Why the FairTax benefits Seniors
- The FairTax ensures Social Security’s soundness by funding it with a progressive, broad-based national retail
sales tax, rather than the current regressive, narrow payroll tax.
- The FairTax rebate zeros the retail taxation of necessities,
up to poverty-level spending, for seniors.
- The FairTax repeals the taxation of Social Security benefits and adjusts Social Security indexing to protect seniors.
- The FairTax ends all record keeping and income tax filings of any kind for seniors, totally insulating them from the high costs and abusive tactics of tax preparers.
- The FairTax does not tax used goods, giving low-income seniors choices.
- The FairTax reduces manufacturers’, services’, and retailers’ costs, allowing them to lower costs to seniors.
- The FairTax delivers a tax holiday on IRAs and other tax-deferred plans.
- The FairTax ends gift and estate taxes, along with all of the unfairness to heirs and complex planning for those who earned the money.
- The FairTax allows seniors to sell their homes and pay no capital gains taxes.
- The FairTax generates an economic boom, which eases future budget pressure on seniors’ entitlements.
- The FairTax lowers average remaining lifetime tax rates.
- The FairTax ensures your grandchildren have the same opportunity you did.