ATLANTA – With Tax Season rapidly approaching, the Talkmaster thinks it’s time to let you know how it would be this year had the United States enacted the Fair Tax Act last year.
SPOILER: You’d be stressing a lot less over 1099 forms and have more cash in your bank account! Find out why on today’s “Boortz Report!”
Well, here we are into “Februgly” and you’re probably starting to get those wonderful little W2 forms from your employer or 1099 forms from somebody who paid you in cash for a job well done.NEAL BOORTZ
You know, it didn’t have to be this way. And so here comes my quick lecture on the Fair Tax.
Here’s what you could be facing as April the 15th gets closer: Absolutely NOTHING. No tax forms to fill out. No reports under penalty of perjury to be provided by you to the federal government.
Here’s how last year would have been, you know, tax year 2023: Every payday you would have received 100% of your check, everything that you earned. There would have been no. Actions for income tax, for Medicare for Social Security. No deductions 100% of your check. You would be paying the taxes to the federal government in the form of a consumption tax, which would be very close, if not less than all those taxes you had been paying to the government before.
What’s more, you would not be paying $1.00 in taxes to the federal government until you had taken care of the basic needs of your family: Food, education, shelter, clothing.
Yes, this was all possible. $20,000,000 + of research went into the fair tax. The bill is still before the Congress, but it’s really going nowhere.
Two reasons. It would have been the largest transfer of power from the federal government to the people in the history of this country. Politicians will not stand for that. The people had to demand it, but the people were busier demanding more wins from their professional football team and more goodies from the government paid for by somebody else.
Have a happy tax season.