Ken Greene and Steven Hayes talk about The Fair Tax proposal that seeks to replace income tax with a revenue-neutral retail sales tax, which would simplify the tax code, eliminate payroll and income taxes, reduce prices for individuals, increase disposable income, transfer power back to the people, and stimulate productivity for the country. Skeptics may be hesitant due to the proposed 30% sales tax, but upon closer examination, the Fair Tax would provide benefits such as simpler taxation for all and a prepayment cushion for lower-income families. The proposal faces opposition from lobbyists and politicians who seek to maintain control and influence over taxation. However, momentum for the Fair Tax proposal can be created through discussion, media coverage, and raising awareness of the benefits of the proposal.

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Episode Highlights

  • The Fair Tax is a consumption tax that would replace income tax, personal and corporate
  • It would be a 23% inclusive basis tax that is charged only on new retail goods and services
  • Every month, a family would receive a prepayment in their bank account to pay for the Fair Tax. This prepayment is calculated based on the poverty level for each family size
  • The Fair Tax would create more privacy and freedom for individuals as it’s a voluntary tax system
  • This would also simplify the tax system and relieve the burden on CPAs and those who have to deal with the current tax system
  • Eliminating income tax and payroll tax could greatly benefit low-income families
  • The Fair Tax could be a huge incentive for the US to become a production machine and increase economic growth
  • Making the Fair Tax tax-inclusive could make it easier to pass, but it would not provide transparency for the cost of government
  • The importance of calling representatives and expressing support for the Fair Tax to create momentum and discussion
  • The webpage provides information about the Fair Tax and how to join the organization

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