ABOUT THE FAIRTAX
ABOUT THE FAIRTAX:: Frequently Asked Questions::Frequently Asked Questions about the FairTax
FEATURED VIDEO | |
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Denis Calabrese Senior FairTax strategist Denis Calabrese responds on video to a series of Frequently Asked Questions about the FairTax. | |
Click on the questions below to view the answers.
View/Download FAQ in a Printer Friendly Format (PDF)
- What is taxed?
- Exactly what taxes are abolished?
- How does the rebate work?
- Why not just exempt food and medicine from the tax? Wouldn't that be fair and simple?
- Is the 23% FairTax higher or lower when compared to the income taxes people pay today?
- Does the FairTax rate need to be much higher to be revenue neutral?
- How is the Social Security system affected?
- How does the FairTax affect Social Security reform?
- Is consumption a reliable source of revenue?
- How is the tax collected?
- Why is the FairTax better than our current system?
- Is the FairTax fair?
- How does the FairTax protect low-income families and individuals and retirees on fixed incomes?
- Is it fair for rich people to get the exact same FairTax rebate from the federal government as the poorest person in America?
- What about senior citizens and retired people?
- Are seniors taxed twice on savings, once when they saved it, and now again when the spend it?
- How does the FairTax affect wages and prices?
- Why not just exempt necessities from the FairTax instead of providing for a rebate?
- Should the government tax services?
- How does the FairTax affect income tax preparers, accountants, and many government employees?
- What about the home mortgage deduction?
- What will happen to charitable giving?
- Will corporations get a windfall with the abolition of the corporate tax?
- Does the FairTax burden the retail industry?
- How are state tax systems affected, and can states adequately collect a federal sales tax?
- How will the plan affect economic growth?
- What economic changes come at the retail level with the FairTax?
- What happens to interest rates?
- What happens to the stock market, mutual funds, and retirement funds?
- What happens to tax-free bonds?
- How does this affect U.S. competitiveness in foreign trade?
- What about border issues?
- Does the FairTax improve compliance and reduce evasion when compared to the current income tax?
- Can the FairTax really be passed into law?
- What other significant economies use such a tax plan?
- What about the flat tax? Would it be better and easier to pass?
- Can Congress just simply raise the rate once the FairTax is passed into law?
- Could we end up with both the FairTax and an income tax?
- Is the FairTax just another conservative tax scheme? Or just another liberal tax scheme?
- What assumptions have been made about government spending?
- How does the FairTax affect government spending?
- Why is it necessary to have a constitutional amendment?
- How does the income tax affect our economy?
- How will this plan affect compliance costs?
- What about value-added taxes (VATs), like they have in Europe and Canada? Are they not consumption taxes?
- What will we experience in the transition from the income tax to the FairTax?
- I know the FairTax rate is 23 percent when compared to current income taxes. What will the rate of the sales tax be at the retail counter?
- Since business purchases are not taxable, how does the FairTax keep individuals from pretending to have a business so they can buy things tax free?
- Is the FairTax progressive? Do the rich pay more and the poor pay less as a percentage of their spending?
- Is there any provision in the FairTax bill to prevent both an income tax and a sales tax?
View/Download FAQ in a Printer Friendly Format (PDF)
Joke Of The Day
If a Democrat fall in the forest does he make a sound?
Ask the NRA member that shot him!
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