Steve Kings utopia the "Fair Tax"

[IADEMO2004]

from his Feb. 25 newsletter

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The FairTax ?" a national consumption tax ?" would abolish the IRS and allow Americans to keep 100 percent of their paychecks. Under the FairTax, the take-home pay of American workers would increase by an average of 56 percent. Institution of the FairTax would replace personal and corporate income, gift, estate, capital gains, alternative minimum, Social Security, Medicare and self-employment taxes with one simple retail sales tax.

Both consumers and small-business owners could benefit from the FairTax. Taxes on business currently make up 22 percent of all retail prices. Therefore, if the FairTax replaced the federal income tax system, prices would drop 22 percent, the cost of complying with the current tax code

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