Top Definition
The FairTax was created by first asking the American people what they wanted out of a tax system, and then having a team of respected economists design a tax system that met those demands. The FairTax replaces the income tax and all other federal taxes with a national consumption tax. The FairTax is levied only once, at the point of purchase on new goods and services. The simplicity of the FairTax frees Americans from our current overwhelming tax code and unshackles the U.S. economy.

The FairTax:

* Abolishes the IRS
* Closes all tax loopholes and brings fairness to taxation
* Maintains current Soc. Sec. and Medicare benefits
* Brings transparency and accountability to tax policy
* Allows American products to compete fairly
* Reimburses the tax on purchases of basic necessities
* Enables retirees to keep their entire pension
* Enables workers to keep their entire paycheck
Neal: "Hey John, how much do you make?"
John: "About $3000 a month."
Neal: "How much do you make before taxes?"
John: "I have no idea, but I'd like to get it all."
Neal: "If the FairTax bill passes you can keep your whole paycheck and choose what you want to give to the goverment."
John: "That's awesome!"

by J Whetz August 17, 2006

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