Posted by Jeff (FL) on April 17, 2000 at 18:55:14:
The semi-official website for the proposed fair tax initiative is www.fairtax.org. Lots of info there.
Also, just so we don’t put the cart before the horse, only the US House of Representatives has passed the resolution. The Senate has yet to act and won’t be anywhere near the shoe-in the House was when they do.
Too much power at stake.
There is a national sales tax bill in the works that would repeal the wonderful income and estate tax structure that we all love so much. House Resolution 2525.
One of the interesting things is that it would be at a 30% rate. I am not sure where the REALTORS got that because the only number I saw in the actual bill was 23%. (Anyway, about 6 months ago someone on this website told me that a national sales tax was a great idea because it would only need to be 1% – yeah right!) It would also be a tax against all new homes being sold, rents, closing costs, and real estate commissions. Ouch!!!
I am all for getting rid of that horrible income tax monster, but this might be even more devestating. Anybody have any thoughts?