by admin | Feb 18, 2023 | Tax
The Readers Digest version of the Fair Tax Act of 2023 is that it replaces the income tax, payroll taxes that fund Social Security and Medicare and transfer (estate and gift) taxes with a very broad sales tax. For 2025 the tax inclusive rate is 23% which translates...
by admin | Feb 14, 2023 | Tax
I have been having silly arguments with Fair Tax enthusiasts. The Fair Tax Act of 2023 would be a tremendous simplification of federal taxation. It does not, however, reduce 70,000 pages to 131 and it does not entirely eliminate the Internal Revenue Code. Also it...
by admin | Feb 9, 2023 | Tax
Thanks to some positive feedback on my recent piece, I have decided to dig deeper into the Fair Tax Act of 2023. The Reader’s Digest version of the act is that it eliminates federal corporate and individual income tax, payroll taxes that tie into social...
by admin | Jan 30, 2023 | Tax
U.S. Rep. Earl “Buddy” Carter (R-GA) has introduced the FairTax Act of 2023. Much of the commentary on the bill, including mine, has been about whether it is a good idea. The politics surrounding FTA23 have been tinged by the fact that its underlying concept —...
by admin | Jan 24, 2023 | Tax
The House of Representatives will be holding a vote on a plan that would abolish the IRS! According to a Fox News story by Houston Keene, holding the vote is part of the deal that got the Freedom Caucus to agree to Kevin McCarthy becoming speaker. Representative Earl...
by admin | Jan 22, 2023 | Tax
The first Tax Court hobby loss opinion of the year is a taxpayer win. Paul and Patricia Wondries were facing deficiencies totaling $421,503 for the years 2015-2017. The issue was whether their 1,100 acre ranch was being run with the objective of making a profit. ...
