Definitions for fairtax
fair·tax

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1. FairTax

   FairTax is a Flat Tax proposal in the United States that includes complete dismantling of the Internal Revenue Service. It has garnered significant Republican and Libertarian support including proposed legislation in 2005, 2008 and 2009. 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 consumption tax on retail sales. The proposed Fair Tax Act (H.R. 25/S. 18) would apply a tax, once, at the point of purchase on all new goods and services for personal consumption. The proposal also specified a monthly welfare payment for low income earners to offset the regressive tax impact. This was styled by advocates 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 did not move from committee. A campaign in 2005 for the FairTax proposal involved Leo E. Linbeck and the Fairtax.org. Talk radio personality Neal Boortz and Georgia Congressman John Linder published The FairTax Book in 2005 and additional visibility was gained in the 2008 presidential campaign. As defined in the proposed legislation, the initial sales tax rate is 30%. Advocates promote this as a 23% tax inclusive rate based on the total amount paid including the tax ($23 out of every $100 spent in total). In subsequent years the rate would adjust annually based on federal receipts in the previous fiscal year. With the rebate taken into consideration, the FairTax would be progressive on consumption, but would also be regressive on income at higher income levels (as consumption falls as a percentage of income). Opponents argue this would accordingly decrease the tax burden on high-income earners and increase it on the lower class earners. Supporters contend that the plan would effectively tax wealth, increase purchasing power and decrease tax burdens by broadening the tax base. Advocates expect a consumption tax to increase savings and investment, ease tax compliance and increase economic growth, increase incentives for international business to locate in the US and increase US competitiveness in international trade. The plan is claimed to provide transparency for funding the federal government. Supporters believe it would increase civil liberties, benefit the environment and effectively tax illegal activity and undocumented immigrants.President Obama replied in a letter to advocates of this proposal that a consumption tax of this size would be extremely difficult to collect, would lead to pervasive tax evasion. and raise less revenue than the current tax system, leading to an increased budget deficit.The proposed Fairtax might cause the repeal of the Sixteenth Amendment, removal of tax deduction incentives, transition effects on after-tax savings, incentives on credit use and the loss of tax advantages to state and local bonds.

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Numerology

1. Chaldean Numerology

   The numerical value of fairtax in Chaldean Numerology is: 4

2. Pythagorean Numerology

   The numerical value of fairtax in Pythagorean Numerology is: 7

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References

1. ^ Wikipedia
   https://en.wikipedia.org/wiki/Fairtax