August 16, 2005

The FairTax Proposal

There is currently a bill in Congress (H.R. 25 - pdf) that proposes replacing the federal tax on personal income (among a host of other federal taxes) with a simple federal tax on sales. It is revenue nuetral and has substantial research supporting the notion of major boosts to the economy.

Along with the this bill, Rep. John Linder has teamed up with author and radio show host Neal Boortz to produce a book explaining the bill and what it means to us as individuals as well as as a nation. I have yet to read it but plan on getting a copy soon. There is also a major nationwide grassroots effort to spread the word about this bill, which is currently in committee. Sean Hannity is supposedly going to do a nationwide tour of local rallies to bring attention to this idea, so far though that is just rumors on the internet.

I am excited to see where this goes. At the very least, I hope we will be able to see a lively public debate on the merits of such an idea.