The Fair Tax should be Implemented in the United States Essay.

In simple terms Fair Tax refers to a tax reform suggestion for the United States federal government that would actually replace all the payroll taxes including Medicare and Social Security taxes, federal income taxes including corporate income taxes, alternative minimum tax, and capital gains tax, estate taxes, and gift taxes.

Enter the Fair Tax Act. The idea behind the Fair Tax Act is simple, instead of taxing income the US government would tax consumption. Currently many state and local governments do have a small consumption tax but not the federal government.

Is The US Tax System Fair? Essay Example - JetWriters.

Federal Income Tax Vs. The Fair Tax PlanThere is a plan being passed around the United States Congress called the Fair Tax plan. It is a plan that would help the United States government a great deal. The federal government taxes on our earnings. The I.It is an essential tax reform item and that was unjust to replace it with a tax system that is simple and fairness. 2.0 Explanation of Fair Tax Act The fair tax Act of 2003 would repeal taxation on individual income, taxation on corporations, taxes on capital gains, payroll taxes, taxation on self employment, gifts and Estate taxes in lieu of 23 percent tax on all goods and services final sales.Although income tax is the one of the most effective ways of raising revenue for the government, it is also one of the most controversial. The individual income tax is complicated, and it violates transparency standards through created loopholes (or tax preferences) which allow some to pay less than their fair share of taxes (Mikesell, 2011).


In additionally, UK tax law must be agreeable with the European Convention on Human Rights and the Human Rights Act 1998. The UK government repair the UK taxation system in a move which will be welcomed by the British residents and businesses. As a whole, the UK has a low-tax, low-allowance system of taxation.The Fair Tax Act replaces the current tax system with a national consumption tax that: Allows Americans to keep 100 percent of their paychecks, pensions, and Social Security payments. Provides a prepaid, monthly rebate for every registered household.

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The FairTax rate after necessities is 23% compared to combining the 15% income tax bracket with the 7.65% of employee payroll taxes under the current system -- both of which will be eliminated! Important to note: the FairTax is the only tax plan currently being proposed that includes the removal of the payroll tax.

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