PAPER CURRENCY MUST GO !

I propose we eliminate paper and coin currencies all together. Every purchase would be on a credit or debit form of card. This would not only make it easier for a person to keep track of their spending, but the drug people couldn't buy the drugs with worthless paper. On the same subject I propose to de criminalize the sale and use of all drugs that are considered illegal today, effectively taxing the "Underground" economy. Which government agency would administer such a card?

The Internal Revenue Service (IRS).
The United States Tax Code,estimated to range from 16,500 to 2,500,000 pages long. Even on the conservative end of 16,500 pages, that's a whole lot of pages on taxes. This is one of the reasons we need to simplify the tax code. I propose the legislation known as the FairTax. The FairTax Act is a mere 132 pages and would replace our current tax laws.

The FairTax Act, as proposed, would eliminate the IRS, federal income taxes, corporate taxes, capital gains taxes, payroll taxes, Social Security, Medicare, self-employment taxes, estate or death taxes, and gift taxes with a national sales tax. The national sales tax as defined in the Act would be 23% (tax-inclusive).
Tax-inclusive, the tax rate would be 23%. Simply put, if you purchase a good for $100.00, $23 dollars would go to the government,the tax included in the price.

The tax would only be applied once on new goods and services used for personal consumption. Anything purchased used or secondhand would not be subject to the tax. In addition, the tax would not be levied on intermediate business purchases.

Under our current system illegal immigrants don't pay taxes, yet receive benefits, benefits being paid by legal taxpayers. Under the FairTax Act illegal immigrants would be paying the sales tax simply by buying things, which would provide additional revenue to the government that is currently unaccounted for.

The FairTax would provide increased government transparency, but at the loss of tax deductions. However, even with tax deductions becoming meaningless, business owners and corporations still have much more to gain. For instance, businesses would not be required to pay corporate, self-employment, payroll, or capital gains. Businesses would keep more of their money and only be taxed on new goods or services purchased. In most cases, this would mean an increase in your business's bottom line.
Paper currency must go !


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