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Revenue Neutrality Of The FairTax
The ''Fair Tax Act'' (/) is a bill in the United States Congress for changing tax laws to replace the Internal Revenue Service (IRS) and all federal income taxes (including Alternative Minimum Tax), payroll taxes (including Social Security and Medicare taxes), corporate taxes, capital gains taxes, gift taxes, and estate taxes with a national retail sales tax, to be levied once at the point of purchase on all new goods and services. The proposal also calls for a monthly payment to households of citizens and legal resident aliens (based on family size) as an advance rebate of tax on purchases up to the poverty level. A key question surrounding the FairTax rate is the ability to be revenue-neutral; that is, whether its proposed monetary numbers would result in an increase or reduction in overall federal tax revenues, and if so how large this disparity would be. Economists, advisory groups, and political advocacy groups disagree about the tax rate required for the FairTax to be truly r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fair Tax Act
FairTax was a flat tax, single rate tax proposal in 2005, 2008 and 2009 in the United States that includes complete dismantling of the Internal Revenue Service. The proposal would eliminate all Income tax in the United States, federal income taxes (including the alternative minimum tax, corporate tax in the United States, corporate income taxes, and Capital gains tax in the United States, capital gains taxes), payroll tax#United States, payroll taxes (including Federal Insurance Contributions Act tax, Social Security and Medicare taxes), gift taxes, and Estate tax in the United States, estate taxes, replacing them with a single consumption tax on retail sales. The proposed ''Fair Tax Act'' (/) would apply a tax, once, at the point of purchase on all new Good (economics), goods and Service (economics), services for personal consumption. The proposal also specified a monthly welfare payment for low-income earners to offset the regressive tax impact. This was styled by advocates as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Base
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal person, legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national), and tax compliance refers to policy actions and individual behaviour aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax reliefs. The first known taxation took place in Ancient Egypt around 3000–2800 BC. A failure to pay in a timely manner (Tax noncompliance, non-compliance), along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct tax, direct or indirect taxes and may be paid in money or as its labor equivalent. Most countries have a tax system in place, in order to pay for public, common societal, or agreed national needs and for the functions of government. Some levy a flat tax, flat percentag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Laurence Kotlikoff
Laurence Jacob Kotlikoff (born January 30, 1951) is a Professor of Economics at Boston University, a William Warren Fairfield Professor at Boston University, a Fellow of the American Academy of Arts and Sciences, a Research Associate of the National Bureau of Economic Research, a Fellow of the Econometric Society, and a former Senior Economist on the President's Council of Economic Advisers. Kotlikoff has made contributions in the fields and subfields of generational economics, fiscal policy, computational economics, economic growth, national saving, intra- and intergenerational inequality, sources of wealth accumulation, intergenerational altruism and intra-family risk sharing, banking reform, carbon taxation, and personal finance. He has also done work on Social Security, healthcare, tax, banking reform, inequality within and across generations, fiscal progressivity, carbon policy, and the potential risks of government Ponzi schemes even when a government safe interest rate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Massachusetts Institute Of Technology
The Massachusetts Institute of Technology (MIT) is a private land-grant research university in Cambridge, Massachusetts. Established in 1861, MIT has played a key role in the development of modern technology and science, and is one of the most prestigious and highly ranked academic institutions in the world. Founded in response to the increasing industrialization of the United States, MIT adopted a European polytechnic university model and stressed laboratory instruction in applied science and engineering. MIT is one of three private land grant universities in the United States, the others being Cornell University and Tuskegee University. The institute has an urban campus that extends more than a mile (1.6 km) alongside the Charles River, and encompasses a number of major off-campus facilities such as the MIT Lincoln Laboratory, the Bates Center, and the Haystack Observatory, as well as affiliated laboratories such as the Broad and Whitehead Institutes. , 98 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cato Institute
The Cato Institute is an American libertarian think tank headquartered in Washington, D.C. It was founded in 1977 by Ed Crane, Murray Rothbard, and Charles Koch, chairman of the board and chief executive officer of Koch Industries.Koch Industries is the second largest privately held company by revenue in the United States. Cato was established to have a focus on public advocacy, media exposure and societal influence. According to the ''2020 Global Go To Think Tank Index Report'' (Think Tanks and Civil Societies Program, University of Pennsylvania), Cato is number 27 in the "Top Think Tanks Worldwide" and number 13 in the "Top Think Tanks in the United States". The Cato Institute is libertarian in its political philosophy, and advocates a limited role for government in domestic and foreign affairs as well as a strong protection of civil liberties. This includes support for lowering or abolishing most taxes, opposition to the Federal Reserve system and the Affordable Care Act, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Heritage Foundation
