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FairTax
FairTax is a flat tax, fixed rate sales tax proposal introduced as bill H.R. 25 in the United States Congress every year since 2005. The ''Fair Tax Act'' calls for elimination of the Internal Revenue Service and repeal the Sixteenth Amendment to the United States Constitution. H.R. 25 would eliminate all Income tax in the United States, federal income taxes (including the alternative minimum tax, corporate tax in the United States, corporate income taxes, and Capital gains tax in the United States, capital gains taxes), payroll tax#United States, payroll taxes (including Federal Insurance Contributions Act tax, Social Security and Medicare taxes), gift taxes, and Estate tax in the United States, estate taxes, replacing federal taxes with a single consumption tax levied on retail sales. The ''Fair Tax Act'' (/) would apply a fixed rate sales tax at the point of sale on all new, final Goods (economics), goods and Services (economics), services purchased for household consumption. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The FairTax Book
''The FairTax Book'' is a non-fiction book by Libertarianism, libertarian radio talk show host Neal Boortz and United States Congress, Congressman John Linder, published on August 2, 2005, as a tool to increase public support and understanding for the FairTax plan. Released by ReganBooks, the hardcover version held the #1 spot on the New York Times Best Seller list, ''New York Times'' Best Seller list for the last two weeks of August 2005 and remained in the top ten for seven weeks.Matt Kempner, "''The FairTax Book'' author from Atlanta is pumping up volume on sales of book." ''Atlanta Journal-Constitution'', 20 August 2005. The paperback book, paperback reprint of the book in May 2006 contains additional information and an afterword. It also spent several weeks on the ''New York Times'' Best Seller list. Boortz stated that he donates his share of the proceeds to Charitable organization, charity to promote the book. The book was published as a companion to the ''Fair Tax Act ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Linder
John Elmer Linder (born September 9, 1942) is an American politician who was a member of the United States House of Representatives from 1993 to 2011. His district was numbered the from 1993 to 1997, the from 1997 to 2003, and the from 2003 until 2011. He is a member of the Republican Party. Linder announced that he would retire from Congress at the end of the 111th Congress. In March 2019, he was announced as President Donald Trump's nominee to be the next United States Representative to the Association of Southeast Asian Nations; Linder was not confirmed and his nomination expired at the end of the Trump administration. Early life, education, and career He was born in Deer River, Minnesota, was educated at the University of Minnesota Duluth, served in the United States Air Force, was a dentist and businessman, president of a lending institution, and a member of the Georgia House of Representatives where he served for seven terms. U.S. House of Representatives Commi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neal Boortz
Neal A Boortz Jr. (born April 6, 1945) is an American author, former attorney, and former libertarian radio host. His nationally syndicated talk show, ''The Neal Boortz Show'', which ended in 2013, was carried throughout the United States. The content of the show included politics, current events, social issues, and topics of interest, which Boortz discussed with callers, correspondents, and guests. Boortz touched on many controversial topics. Boortz's first involvement with radio was in the 1960s, while he was a student at Texas A&M University, working as a local on-air personality at WTAW. After moving to Georgia, he became an avid listener of Atlanta's first talk radio station. Boortz became a regular caller to the morning talk show. When the show's host died, it created a job opening, which Boortz actively pursued. He was initially hired on a two-week "trial run", and later offered the permanent position. Boortz attended law school, earning a law degree in 1977. For some y ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Flat Tax
A flat tax (short for flat-rate tax) is a tax with a single rate on the taxable amount, after accounting for any deductions or exemptions from the tax base. It is not necessarily a fully proportional tax. Implementations are often progressive due to exemptions, or regressive in case of a maximum taxable amount. There are various tax systems that are labeled "flat tax" even though they are significantly different. The defining characteristic is the existence of only one tax rate other than zero, as opposed to multiple non-zero rates that vary depending on the amount subject to taxation. A flat tax system is usually discussed in the context of an income tax, where progressivity is common, but it may also apply to taxes on consumption, property or transfers. Major categories Flat tax proposals differ in how the subject of the tax is defined. True flat-rate income tax A true flat-rate tax is a system of taxation where one tax rate is applied to all personal income with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumption Tax
