Talk of The Villages Florida - View Single Post - Progress is slow, but going in the right direction
Thread: Progress is slow, but going in the right direction
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Old 07-15-2023, 06:40 AM
retiredguy123 retiredguy123 is online now
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Originally Posted by Janie123 View Post
the “Fair Tax” is a national sales tax on steroids and has been bouncing around congress for about 10 years now. It replaces ALL taxes the federal government takes in and includes a rebate to all house holds up to the poverty level for the tax they pay on good and services. This tax also replaces payroll taxes which anyone that works a legitimate job pays including the employer. Even the federal gas tax goes away with the fair tax. For retirees, all capital gain taxes goes away as well as RMDs. I’ve read a few books on it and can’t find a whole lot of cons and lots of pros… including abolishing the IRS.
LOL. It sounds good to me, but it would have zero chance of ever becoming a law.