It's a cool January day in our nations capitol. Snow had fallen earlier, leaving just a dusting for the throng of people gathered. There's not the record amount of people we saw last go around, but they are still out in high numbers and showing their support. Most have been waiting for this day for a long time. This day marks hope and a future for the republican party. The date is January 20th, 2012, and Mike Huckabee is ready for the biggest day of his life. Chief Justice John Roberts isn't worried about his last go at this thing and executes flawlessly. Mike Huckabee has just been sworn in as the 45th President of the United States of America.
What is the FairTax plan?
The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment.
The FairTax Act (HR 25, S 296) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.
The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.
- Enables workers to keep their entire paychecks
- Enables retirees to keep their entire pensions
- Refunds in advance the tax on purchases of basic necessities
- Allows American products to compete fairly
- Brings transparency and accountability to tax policy
- Ensures Social Security and Medicare funding
- Closes all loopholes and brings fairness to taxation
- Abolishes the IRS