A consumption tax is a tax levied on consumption spending on goods and services. The tax base of such a tax is the money spent on Consumption (economics), consumption. Consumption taxes are usually indirect, such as a sales tax or a value-added tax. However, a consumption tax can also be structured as a form of direct, personal taxation, such as the Hall–Rabushka flat tax. Types Value-added tax A value-added tax applies to the market value added to a product or material at each stage of its manufacture or distribution. For example, if a retailer buys a shirt for twenty dollars and sells it for thirty dollars, this tax would apply to the ten dollar difference between the two amounts. A simple value-added tax is proportional tax, proportional to consumption but is regressive tax, regressive on income at higher income levels, as consumption tends to fall as a percentage of income as income rises. Savings and investment are tax-deferred until they become consumption. A value-added t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax In The United States
The United States federal government and most State governments in the United States, state governments impose an income tax. They are determined by applying a tax rate, which Progressive tax, may increase as income increases, to taxable income, which is the total income less allowable tax deduction, deductions. Income is broadly defined. Individuals and corporations are directly taxable, and estates and trusts may be taxable on undistributed income. Partnership taxation in the United States, Partnerships are not taxed (with some exceptions in the case of federal income taxation), but their partners are taxed on their shares of partnership income. Residents and citizens are taxed on worldwide income, while nonresidents are taxed only on income within the jurisdiction. Several types of tax credit, credits reduce tax, and some types of credits may exceed tax before credits. Most business expenses are deductible. Individuals may deduct certain personal expenses, including home mort ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Incidence
In economics, tax incidence or tax burden is the effect of a particular tax on the distribution of economic welfare. Economists distinguish between the entities who ultimately bear the tax burden and those on whom the tax is initially imposed. The tax burden measures the true economic effect of the tax, measured by the difference between real incomes or utilities before and after imposing the tax, and taking into account how the tax causes prices to change. For example, if a 10% tax is imposed on sellers of butter, but the market price rises 8% as a result, most of the tax burden is on buyers, not sellers. The concept of tax incidence was initially brought to economists' attention by the French Physiocrats, in particular François Quesnay, who argued that the incidence of all taxation falls ultimately on landowners and is at the expense of land rent. Tax incidence is said to "fall" upon the group that ultimately bears the burden of, or ultimately suffers a loss from, the tax. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. For example, a person's income in an economic sense may be different from their income as defined by law. An extremely important definition of income is Haig–Simons income, which defines income as ''Consumption + Change in net worth'' and is widely used in economics. For households and individuals in the United States, income is defined by tax law as a sum that includes any wage, salary, profit, interest payment, rent, or other form of earnings received in a calendar year.Case, K. & Fair, R. (2007). ''Principles of Economics''. Upper Saddle River, NJ: Pearson Education. p. 54. Discretionary income is often defined as gross income minus taxes and other deductions (such as mandatory pension contributions), and is widely used as a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumption (economics)
Consumption refers to the use of resources to fulfill present needs and desires. It is seen in contrast to investing, which is spending for acquisition of ''future'' income. Consumption is a major concept in economics and is also studied in many other social sciences. Different schools of economists define consumption differently. According to mainstream economics, mainstream economists, only the final purchase of newly produced Good (economics), goods and Service (economics), services by individuals for immediate use constitutes consumption, while other types of expenditure — in particular, fixed investment, intermediate consumption, and government spending — are placed in separate categories (see consumer choice). Other economists define consumption much more broadly, as the aggregate of all economic activity that does not entail the design, production and marketing of goods and services (e.g., the selection, adoption, use, disposal and recycling of goods and services). E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Progressive Tax
A progressive tax is a tax in which the tax rate increases as the taxable amount increases. The term ''progressive'' refers to the way the tax rate progresses from low to high, with the result that a taxpayer's average tax rate is less than the person's marginal tax rate. The term can be applied to individual taxes or to a tax system as a whole. Progressive taxes are imposed in an attempt to reduce the tax incidence of people with a lower wikt:ability to pay, ability to pay, as such taxes shift the incidence increasingly to those with a higher ability-to-pay. The opposite of a progressive tax is a regressive tax, such as a sales tax, where the poor pay a larger proportion of their income compared to the rich (for example, spending on groceries and food staples varies little against income, so poor pay similar to rich even while latter has much higher income). The term is frequently applied in reference to personal income taxes, in which people with lower income pay a lower percen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
