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FairTax = No More IRS?

Posted by Chad on August 3, 2005

This may be old news, but it’s the first I heard of it. A nifty little thing called FairTax. I caught a bit of this on the news last night and it piqued my interest to say the least. Apparently the bill is out there and it’s getting a lot of support. I didn’t catch the whole story, but I did a bit of research today and, from what I could tell, it sounds like a good deal.

No more income tax. No more social security tax. No more IRS. No more April 15th. Your entire earned paycheck is yours to keep and spend as you wish. Instead, the government will get it’s money from a flat tax of 23% on goods and services. It seems like a lot, but considering about 25% of my paycheck is gone right off the bat, one would think it all washes.

There’s a book out explaining the whole thing. I’d like to pick it up, but right now I just can’t justify spending $25 bucks on a book about taxes. Just doesn’t sit well… in my stomach.

They do have a website with FAQs though…. Check it out.

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