Collecting the FairTax

For the most part, collection of income taxes currently happens in two places. First, deductions are made from workers’ paychecks each pay period, or in the case of a self-employed worker, submitted quarterly to the IRS. In both instances, these are merely estimates of what the employee is likely to owe come April 15th. Second, around April 15th, taxpayers file their returns and pay any additional taxes they owe.
Those who work in a payroll department, as well as anyone who’s ever filed a tax return, can tell you these activities take an immense amount of time and effort under our current system. By comparison, collection of the FairTax generally happens in three easy steps, involving far fewer people in the process. ...

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