H.R. 25 replaces income, employment and estate and gift taxes with a sales tax. The rate for 2005 would be 23%. Thereafter, the rate would be 14.91% + the FICA and HI (Medicare) tax rates. The tax base would be "use or consumption in the United States of taxable property or services" with various credits allowed. H. R. 25 is basically to promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States. HR25 is called the Fair Tax Act of 2003, and its stated purpose is to promote freedom, fairness and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the states. HR25 has 32 cosponsors and absolutely no organized opposition. This is legislation that would transform our economy and our society for the better, yet this may well be the first time you've heard of it. It's time to bring you up to speed.
Representative Linder brought the idea of the Fair Tax to national attention from Georgia through bill number H.R. 25, which is in the U.S. House of Representatives’ Ways and Means Committee. As of a few months ago, the entire Georgia congressional delegation was supporting the bill and the Secretary of Commerce is behind it, as well. Popular national talk show host Neal Boortz has also made the Fair Tax a pet cause, giving it further attention. (Jorgenson, 1995) If The Fair Tax Act were to become law, the following would happen:
- The law establishing the federal income tax would be repealed, both for individuals and for businesses.
A constitutional amendment repealing the 16th Amendment would be sent to the states for ratification..............
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