FAST is fair, simple, progressive and automatic. It was designed to replace our current, unfair, ever- growing, 75,000-plus-page tax code which nobody understands.
Because FAST eliminates all deductions, loopholes, special credits and most tax returns, tax evasion and fraud will be greatly reduced or eliminated. As a result, even more needed revenue will be generated and this, in turn, will instill greater confidence in the U.S. economy here and throughout the world.
Lower FAST rates will provide taxpayers with substantial increases in disposable income — a virtual "raise". This extra disposable income, when spent, will further increase demand for goods and services which, in turn, will generate new job opportunities for American workers.
Because FAST rates automatically self-adjust, depending on the state of the budget, deficits will be eliminated. This feature will keep politicians' hands off the tax code and minimize their influence with the PACs which provide them with the Dark Money used to buy elections, i.e., our government!
FAST generates enough revenue to pay for all social programs, including health, education, veterans' healthcare, the Earned Income Credit (EIC), as well as infrastructure, the environment and the military.
FAST low rates more than compensate for the elimination of the Home Mortgage deduction.
FAST eliminates tax returns for the majority of employed tax payers, saves money on tax preparation fees and spares them the annual stress that comes during tax season.
FAST simplifies the tax-preparation process for the self-employed as well with its simple, clear, tax-liability computation method.
Reduction or elimination of tax evasion due to Tax-Return "inaccuracies"
Significant yearly savings for the IRS from reductions in printing and mailing of millions of tax forms, envelopes and pamphlets
A leaner IRS bureaucracy
Restoration of trust in the American economy and international Financial-Market Stability
Restoration of U.S. credit rating to AAA
One Caveat: We are not so naïve as to expect that those who benefit from the status quo and endeavor to hold on to power at any cost would be willing to effect any positive change when that change, in effect, would limit or quell their own power.If we are to change the status quo for the majority of Americans, we will have to patiently organize to find, vet and actively support new, untainted and dedicated citizens¹ who will endeavor to make FAST the law of the land in accordance with the steps outlined below:
• Congress Adopts FAST as the U.S. tax code
• Congress Sets National Debt Payoff Period (number of years to Payoff)
• Congress Sets Permanent Tax Rates (2% base rate recommended)
• Congress Sets the Deficit Reduction Rate (DRR) to a value that achieves the desired "target National Debt payoff period" (A DDR of 30% of the Permanent Tax Rate is recommended for all brackets)
• Optional - Congress Sets "Running Surplus" amount once the National Debt is paid off (500 $Billion recommended)
The 2 most consequential numbers in a taxpayer's tax return are the following:
A. The Marginal Rate — The amount due before deductions
B. The Effective Tax Rate — The amount due after deductions - what we actually pay Through expansive use of deductions, loopholes and special credits, certain U.S. corporations are able to substantially lower this rate – often paying less than 1%. – thus increasing the national debt and further damaging the U.S. economy. Obviously, this system has to go!
It should be obvious that, if all deductions, loopholes and special credits were eliminated, our government would have no problem raising all the revenue it needs. In fact, if all deductions were eliminated, our current Marginal Rates would be too high and unfair to the poor and the middle class.
A much better alternative: the Fair Automatic Simple Tax.
As everybody knows, our government is broke and paying untold $Billions in interest to foreign and domestic "lenders" which, in all probability, are also beneficiaries of our rigged tax system. Needless to say, these $Billions in interest would be better spent to benefit all American citizens.
The bottom line: lowering tax rates without eliminating all deductions, loopholes and special credits under our current tax code would be irresponsible and would, necessarily, make the national debt even worse.
As long as our tax code is riddled with Deductions, Loopholes and Special Credits, raising the marginal rates will cause the following:A. A rise in Inversions from corporations whose disingenuous CEO's falsely claim that tax rates are