FairTax supporters state that underground or illegal economic activity is largely untaxed under the current tax system. Economists estimate that the underground economy in the United States exceeds $1 trillion annually. By imposing a sales tax, underground economic activity will be significantly taxed when proceeds from such activity are spent on legal consumption. For example, the sale of illegal narcotics will remain untaxed, but drug dealers will face taxation when they use drug proceeds to buy food, clothing and cars. By doing so, FairTax supporters state the underground economy will be paying more of their share of wha ...

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FairTax, FairTax - Legislative history, FairTax - The FairTax tax rate and tax base, FairTax - Revenue-neutral rate studies, FairTax - Effective household tax burden, FairTax - Monthly entitlement checks, FairTax - FairTax and status quo tax burden comparison, FairTax - Predicted benefits, FairTax - Tax burden visibility, FairTax - Effect on tax compliance costs, FairTax - Promotion of economic growth, FairTax - Effect on international business locality, FairTax - Effects on Tax Code Compliance, FairTax - Tax compliance, FairTax - Black markets, FairTax - Effects on distribution of tax burden, FairTax - Transition effects, FairTax - Repeal of 16th Amendment, FairTax - Effect on savers, FairTax - Changes in the retail economy, FairTax - Implementation, FairTax - Supporting theories of effect, FairTax - Other indirect effects, FairTax - Home mortgage interest deduction, FairTax - Charitable giving, FairTax - Housing prices, FairTax - State and local government debt, FairTax - Real interest rates, FairTax - Financial markets, FairTax - Effect on law enforcement and crime

Read more here: » FairTax: Encyclopedia II - FairTax - Effects on Tax Code Compliance

FairTax - Implementation. Like other firms, retailers will enjoy a zero corporate tax rate. Under the FairTax, however, retailers would be required to collect the federal sales tax on all sales occurring within the United States. Retailers will receive a collection fee of 25 basis points on federal funds collected. States that choose to conform to the federal base will have the added advantage of information sharing and clear interstate revenue allocation rules. The ability for the state to collect these h ...

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FairTax, FairTax - Legislative history, FairTax - Tax rate, FairTax - Revenue-neutral rate studies, FairTax - Effective tax burden, FairTax - Monthly tax rebate checks, FairTax - Comparison of tax rates, FairTax - Predicted benefits, FairTax - Tax burden visibility, FairTax - Effect on tax compliance costs, FairTax - Promotion of economic growth, FairTax - Effect on international business locality, FairTax - Effects on Tax Code Compliance, FairTax - Tax compliance, FairTax - Black markets, FairTax - Distribution of tax burden, FairTax - Transition effects, FairTax - Repeal of 16th Amendment, FairTax - Effect on savers, FairTax - Changes in the retail economy, FairTax - Implementation, FairTax - Supporting theories of effect, FairTax - Other indirect effects, FairTax - Home mortgage interest deduction, FairTax - Charitable giving, FairTax - Housing prices, FairTax - State and local government debt, FairTax - Financial markets, FairTax - Effect on law enforcement and crime

Read more here: » FairTax: Encyclopedia II - FairTax - Changes in the retail economy

Republican Georgia Representative John Linder authored and introduced the FairTax Bill in July 1999 in the 106th United States Congress and has reintroduced the bill in each subsequent session of Congress. The bill has seen the most support in the 108th and 109th sessions of Congress, attracting more co-sponsors than any other fundamental tax reform bill introduced in the House of Representatives. The FairTax legislation was introduced in 2003 in the 108th Congress and had 56 co-sponsors, including Democrat Collin Peterson of Minnesot ...

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FairTax, FairTax - Legislative history, FairTax - Tax rate, FairTax - Revenue-neutral rate studies, FairTax - Effective tax burden, FairTax - Monthly tax rebate checks, FairTax - Comparison of tax rates, FairTax - Predicted benefits, FairTax - Tax burden visibility, FairTax - Effect on tax compliance costs, FairTax - Promotion of economic growth, FairTax - Effect on international business locality, FairTax - Effects on Tax Code Compliance, FairTax - Tax compliance, FairTax - Black markets, FairTax - Distribution of tax burden, FairTax - Transition effects, FairTax - Repeal of 16th Amendment, FairTax - Effect on savers, FairTax - Changes in the retail economy, FairTax - Implementation, FairTax - Supporting theories of effect, FairTax - Other indirect effects, FairTax - Home mortgage interest deduction, FairTax - Charitable giving, FairTax - Housing prices, FairTax - State and local government debt, FairTax - Financial markets, FairTax - Effect on law enforcement and crime

