
Determine your household Net Effective Sales Tax Rate (total costs), after the prebate and other tax free spending exemptions are considered.
EASY INSTRUCTIONS - TOTALLY ANONYMOUS!
All dollar amounts should be provided on an annual basis and can be easily approximated. Input household choices in section 2, and your annual Fair Tax prebate will be calculated. The prebate, along with other Fair Tax Act exemped spending amounts provided in sections 3-8, will be subtracted automatically from the total available cash provided by you in section 1. Your personalized annual net effective sales tax rate will then be calculated. All approximated rates are for comparisons only and will only reflect inputs provided. Alaska and Hawaii will receive slightly higher prebates due to an HHS cost of living adjustment.
Results
A. TOTAL MAXIMUM TAXABLE CONSUMPTION AVAILABLE ANNUALLY( items #1 Total Cash minus #2-#8 non taxed spending listed above) |
$0 |
B. FAIR TAX DOLLARS PAID ON MAXIMUM TAXABLE CONSUMPTION(23% OF A ) |
$0 |
C. YOUR ANNUAL HHS PREBATE BASED TAX FREE SPENDING ALLOWANCE FOR YOUR HOUSEHOLD(tax free spending allowance based only on size of household) Continental US Alaska Hawaii |
$0 |
D. YOUR MONTHLY PREBATE AMOUNT FOR YOUR HOUSEHOLD(monthly prebate check received to cover your tax free prebate spending) |
$0 |
E. YOUR ACTUAL NET EFFECT TAX RATE UNDER FAIR SALES TAXPercentage of taxes paid (Sec. A) based on total spending Input #1 above - (Sec. A / Input #1) |
0% |
REMEMBER: EVERY DOLLAR YOU SPEND TODAY IS ALREADY PRE-TAXED UNDER THE CURRENT INCOME TAX SYSTEM FROM A LOAF OF BREAD TO HEALTH CARE. FAIR TAX SIMPLY MAKES IT ALL 100% VISIBLE. |
* IMPORTANT FICA SOCIAL SECURITY KEYNOTE - The Fair Tax Act eliminates FICA Social Security taxes (7.65%) and funds Social Security and Medicare as part of the 23% inclusive sales tax revenues. When comparing your net sale tax rates above to your current income tax rates, or any estimated Flat Tax rates, remember to add your 7.65% FICA payroll taxes to your Income Tax expenses before comparing your tax rates..
The proposed Flat Tax of 17% will not affect your current FICA payroll deductions, so the current Flat Tax proposal would really be a 17% + 7.65% FICA = 24.65% initial rate before deductions, clearly higher than Fair Tax's 23%. Be sure to check your paycheck stubs to see exactly what dollar amount you are paying for FICA social security and medicare through payroll tax deductions. Remember, your employer is also paying 7.65% into FICA on your behalf, money that he/she cannot give you in the form of higher wages. The Fair Tax Act, HR 25/S 18 eliminates both of these taxes.
The key is YOU decide, not the government.
|
Give a one time gift through Paypal to help fund The Fair Tax Act Calculator, click the button and your gift will be directed to marlene@fairtaxcalculator.org.Thank you for your generosity. |
them to support the Fair Tax Act, the simple & progressive national retails sales tax
plan for America!
Ask your legislators to push for TAX REFORM FIRST! Remember, the Fair Tax Act IS
the ultimate Social Security Reform, allowing you to save and invest all you want
totally tax free, and without any government interference.
Calculator prepared by members of PA State Fair Tax Act Supporters of HR 25/S18 - www.pafairtax.org
Site developed and hosted by