You pay more in taxes than billionaires. This Act fixes that
Fair Tax Elimination of Income Tax Act (FTEITA)
🎥 Watch: What is the Fair Tax Elimination of Income Tax Act (FTEITA)?
Here’s what FTEITA does:
- 🚫 Eliminates federal income tax, corporate tax, inheritance tax, tariffs, and excise taxes.
- 💸 Replaces them with:
- ✔️ A 1.55% national sales tax
- ✔️ A 4.5% property tax on wealth over $500,000
- 🛑 Requires a 2/3 vote in Congress to repeal or amend the law—no easy reversals.
- 📉 Cuts compliance costs, ends loopholes, and reduces the federal deficit and debt.
- 💰 Saves Americans thousands per year and increases GDP by 7.12% annually.
Frequently Asked Questions
Will this hurt low-income individuals?
No. The proposed sales tax is minimal, and essential goods may be exempted or rebated to protect low-income households.
How will businesses be affected?
Businesses are expected to benefit from simplified tax codes and increased consumer spending power.
Is there a risk of both income and sales taxes being imposed?
The act includes provisions to prevent the reintroduction of income taxes, ensuring a singular, fair tax system.