The Heritage Foundation (abbreviated to Heritage) is an American conservative think tank based in Washington, D.C. that is primarily geared toward public policy. The foundation took a leading role in the conservative movement during the presidency of Ronald Reagan, whose policies were taken from Heritage's policy study '' Mandate for Leadership''. The Heritage Foundation has had significant influence in U.S. public policy making. It is among the most influential public policy organizations in the United States. History and major initiatives Early years The Heritage Foundation was founded on February 16, 1973, by Paul Weyrich, Edwin Feulner, and Joseph Coors. Growing out of the new business activist movement inspired by the Powell Memorandum, discontent with Richard Nixon's embrace of the " liberal consensus" and the nonpolemical, cautious nature of existing think tanks, Weyrich and Feulner sought to create a version of the Brookings Institution that advanced conservative acti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stanford University
Stanford University, officially Leland Stanford Junior University, is a private research university in Stanford, California. The campus occupies , among the largest in the United States, and enrolls over 17,000 students. Stanford is considered among the most prestigious universities in the world. Stanford was founded in 1885 by Leland and Jane Stanford in memory of their only child, Leland Stanford Jr., who had died of typhoid fever at age 15 the previous year. Leland Stanford was a U.S. senator and former governor of California who made his fortune as a railroad tycoon. The school admitted its first students on October 1, 1891, as a coeducational and non-denominational institution. Stanford University struggled financially after the death of Leland Stanford in 1893 and again after much of the campus was damaged by the 1906 San Francisco earthquake. Following World War II, provost of Stanford Frederick Terman inspired and supported faculty and graduates' entrepreneu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Americans For Fair Taxation
Americans For Fair Taxation (AFFT), also known as FairTax.org, is a U.S. political advocacy group based in Clearwater, Florida that is dedicated to fundamental tax code replacement.FairTax Executive Leadership It is made up of s who are working to get the '' Fair Tax Act'' (/) enacted in the – a plan to replace all federal and [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FairTax
FairTax was a single rate tax proposal in 2005, 2008 and 2009 in the United States that includes complete dismantling of the Internal Revenue Service. The proposal would eliminate all federal income taxes (including the alternative minimum tax, corporate income taxes, and capital gains taxes), payroll taxes (including Social Security and Medicare taxes), gift taxes, and estate taxes, replacing them with a single consumption tax on retail sales. The proposed ''Fair Tax Act'' (/) would apply a tax, once, at the point of purchase on all new goods and services for personal consumption. The proposal also specified a monthly welfare payment for low-income earners to offset the regressive tax impact. This was styled by advocates as an "advance rebate", or "prebate", of tax on purchases up to the poverty level. Kotlikoff, 2005 First introduced into the United States Congress in 1999, a number of congressional committees have heard testimony on the bill; however, it did not move fro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value Added Tax
A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. If the ultimate consumer is a business that collects and pays to the government VAT on its products or services, it can reclaim the tax paid. It is similar to, and is often compared with, a sales tax. VAT is an indirect tax because the person who ultimately bears the burden of the tax is not necessarily the same person as the one who pays the tax to the tax authorities. Not all localities require VAT to be charged, and exports are often exempt. VAT is usually implemented as a destination-based tax, where the tax rate is based on the location of the consumer and applied to the sales price. The terms VAT, GST, and the more general consumption tax are sometimes used interchangeably. VAT raises about a fifth of total tax revenues bo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Reform
Tax reform is the process of changing the way taxes are collected or managed by the government and is usually undertaken to improve tax administration or to provide economic or social benefits. Tax reform can include reducing the level of taxation of all people by the government, making the tax system more progressive or less progressive, or simplifying the tax system and making the system more understandable or more accountable. Numerous organizations have been set up to reform tax systems worldwide, often with the intent to reform income taxes or value added taxes into something considered more economically liberal. Other reforms propose tax systems that attempt to deal with externalities. Such reforms are sometimes proposed to be revenue-neutral, for example in revenue neutrality of the FairTax, meaning they ought not result in more tax or less being collected. Georgism claims that various forms of land tax can both deal with externalities and improve productivity. Austral ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bruce Bartlett
Bruce Reeves Bartlett (born October 11, 1951) is an American historian and author. He served as a domestic policy adviser to Ronald Reagan and as a Treasury official under George H. W. Bush. Bartlett also writes for the New York Times Economix blog. Bartlett has written several books and magazine articles critical of the George W. Bush administration, asserting that its economic policies significantly departed from traditional conservative principles. Early life and education Bartlett was born in Ann Arbor, Michigan, the son of Marjorie (Stern) and Frank Bartlett. He was educated at Rutgers University (B.A., 1973) and Georgetown University (M.A., 1976). He originally studied American diplomatic history under Lloyd Gardner at Rutgers and Jules Davids at Georgetown. He did a master's thesis on the origins of the Pearl Harbor attack at Georgetown, the substance of which was later published as ''Coverup: The Politics of Pearl Harbor, 1941–1946''. He was closely advised by P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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