Fair Tax Act of 2023 Has Variable Rate
There have been a few Code Sections that over the years have entered into common vocabulary – 401(k), 501(c)(3) maybe 1031 and 179 if you move in certain circles. The latter two are sometimes used as verbs. If the Fair Tax passes Section 202 will probably be like that. Sellers are required to state the tax on your bills. You will grimace when that $770 laptop comes in at $1,000, think for a second and decide why it is that you can 202 that sucker. There are people I have encountered over the years who will 202 just about everything they buy.
More On 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 security and Medicare, estate tax and gift tax. In their place there will be a federal sales tax on most goods and services consumed in the United States.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.