The FAIR TAX ACT | The IRS is About to Be Abolished!!! | @JustJWoodfin | #Shorts

The Fair Tax Act is the proposed piece of legislation that aims at changing the federal income tax system in the United States. The main feature of this new system is to replace the current income tax system with a proposed sales tax system. Under this new system, all income tax, payroll tax, and estate tax will be completely abolished and replaced with a national sales tax on average of about 23%.

Now, this would also include some sort of a monthly rebate that gets sent to each family based upon their family size every single month in an attempt to kind of offset the higher prices that we would be paying when we actually purchase goods and services. Now those who are trying to put this act into law saying it's gonna simplify the tax system and even stimulate economic growth.

Now here's the best part. This is actually going to completely eliminate the IRS and the need for tax agents altogether. This would give you a lot more control of your money and allow you to spend the money wherever you see fit without any further penalties later on in the year. Now, it is important to note that this is still an act and not a law, so it has no effect on us for right now.

Now the question is, how will this affect corporations moving forward? Is there probably the biggest beneficiaries of the current tax system? Follow for more tips to increase your credit scores.

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Tags:
#FairTaxAct
#FederalIncomeTaxSystem
#SalesTaxSystem
#IncomeTaxAbolished
#PayrollTaxAbolished
#EstateTaxAbolished
#NationalSalesTax
#MonthlyRebate
#TaxSystemSimplification
#EconomicGrowth
#IRSElimination
#TaxAgentElimination
#ControlYourMoney
#PenaltyFreeSpending

Related Phrases:
Fair Tax Act, federal income tax system, sales tax system, income tax abolished, payroll tax abolished, estate tax abolished, national sales tax, monthly rebate, tax system simplification, economic growth, IRS elimination, tax agent elimination, control your money, penalty-free spending

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© J.Woodfin

[GospelOutside]

This is their way of getting everyone to pay, even those that don’t wish to pay or can barely pay. They know more and more folks are holding back taxes and they also know that many families qualify for hefty returns. They don’t want to give anything back. This is their way of taking from all, not just some. From the prostitute to the drug dealer….. they want it all.

[joannihernandez]

Omg, the family size rebate is a similar system the Chinese government employs to also tax people according to CO2 emissions in other parts of Asia. This is not good, IRS or not it's still a micro management of lively hoods of poor, working class, middle class and rich. 😢 Gov over printing and over spending in foreign matters are now coming back to kick us into a mild recession with enforcements. No bueno.

[davidmercer]

When that CBDC comes out, they won't need the IRS anymore. Any money that goes into your account will be taxed before it even goes in.

[davehelmboldt]

Sorry, but this is a regressive tax.
There's s group called Patriotic Billionaires. Their rep in an interview said the problem with s fair tax is low and middle income householfs spend a lost all their money on living expenses. The ultra wealthy fo not. "I xan only buy so many pairs of jeans."
Now, if you do the fair tax along with a wealth tax...
Also, remember many of the wealthy "borrow" money to psy living expenses, so as not to touch personal assets. How does that wirk?

[farmerblue]

add this on top of the CBDC where they can see ALL transactions it would be a higher tax (think garage sales, selling your old stuff to friends/ coworkers, etc.

[alannitcher]

Corporations wouldn't pay any tax at all it's just an expense that the customers pay for or they go out of business

[LadyOrion]

This has near zero chance of passing.
Don't want state income tax...move to a state with no income tax. Use more deductions in your federal tax to lower your rate.

[timmy]

You would just settle for only 75% of your hard earned money 😏😏😏

[mgd]

nope. families will not get anything and roads will be worse than they already are. You know it's a lie when the govt says it will help.

[msataylor]

Please can we hurry and abolish the biggest pimp/loan sharks in the US?
I'm a woman of a certain age and I am being taxed on more than one front. Social security, and work, playing 1000 dollars each year. I'm suppose to be able to retire, they raised the age to 70 which would cause me to work another eight years. No medicaid/ Medicare eligibility.
Very interested to hear this going into effect.

[sjay]

No, no, no.
The boss you have is going to be better, than the boss you’re promised.

[stevemccollum]

All new products including houses and cars will have the FairTax added to the price but all used goods will not be taxed. Companies would not pay income taxes either but would of course lose all tax breaks

[rickendfed]

If I got to keep 100 % of my wages
I approve

[architecture.w]

This can happen only after the CBDC is established.

[susanrobinson]

You just send people a check, they'll do it

[anthonyscott]

I’m usually with you! You’ve actually helped me raise my credit limits on a few of my cards and consequently raise my credit score, with your great advice, but with this, you’ve jumped the shark! Yes, the republicans are proposing this, but there’s no way the Democrat controlled Senate would allow this act that would have a devastating effect on low and middle class citizens. I’m kind of puzzled why you would use such a BS clickbait header! You don’t need it, and it diminishes your credibility!

[nikkib]

Thanks for the info. I watch your videos often. Thanks for sharing and GO BIRDS 🦅 😊

[jcombs]

But the FEDCoin documents everything you buy.

[curiouspeople]

Disney is not gonna like this because now there movie have to make money 💰, they can not just write it OFF

[Iamjustmeee]

My favorite is if we go to digital app what verbal gymnastics that drug cartels and dealers will come up with to somehow explain billions of purchases worth billions from street level to wholesale