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Complete summary of Neal Boortz and John Linder's book: "The FairTax Book: Saying Goodbye to the Income Tax and the IRS".
This summary of the ideas from Neal Boortz and John Linder's book "The FairTax Book" provides a proposal for a new way of raising revenue in the US with FairTax. In their book, the authors explain the concept of FairTax, how it differs from the current tax regime and how it could bring huge benefits by transforming the bureaucracy of the IRS.
Added-value of this summary:
• Save time
• Understand key concepts
• Expand your knowledge
To learn more, read "The FairTax Book" and discover how we can change the current tax system to bring better benefits for all.
- Sales Rank: #1356173 in eBooks
- Published on: 2013-06-21
- Released on: 2013-06-21
- Format: Kindle eBook
Most helpful customer reviews
1 of 2 people found the following review helpful.
Once you understand it, You'll demand it.
By Kicker
Tax reform, and the relationship between the Citizen and Government is arguably one of the most important issues of our time. With a tax code of more than 75,000 incomprehensible pages, an IRS willing to engage in criminal harassment of political opponents, a Congress that eagerly manipulates the tax code in exchange for political contributions, and an income tax system that no one feels is fair, efficient, or just, there is no question that something drastic needs to be done.
Unfortunately, much of Washington is committed to retaining our antiquated income tax system as the source of their personal enrichment and their political power, and the tax reforms they offer are little more than window dressing and lipstick on a very ugly pig.
Linder and Boortz offer the FairTax as a real alternative to our failing tax system. Simply put, the FairTax would replace our current system of federal income taxation with a single retail sales tax on new goods and services for purchases above the poverty level. Every American would keep their whole paycheck, and pay their taxes when they make their retail purchases. In addition to being much more efficient than our current income tax system (or the alternatives being proposed such as the so-called flat tax), the FairTax will create millions of new jobs, bring trillions of dollars of investment back into the American economy, and remove many of the penalties currently faced by American corporations due to our tax policies.
This Summary is a good place to start if you care about the future.
0 of 1 people found the following review helpful.
good education read
By Chyann211
Now get the govt officials reading we might save the US
Can't believe all the waste greed that goes on in Congress
0 of 9 people found the following review helpful.
Who Believes Their Unproven Claims?
By Acute Observer
Summary of The Fair Tax Book
Seven points of criticisms on their claims.
1) Can we really say "Goodbye" to the Income Tax and the IRS? Not as long as the Federal government needs money to pay for the laws passed by Congress. The US Constitution had to add the Sixteenth Amendment to allow the Income Tax. Originally the Federal government only taxed alcohol, tobacco, the carriages of the rich, and imports. When the tariffs on imports was raised after the Civil War it helped American manufacturing to prosper but reduced the taxes from imports. The solution was the income tax for those who benefitted from high import tariffs. The idea of a Federal sales tax was obviously rejected. An amendment would be needed for a sales tax.
2) Their claim is that without the Income Tax prices will fall by 23%, and, employees will get all their pay. Can that be done without Federal Wage Controls? Without payments to Social Security (and Medicare) wages should be increased by over 6% (the so-called "Employer's portion"). Will that happen? Who will keep track of employee earnings to credit them for their retirement? Is this a sneak attack on Social Security?
3) Will prices fall by "23%" as they claim? Won't we need Federal Price Controls to make prices drop? If prices fall by 23% then there has to be a 30% sales tax to recover that 23%. You can check this out on your calculator. A 23% drop on a $100 leaves $77, you need a 30% tax to recover that $23. Those who know about this scheme say the sales tax will have to be higher.
4) How honest are their figures about embedded taxes? That "23%" has to be an average figure, which leads to another problem. If the average price of a new automobile is $23,000 should all new cars have a $23,000 price tag? Common sense should warn you about arguments based on averages, since this is a way to lie with figures (or statistics).
5) They claim that your wages will rise without an income tax (and social security), and prices will fall is a fraud. You can't eat your cake and have it too. This is the biggest lie and fraud that many people find attractive! This tells you something about the intelligence of their believers.
6) Do you really want to pay 30% tax on your electric and heating bill? Or gasoline? What about your local property taxes? Local governments will have to pay this 30% tax or the tax will have to be raised to cover those who do not pay it. They say "education" will not be taxed (but don't define it). Will those who work in education be untaxed? Then this tax must be higher to cover those who are not taxed. That is why there is no detailed budget in the book.
7) Their scheme was rejected by President Bush in 2005. Candidates who backed this plan were defeated in the primaries. Who can be elected to pass this law? You will need another amendment to the US Constitution to allow it. Who will check sales to see that the tax is collected from new items sold as "used"?
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