The Rich are hiding 32 Trillion dollars. Why are you paying taxes?
With the 2013 tax deadline looming, new documents have leaked showing that there is an estimated $32 trillion dollars hiding away in offshore tax havens. Yes, $32 trillion.
While millions of Americans are working hard to file their taxes, and while Head Start programs and cancer treatment centers are being shut down because of the sequester, this is just another example of how the wealthy are becoming egregiously rich at the expense of everyone else.
The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue replacement, and, through companion legislation, the repeal of the 16th Amendment. This nonpartisan legislation (HR 25/S 13) abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax -- administered primarily by existing state sales tax authorities. The IRS is disbanded and defunded. The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.