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Wednesday, March 08, 2006

How To Stop Paying Income Tax

What if I told you I met with someone who helped author a bill that would, through alternative sources, generate the same revenue for the Government (i.e. none of the existing programs got cut) As a result of these alternative revenues, you as an individual would no longer have to pay income tax or social security, which you currently pay over 7% of every dollar you make. Better yet, what if in addition to this if you own a business (small or large) you wouldn't have to pay taxes on any year end profits regardless of saving it, paying it as dividends, rolling it forward or reinvesting it?

At that description, who wouldn't vote for it?

Oh yeah, did I mention that the alternative source of revenue comes from every individual paying a federal sales tax? This is in addition to what your state, city and county already collect.

Hmm??? That makes you question it a bit doesn't it?

As I sat and ate lunch with Dan Mastromarco (pictured above on the left) , author of the fundamental tax reform plans and supporter of the Fair Tax plan, HR 25 I listened skeptically, waiting for the other shoe to drop. When something seems too good to be true, it usually is.

Regardless of your initial opinion, it is well worth a deeper look to understand why this is, at the least, a worth while consideration to try to fix our screwed up tax system. My prediction is that this will be one of the major topics of debate in the 2008 elections.

You can get many of your questions answered in the FAQ section here