Herman Cain – FairTax would supercharge US economy

Herman Cain, business man, political conservative, and possible Presidential candidate in 2012 talks about the ways the FairTax plan would supercharge the U.S. economy sooner rather than later.

  • The FairTax plan will replace the federal income and payroll based tax system with a simple, transparent and fair national retail sales tax.
  • You will bring home your entire paycheck, and then you decide when and how much you pay in taxes when you spend your money.
  • Taxes are assessed at the retail, or consumption, level so businesses will be able to compete globally.
  • The ability of politicians and lobbyists to manipulate the tax system to benefit themselves and their interests goes away under the FairTax plan.

The benefits of the FairTax plan are many, and the only way to make it happen is to get involved. Visit FairTax.org for more information or read the FairTax bill, H.R. 25, for yourself.

FairTax Repeals Federal Income Tax

The FairTax plan is intended to be revenue neutral, meaning that it is a tax system that replaces dollar for dollar the current federal income and payroll based taxes. The FairTax bill, however, goes one step further by calling for the repeal of the sixteenth amendment to the U.S. Constitution, which allows Congress to levy an income tax. Without the repeal of the sixteenth amendment we could eventually have both, a federal consumption tax and a federal income tax. So, the repeal of the sixteenth amendment is imperative and in fact is written into the FairTax bill, H.R. 25. If, for whatever reason, the sixteenth amendment has not been repealed within seven years of the FairTax being enacted, then the FairTax bill has a sunset clause that will eliminate the federal sales tax to ensure that we are not saddled with both forms of taxation.