The FairTax: It's Not What You Think It Is
The FairTax: It's Not What You Think It Is Setting the Record Straight on America's Most Misunderstood Tax Reform Proposal If you think you know what the FairTax is, there's a good chance you're wrong. Despite being around for decades and detailed in HR 25 (the Fair Tax Act), this comprehensive tax reform proposal is consistently mischaracterized—even by people who claim to understand it. The most common mistake? Thinking it's just another flat tax. It's not. Not even close. What the FairTax Actually Is The FairTax, as outlined in HR 25 and extensively detailed in "The FairTax Book" by Neal Boortz and John Linder, is a complete replacement of our current federal tax system with a single national retail sales tax. But here's what makes it revolutionary: It's a Consumption Tax, Not an Income Tax Unlike a flat tax (which is still an income tax with a single rate), the FairTax completely eliminates: Federal income taxes Payroll taxes (Social Securi...