a pitiful amount for most people of modest canada goose factory outlet toronto location means. Well, guess what. With the Fair Tax you get to keep it all. This goes for inheritance tax and even winning the lottery. canada goose outlet mississauga If you were lucky enough to win the lottery, you’d get to keep the whole $120,000,000 for yourself and not canada goose parka outlet have to share it with the canada goose outlet online uk government. After all, they didn’t pick those winning numbers you did! canada goose coats on sale

canada goose Think the prices of goods would go up because of the added tax on consumables? Well, no. The sellers would not have to pay income taxes either, which is one reason for inflation. They would just collect the sales tax and turn it over to the state government which then turns it over to the federal government coffers. Retailers no longer would have as many expenses as they have now so the Fair Tax organization does not anticipate a rise in the costs of goods and services. People purchase products canada goose outlet and services every day. If they had more to spend, they would buy more or invest more. And if they invest more, interest rates start to drop. So our economic system would get a boost as well. canada goose

cheap Canada Goose The Fair Tax is revenue neutral meaning the amount of taxes raised would be about the same or even better than with an income tax. Income taxes fluctuate with increases and decreases in employment. They are also affected by fraudulent claims or those who don’t even file canada goose outlet seattle their claims. If there are loopholes, people will find them. With the Fair Tax system, there is no way to hide or evade taxes. Everyone pays the same. This means that even illegal aliens or those hiding their money or making money in illegal ways would all have to contribute to our tax system. They have to pay the same tax as the rest of us when they purchase food, clothing, and other necessities or luxuries. cheap Canada Goose

canada goose black friday sale And to sweeten the pot, everyone from the richest of the rich to the poorest of the poor gets a prebate. This means that canada goose uk site no American will have to pay taxes on essential goods and services up to the amount of the national poverty level we would all pay the Fair Tax after our spending exceeds purchasing items above the poverty level. A valid social canada goose outlet washington dc security number is required for eligibility. Which means illegal aliens would have to get a valid SSN or lose eligibility for the prebate. canada goose black friday sale

Canada Goose Jackets And you get to control your tax burden by your buying habits. Want to buy a used car instead of a new one? canada goose outlet miami No tax on the used one. So there is no double taxation built into this system like there is today. This has always been a bone of contention with me. It always seemed unfair to keep taxing the same item every time it was sold to another person. Technically, under our current system, the government has every right to expect someone selling junk at a flea market to send them taxes on that income. As many times as that old mechanical clock passed through owners, each seller was supposed to pay taxes on it. How insane is that? The original purchaser should be the only one responsible for paying taxes on it. With the Fair Tax, they would. Canada Goose Jackets

canada goose clearance sale canada goose outlet vancouver Think about the implications on our economy. Especially world trade. With a Fair Tax system, US companies wouldn’t be taxed to send goods abroad and more companies would be likely to keep their business within the US. Other countries export to us and receive canada goose parka uk rebates to do so making it relatively inexpensive for the other countries to send us their products today. We, on the other hand, pay dearly to export products by passing on the cost of the taxes we pay to export products to those we export them to. canada goose clearance sale

Canada Goose Outlet People are usually resistant canada goose outlet 2015 to change even when the change is good. Our current president based his platform on change. So now the word is more acceptable to those who once shied away from it. The problem is, too many people are uninformed about the subject of the Fair Tax. I spoke with two not one but two accountants recently who insisted I was referring to the Flat Tax as they had never heard of the Fair Tax. Since I am not an accountant, I took a real beating in that conversation. They told me the Flat Tax would not fly as it has too many flaws. I agreed and told them I was not referring to the Flat Tax. One of them finally got defensive and said, “We’re accountants! What do you think you can tell us about this subject?” Canada Goose Outlet

canada goose store My response was, “Google it and see for yourself.” They did and I accepted their apology. There is a great series of short videos canada goose shop uk on the subject at the Fair Tax org site should you like to learn more. I guarantee you will be surprised and impressed at the simplicity and shear genius of the Fair Tax plan canada goose store.