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S. 1025, The Fair Tax Act of 2007
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
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Visitor Comments
Mike (MMC USN RET)
May 4, 2007, 2:49am (report abuse)Where are we with this one, it would save our country mega millions each and every year and we would all take homoe more of our paychecks
Nathan
May 8, 2007, 9:14am (report abuse)I get the feeling that many politicians are willing to pay lip service to the Fair Tax but few are willing to act; too much power would shift from the Washington elite to the people if the Fair Tax passed.
Brian
July 10, 2007, 6:48pm (report abuse)Being a Libertarian, I support legislation that reduces or repeals taxes, my only question is at what percentage rate might the federal government set a proposed federal sales tax? But I do believe that this is a step, no, a leap in the right direction! On the other hand, we have a Congress controlled by Democrats, and the White House will probably fall to the Dems in '08 (thanks to President Moron), so in all likelihood this bill will be utterly doomed!
Geoff
August 21, 2007, 7:28pm (report abuse)http://www.fairtax.org/site/PageServer
sign the petition and donate.
Action speaks louder than words.
Star
November 28, 2007, 2:55am (report abuse)Is there a cap to the %? This all seems well and good. We have supported this concept BUT it could be higher and put us all in the poor house if not regulated to some extent? Do we blindly want this then 50% is off your check?
Star
November 28, 2007, 3:06am (report abuse)Oh, I just read. I think 23 to 30% is excessive. Our state sales tax is high. Would that also do away with STATE sales taxes? They way I understand it on that web site is it would be collected by the store owner. BUT if the State sales taxes aren't abolished that would almost make a 40% tax.omg
ken
December 12, 2007, 1:00pm (report abuse)Star, I currently pay an income tax rate of 35% + state income tax of around 7% + state sales tax of around 8% + city tax + property tax + God knows how many other taxes. I am "guessing" my tax burden is over 50% of my income. The key thing here is guessing. The fair tax takes a step in the right direction and helps me "know" what I am paying.
Ross
May 7, 2008, 12:44am (report abuse)Ken and Star. Why do you think income tax has been written? Why do you think polocy makers have your taxes taken out of your paycheck before you even see the money you earned? So you DON'T SEE or feel the excessive taxes they want for POWER. This is the only way to make them responsible for thier actions. -------------------------------------------------------------------------------------------------------PS The states that have no income tax are BOOMING. Ireland has the lowest capital gains tax in the area guess what Ireland's middle class is BOOMING!
Bill
July 13, 2008, 4:17pm (report abuse)This bill should never receive serious consideration. It is not only unfair, but unrealistic. The argument that it will tax the underground economy is rediculous. The "fair tax" will be much easier to evade than the current system. Requiring states to collect federal taxes is also rediculous. There are too many lies and untruths being put forward by supporters to discuss here. When somebody disagrees with this bill, supporters simply call the opponent uneducated and tell them to read a book written by a radio show host who knows nothing about taxes or economics.
Tony
October 26, 2008, 8:00am (report abuse)This is the change America needs.This would give Americans more to spend and stimulate the economy. It would also generate revenue from the trillion $ Underground economy.It would give power back to the people!
Andrew Washburn
December 30, 2008, 1:13pm (report abuse)Tony
No offense but how would it tax the underground economy? Drug dealers wouldn't pay tax on purchased drugs they would only pay a tax on legalized and regulated items. Still no one can answer the what about wealthy individuals who start to make purchases out of country and bringing them here avoiding the only tax the federal government has hmmm... I could see that backfiring. What about the extremely impoverished would they still be collecting welfare and the new below the povery line monthly prebate or the wealthy who chose not to work they would technically fall below the monthly poverty line giving them a paycheck too sounds fair to me. I think it needs some work before it goes any farther, but I'm for it.