FairTax
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 FairTax facts

• It would replace 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 with a single broad national consumption tax on retail sales
• The Fair Tax Act (H
• R
• 25/S
• 155) would apply a tax, once, at the point of purchase on all new goods and services for personal consumption
• The proposal also calls for a monthly payment to all family households of lawful U
• S
• residents as an advance rebate, or "prebate", of tax on purchases up to the poverty level
• First introduced into the United States Congress in 1999, a number of congressional committees have heard testimony on the bill; however, it has not moved from committee and has yet to have any effect on the tax system
• In recent years, a tax reform movement has formed behind the FairTax proposal