THE ISSUES

Fair Tax

Put simply Americans are overtaxed. The current tax code penalizes the savings and investment we need to create new industries and jobs, while encouraging debt and spending. That is why I have long been a strong supporter and cosponsor of the Fair Tax Act (H.R. 25). The Fair Tax would repeal the individual income tax, the corporate income tax, all payroll taxes, the self-employment tax, and the estate and gift taxes and replace them with a 23% national retail sales. The Fair Tax would be collected at the time of purchase of new goods and services. This uncomplicated, yet badly needed, tax system would revolutionize business and our economy. The Fair Tax would allow you, the American citizen, to keep 100% of your paycheck, while at the same time creating a tax free atmosphere for the companies, corporations, and small businesses in which you work and invest to operate free from the archaic and burdensome federal tax code.

The Fair Tax would:

  • Enable workers to keep their entire paychecks
  • Enable retirees to keep their entire pensions
  • Refund, in advance, the tax on purchases of basic necessities
  • Allow American products to compete fairly
  • Bring transparency and accountability to tax policy
  • Ensure Social Security and Medicare funding
  • Close all loopholes and bring fairness to taxation
  • Abolish the IRS

Paid for by Friends of Cliff Stearns, Copyright 2012