Read more here: » FairTax: Encyclopedia II - FairTax - Legislative history

In its current form, the FairTax legislation applies a 23% federal retail sales tax on the total transaction value of retail goods and services purchases; consumers pay to the government 23 cents of every dollar spent. The assessed tax rate is 30% when FairTax is added to the pre-tax price of a good like traditional sales taxes; items priced at $1.00 pre-tax cost $1.30 with FairTax added (refer to Comparison of tax r ...

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FairTax, FairTax - Legislative history, FairTax - Tax rate, FairTax - Revenue-neutral rate studies, FairTax - Effective tax burden, FairTax - Monthly tax rebate checks, FairTax - Comparison of tax rates, FairTax - Predicted benefits, FairTax - Tax burden visibility, FairTax - Effect on tax compliance costs, FairTax - Promotion of economic growth, FairTax - Effect on international business locality, FairTax - Effects on Tax Code Compliance, FairTax - Tax compliance, FairTax - Black markets, FairTax - Distribution of tax burden, FairTax - Transition effects, FairTax - Repeal of 16th Amendment, FairTax - Effect on savers, FairTax - Changes in the retail economy, FairTax - Implementation, FairTax - Supporting theories of effect, FairTax - Other indirect effects, FairTax - Home mortgage interest deduction, FairTax - Charitable giving, FairTax - Housing prices, FairTax - State and local government debt, FairTax - Financial markets, FairTax - Effect on law enforcement and crime

Read more here: » FairTax: Encyclopedia II - FairTax - Tax rate

FairTax - Tax burden visibility. FairTax supporters assert that the proposal makes the cost of federal government highly visible—consumers will see most of the cost of the federal government in a single tax paid every time they purchase a good or service. Under the current tax system, the federal government collects revenue through a wide variety of taxes on individuals and businesses. Thus the cost of government is spread out among many different avenues and may not be fully visible to individual citizens. For ...

See also:

FairTax, FairTax - Legislative history, FairTax - Tax rate, FairTax - Revenue-neutral rate studies, FairTax - Effective tax burden, FairTax - Monthly tax rebate checks, FairTax - Comparison of tax rates, FairTax - Predicted benefits, FairTax - Tax burden visibility, FairTax - Effect on tax compliance costs, FairTax - Promotion of economic growth, FairTax - Effect on international business locality, FairTax - Effects on Tax Code Compliance, FairTax - Tax compliance, FairTax - Black markets, FairTax - Distribution of tax burden, FairTax - Transition effects, FairTax - Repeal of 16th Amendment, FairTax - Effect on savers, FairTax - Changes in the retail economy, FairTax - Implementation, FairTax - Supporting theories of effect, FairTax - Other indirect effects, FairTax - Home mortgage interest deduction, FairTax - Charitable giving, FairTax - Housing prices, FairTax - State and local government debt, FairTax - Financial markets, FairTax - Effect on law enforcement and crime

Read more here: » FairTax: Encyclopedia II - FairTax - Predicted benefits

FairTax supporters state that underground or illegal economic activity is largely untaxed under the current tax system. Economists estimate that the underground economy in the United States exceeds $1 trillion annually. By imposing a sales tax, underground economic activity will be significantly taxed when proceeds from such activity are spent on legal consumption. For example, the sale of illegal narcotics will remain untaxed, but drug dealers will face taxation when they use drug proceeds to buy consumer goods such as food, clothing, and c ...

See also:

FairTax, FairTax - Legislative history, FairTax - Tax rate, FairTax - Revenue-neutral rate studies, FairTax - Effective tax burden, FairTax - Monthly tax rebate checks, FairTax - Comparison of tax rates, FairTax - Predicted benefits, FairTax - Tax burden visibility, FairTax - Effect on tax compliance costs, FairTax - Promotion of economic growth, FairTax - Effect on international business locality, FairTax - Effects on Tax Code Compliance, FairTax - Tax compliance, FairTax - Black markets, FairTax - Distribution of tax burden, FairTax - Transition effects, FairTax - Repeal of 16th Amendment, FairTax - Effect on savers, FairTax - Changes in the retail economy, FairTax - Implementation, FairTax - Supporting theories of effect, FairTax - Other indirect effects, FairTax - Home mortgage interest deduction, FairTax - Charitable giving, FairTax - Housing prices, FairTax - State and local government debt, FairTax - Financial markets, FairTax - Effect on law enforcement and crime

Read more here: » FairTax: Encyclopedia II - FairTax - Effects on Tax Code Compliance

Definition and meaning of Deductible Clause :

Deductible Clause: A contract provision that sets forth the deductible.

