The Fair Tax Act is the proposed piece of legislation that aims at changing the federal income tax system in the United States. The main feature of this new system is to replace the current income tax system with a proposed sales tax system. Under this new system, all income tax, payroll tax, and estate tax will be completely abolished and replaced with a national sales tax on average of about 23%. Now, this would also include some sort of a monthly rebate that gets sent to each family based upon their family size every single month in an attempt to kind of offset the higher prices that we would be paying when we actually purchase goods and services. Now those who are trying to put this act into law saying it's gonna simplify the tax system and even stimulate economic growth. Now here's the best part. This is actually going to completely eliminate the IRS and the need for tax agents altogether. This would give you a lot more control of your money and allow you to spend the money wherever you see fit without any further penalties later on in the year. Now, it is important to note that this is still an act and not a law, so it has no effect on us for right now. Now the question is, how will this affect corporations moving forward? Is there probably the biggest beneficiaries of the current tax system? Follow for more tips to increase your credit scores. ✅ If you like this video please subscribe to the channel for future updates on “Best Credit Consultation, Hacks, And Tips” on Youtube! https://www.youtube.com/c/JustJWoodfin ✅ Find the links to everything featured in my videos as well as credit-building products, services, and resources: KreditMD.com/social 👉 Get your credit reports and FICO Scores: www.9ficos.com (Powered by MyScoreIQ) If you need help with your credit, text #HelpMe to 310.919.2002 so I can give you a FREE analysis of whether or not credit repair is the correct move for you and your situation! ============================= ✅ Other Videos You Might Be Interested In Watching: 👉 Can you see the problem with this?!🤦🏾♂️ #Shorts https://www.youtube.com/shorts/TKwddbTrACo 👉 NAVY FEDERAL LATE-NIGHT APPROVAL HACK! #Shorts https://www.youtube.com/shorts/eTdfk30WGFY 👉 Rules for Applying w/Navy FederalCredit Union 🏦 #Shorts https://www.youtube.com/shorts/7ijS94ted8A 👉 Every time you use your 💳debit card you lose! 👎🏾#Shorts https://www.youtube.com/shorts/mqhWW5_9jcE ============================= ✅ About J. Woodfin: I'm going to teach you the Kredit game! So if you're having trouble understanding credit...Don't Worry...As Usual...I Gotchu! C'mon! 😉 IYKYK Don’t forget to subscribe and click the notification bell 🔔 https://www.youtube.com/c/JustJWoodfin ================================= Tags: #FairTaxAct #FederalIncomeTaxSystem #SalesTaxSystem #IncomeTaxAbolished #PayrollTaxAbolished #EstateTaxAbolished #NationalSalesTax #MonthlyRebate #TaxSystemSimplification #EconomicGrowth #IRSElimination #TaxAgentElimination #ControlYourMoney #PenaltyFreeSpending Related Phrases: Fair Tax Act, federal income tax system, sales tax system, income tax abolished, payroll tax abolished, estate tax abolished, national sales tax, monthly rebate, tax system simplification, economic growth, IRS elimination, tax agent elimination, control your money, penalty-free spending Disclaimer: I am not a financial advisor. Do not take anything on Youtube as financial advice. Always do your own research. Consult a professional investment advisor before making any investment decisions! My youtube channel is for educational purposes only! Copyright Disclaimer: Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is permitted by copyright statute that might otherwise be infringing. Non-profit, educational, or personal use tips the balance in favor of fair use © J.Woodfin
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