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Fair Tax Act of 2007
A bill to promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States.
Other Bill Titles (2 more) 3/29/2007--Introduced.
Fair Tax Act of 2007 - Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2007. Imposes a national sales tax on the use or consumption in the United States of taxable pro... moreSee Full Bill Text
Committees
Amendments
This bill has no amendments.
Bill Status
| Introduced |  | Voted on by Senate | | Voted on by House | | Considered By President | | Bill Becomes Law |
| March 29, 2007 |
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Blog Coverage
April 18, 2008 IRS surrounded by police cars on April 15th -- FairTax delivers ...
The petition will now be broken down by Congressional district and sent along to Members of Congress who have not yet come aboard as co-sponsors of HR 25 and S. 1025 and will be sent to each of the leading Presidential candidates. ...
Source: Hoosiers For Fair Taxation
April 14, 2008 The proposed "Fair Tax"
It is HR 25 in the House and S. 1025 in the Senate. NTU has endorsed the FairTax since 1998 and continues to work for its adoption. Benefits of the FairTax:. The FairTax plan brings fairness, transparency, and efficiency to our unfair, ...
Source: Wall Street Survivor
April 03, 2008 Call to Action: Sign the Fair Tax Petition
Under the companion bills HR 25 and S. 1025, enactment of the Fair Tax would:. Repeal the 16th Amendment (which enabled income taxes). Create a fair, simple and transparent tax system thatâs very difficult for politicians to tinker with ...
Source: Paul Revere Rides for Action
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I think with 63 co-sponsors on H.R.25, the senate really needs to take a look at this. This is obviously something that would help a lot of people and stimulate the economy. Even if you liked the old (present) tax system, it no longer works in a global economy. We can either try to stretch our jurisdiction around the world, or tax "business" in a way that raises money for the business they do in the marketplace, not punish them for making money or giving people jobs.
I think with 63 co-sponsors on H.R.25, the senate really needs to take a look at this. This is obviously something that would help a lot of people and stimulate the economy. Even if you liked the old (present) tax system, it no longer works in a global economy. We can either try to stretch our jurisdiction around the world, or tax "business" in a way that raises money for the business they do in the marketplace, not punish them for making money or giving people jobs.
Business will do their best to serve the consumer by finding the best legal way to reduce their costs. Our current tax system has instructed our corporations to outsource their labor, manufacturing, and even their profits.
This is not a fix that has been long awaited, this is a necessary to address a world dominated by a global economy. It just happens to be a fantastic coincidence (to me) that it would also save hundreds of millions of dollars by doing away with a system that is already greatly criticized.
This is not a proposal that would have made sense 50 years go, this is a proposal that address issues created by 21 century technology related to communication and distribution.
Look at the list and CALL YOUR SENATOR! Vote YES for S.1025
In the last few decades, the world, and particularly the United States have become members of a world economy where businesses have subsidiaries anywhere they like. Despite the criticism, taxing income made sense 50+ years ago where depending on what you do, and how you make money, it can be taxed. This has worked its way to a tax code that is 3.4 million words, the longest US code title.
As businesses try to save money for consumers, our tax system effectively tells these businesses, in a very complicated way, to move all the labor and profits to other countries. We can't blame corporations for being drivin by the forces of supply and demand, only ourselves for creating a tax system that is contributing to rising foreign investment, unemployment, and ultimately a recession in the US economy.
Take that power and burden away from corporations and tax at the level that will give businesses to bring jobs to the United States, and make profits that will encourage domestic business investment. No More nightmare trying to figure things out before each April 15th, and encourage businesses to spend their money on innovation, not tax lawyers (How long would it take you to read 3.4 million words?)
With the inclusion of exemptions, comes the inclusion of exploitation of exemptions... you're dreaming if you don't think that every chance an individual gets to cheat the system , he will. Those with the money to do so will have every possible exploitation discovered before the first register in the country rings SALE.
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