I talk with retirees all day long about the FairTax and every single one I know who truly understands the FairTax, supports it.
The FairTax is EXTREMELY fair to seniors and retirees. For anyone to claim that “Some retirees don’t pay any Fed. income tax”, when most actually do pay Federal income taxes of some sort, is disingenuous on their part. Lest we not ignore the fact that 401Ks are taxed, investments are taxed, capital gains are taxed, estates are taxed, AND everything we purchase now has income taxes embedded in them. Just because some of us don’t work or don’t collect an income from a business on a regular (weekly, bi-weekly, or monthly) basis doesn’t mean we don’t pay income taxes.
Here are 10 perfect reasons the FairTax benefits seniors and retirees:
#1 The FairTax treats seniors and retirees the same as it does every other legal US citizen.
#2 The FairTax eliminates taxes on savings. Seniors and retirees are the biggest savers.
#3 The FairTax eliminates embedded taxes on all goods and services (new and used).
#4 Many retirees continue to work well into their retirement (Wal-Mart Greeter, Home Depot Expert, etc.) so the FairTax will still eliminate their income taxes.
#5 The FairTax provides each retiree with an additional $209 per month ($417 for couples). TAX-FREE.
#6 Retirees still have to file tax returns annually. Those are eliminated under the FairTax.
#7 The FairTax will ensure Social Security and Medicare are fully funded for generations to come.
#8 The FairTax does not tax retirement withdrawals.
#9 The FairTax does not tax investments.
#10 The FairTax does not tax your children when you die (estate taxes).