(Source: InsWeb)

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Definition and meaning of Deductible, Disappearing :

Deductible, Disappearing: See Disappearing Deductible.

(Source: InsWeb)

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Definition and meaning of Deductible, Disappearing :

Deductible, Disappearing: See Disappearing Deductible.

(Source: InsWeb)

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A Christian theological definition of Deduction according to CARM - The Christian Apologetics & Research Ministry:

"

Deduction

See also: Deduction, Christianity, Body Mind and Soul)

Definition and meaning of Deductible, Franchise :

Deductible, Franchise: See Franchise Deductible.

(Source: InsWeb)

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Definition and meaning of Deductible, Franchise :

Deductible, Franchise: See Franchise Deductible.

(Source: InsWeb)

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Definition and meaning of HURRICANE DEDUCTIBLE :

HURRICANE DEDUCTIBLE: A percentage or dollar amount added to a homeownerÕs insurance policy to limit an insurerÕs exposure to loss from a hurricane. Higher deductibles are instituted in higher risk areas, such as coastal regions. Specific details, such as the intensity of the storm for the deductible to be triggered and the extent of the high risk area, vary from insurer to insurer and state to state.

(Source: Insurance Information Institute )

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Definition and meaning of deductible :

deductible: Amount that must be paid by the insured before benefits will be paid by the insurer.

(Source: Bank of America )

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Definition and meaning of Deductible :

The amount that is deducted from some or all claims arising under an insurance or reinsurance contract. The practical effect is the same as an excess: the insured or reassured must bear a proportion of the relevant loss. If that loss is less than the amount of deductible/excess then the insured or reassured must bear all of the loss (unless there is other insurance in place to cover the deductible).

 An increase in deductible should result in a reduction in premium.

(Source Lloyd's )

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Definition and meaning of DEDUCTIBLE :

DEDUCTIBLE: The amount of loss paid by the policyholder. Either a specified dollar amount, a percentage of the claim amount, or a specified amount of time that must elapse before benefits are paid. The bigger the deductible, the lower the premium charged for the same coverage.

(Source: Insurance Information Institute )

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Definition and meaning of Buy-Back Deductible :

"Buy-Back" Deductible: A deductible which may be eliminated for an additional premium in order to provide "first-dollar" coverage.

(Source: InsWeb)

Also see these pages: Buy-Back Deductible , Insurance, Insurance Sitemap, Insurance Dictionary - B

Definition and meaning of Buy-Back Deductible :

"Buy-Back" Deductible: A deductible which may be eliminated for an additional premium in order to provide "first-dollar" coverage.

(Source: InsWeb)

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Definition and meaning of CATASTROPHE DEDUCTIBLE :

CATASTROPHE DEDUCTIBLE: A percentage or dollar amount that a homeowner must pay before the insurance policy kicks in when a major natural disaster occurs. These large deductibles limit an insurerÕs potential losses in such cases, allowing it to insure more property. A property insurer may not be able to buy reinsurance to protect its own bottom line unless it keeps its potential maximum losses under a certain level.

(Source: Insurance Information Institute )

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Definition and meaning of Deductible :

Deductible:  Usually, a dollar amount the insured must pay on each loss to which the deductible applies. The insurance company pays the remainder of each covered loss up to the policy limits.

(Source: CarInsurance.com )

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Definition and meaning of Deductible :

Deductible: An amount which a policyholder agrees to pay, per claim or per accident, toward the total amount of an insured loss.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Deductible , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - D

Definition and meaning of Deductible :

Deductible: The amount an insured person must pay before the insurance company pays the remainder of each covered loss, up to the policy limits.

(Source: InsWeb)

Also see these pages: Deductible , Auto Insurance, Auto Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - D