AUTOMATIC TAX -- Any electronic transfer of money would be taxed.
Eliminates all federal, state and local taxes by combining them into one single, extremely low excise tax. No accounting involved, no need for complicated and expensive tax preparation, or audits. Would save our government $500 billion
No deductions - no loopholes
There could be a 20 year transition period.
Tax would be 5%
FAIR TAX-- Would replace all federal taxes with a consumption tax on all New goods and services.
A monthly payment would be made to all family households as a "prebate" up to the poverty level. a business would be able to exempt genuine business expenses
Non-profits, including religious would not be taxed.
States/Commonwealths woA. uld be responsible for collecting the taxes -and would retain .25% of receipts.
The tax rate would be 23% and then adjusted annually as needed
FLAT TAX --
A. True Flat Tax -- one tax rate is applied to all personal income with no deductions.
B. Marginal Flat Tax --Where deductions are allowed, a 'flat tax' is a progressive tax
C. Limited Deductions - allow deductions for a few items, ( ie Medical, mortgage interest, charity)
Critics contend that a flat tax system could be created with many loopholes,
Every tax period a company would make a single payment to the government covering the taxes on the employees and the taxes on the company profit.
Tax Rate possibly 15%
VALUE ADDED TAX -- The VAT imposes a tax on the value added at every intermediate step of production, so the goods reach the final consumer with much of the tax already in the price.[91] The retail seller has little incentive to conceal retail sales, since he has already paid much of the good's tax.
Tax Rate - approximately 10%
Eliminates all federal, state and local taxes by combining them into one single, extremely low excise tax. No accounting involved, no need for complicated and expensive tax preparation, or audits. Would save our government $500 billion
No deductions - no loopholes
There could be a 20 year transition period.
Tax would be 5%
FAIR TAX-- Would replace all federal taxes with a consumption tax on all New goods and services.
A monthly payment would be made to all family households as a "prebate" up to the poverty level. a business would be able to exempt genuine business expenses
Non-profits, including religious would not be taxed.
States/Commonwealths woA. uld be responsible for collecting the taxes -and would retain .25% of receipts.
The tax rate would be 23% and then adjusted annually as needed
FLAT TAX --
A. True Flat Tax -- one tax rate is applied to all personal income with no deductions.
B. Marginal Flat Tax --Where deductions are allowed, a 'flat tax' is a progressive tax
C. Limited Deductions - allow deductions for a few items, ( ie Medical, mortgage interest, charity)
Critics contend that a flat tax system could be created with many loopholes,
Every tax period a company would make a single payment to the government covering the taxes on the employees and the taxes on the company profit.
Tax Rate possibly 15%
VALUE ADDED TAX -- The VAT imposes a tax on the value added at every intermediate step of production, so the goods reach the final consumer with much of the tax already in the price.[91] The retail seller has little incentive to conceal retail sales, since he has already paid much of the good's tax.
Tax Rate - approximately 10%
