This is a website by The Todd, for The Todd, and of The Todd. Really, it's just an easy place for me to post pictures. Go Bucks!

Thursday, April 14, 2005

It's Tax Day!!!

Okay everyone, time to get out those checkbooks and give more money to Uncle Scam. I really have no faith in the Federal Government, even though I think those working for it mean well. My money is hard earned, and i don't like parting with it for foolish reasons. This is where the FairTax plan comes in.
There is a bill in both the House and the Senate, HR25 and S25 respectively, that would eliminate the IRS. This is not a joke and is currently endorsed by over 100 leading U.S. economists, including a Nobel Prize winner. It would create a 23% national sales tax and eliminate all write offs and deductions that the current system uses to play the role of Robin Hood. There would be a rebate on all money spent at the poverty level to every citizen, meaning that until you make more than $17,000 a year, you would pay no taxes. The more you spend, the more you pay, but you keep 100% of your paycheck. Social Security is already funded with general revenue, so nothing would change there. The interesting part of all this is that approximately 22% of the cost of manufactured goods goes toward taxes and tax compliance. That means the real effect of the tax would be 1%, and you would be able to use all of your paycheck to cover it. This would also mean that U.S. companies manufacturing goods marketable overseas, would be able to drop their prices by an average of 22%, making them extremely competitive in the global marketplace. The number of manufacturing jobs would increase dramatically buy all forcasts, and everyone would be paying their fair share. I could go on for hours, but it would be best if you visited www.fairtax.org to learn more about the plan and to see charts on how it would effect you.

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