11 January 2007

h.r. 25 fair tax act of 2007

heres a house bill we just came across that promises to: repeal the income tax, payroll taxes, estate and gift taxes. sounds interesting. under sec. 101 (b)(1) imposition of sales tax, it says: "FOR 2009- In the calendar year 2009, the rate of tax is 23 percent of the gross payments for the taxable property or service." we also noticed under sec. 103 (f)"Barter Transactions- If gross payment for taxable property or services is made in other than money, then the person responsible for collecting and remitting the tax shall remit the tax to the sales tax administering authority in money as if gross payment had been made in money at the tax inclusive fair market value of the taxable property or services purchased." this doesnt sound too good does it?

co sponsers so far - link

h.r.25 is currently assigned to the house committee on ways and means.