Tax Evasion Solution to Fund Social Security and Medicare

News provided by

Florida FAIRtax Educational Association

Nov 21, 2023, 08:31 ET

JACKSONVILLE, Fla., Nov. 21, 2023 /PRNewswire/ -- Tax evasion solution to fund Social Security and Medicate as reported by the Florida FAIRtax Educational Association.

The 2023 Social Security Trustees Report reported:

Social Security's cost exceeded income by $22.1 billion.
Social Security will be unable to pay 100% of benefits after 2033.
Medicare in-patient hospital and post-acute care costs exceeded income by $53.9 billion and Medicare will have to stop paying full benefits after 2031.

In April of 2021, Charles Rettig, former IRS Commissioner, admitted what everyone paying attention already knew--there is at least $1 trillion of income tax that is illegally evaded each year.

Quoting Steve Hayes, President of Americans for Fair Taxation, "Nobody likes a cheat or a free loader. This $1 trillion of evaded income taxes actually costs the Social Security Trust Fund over $1.5 trillion of contributions each year. This additional money would make Social Security and Medicare solvent for many more years.

The FAIRtax Act of 2023, HR 25 eliminates most of the tax evasion and funds Social Security and Medicare through a national retail sales tax. The bill includes a "Prebate", a monthly payment per legal resident for the FAIRtax paid up to subsistence level spending. The "Prebate" disarms the sales tax critics. This refund is of the most help to the impoverished, is the only tax break and replaces the standard/itemized income tax deduction."

Why FAIRtax reduces income tax evasion and increases revenue:

Over 90% of retail sales are made by less than 10% of sellers—think Amazon, Walmart, Target, etc.
Every state will collect the FAIRtax with the same processes that result in evasion rates of less than 5%.
All sellers of retail goods and services will collect the FAIRtax, resulting to an 80% reduction in collection points

The FAIRtax will ensure the future solvency of Social Security and Medicare:

Greatly reducing illegal evasion
Moves tax base from production to consumption, a larger and more stable tax base
Extends the tax base from just those working for a paycheck to everyone whose spending exceeds their poverty level

Learn more about the truth in taxation at fairtax.org. View the two-minute videos of "How it works" followed by the "Prebate".

https://fairtax.org/videos/how-the-fairtax-works

Learn more, view the videos, contribute and join the all-volunteer organization at Fairtax.org.

Florida Fair Tax Educational Association is a 501(c) (3) to inform and educate the citizens on alternatives to the current system of federal taxation based on the following principles: fairness, simplicity, transparency, pro-economic growth and revenue neutrality.

Florida Fair Tax Educational Association
PO Box 23346
Jacksonville, FL 32241

www.fairtax.org
www.flfairtax.org
www.fairtaxguys.com
Facebook.com/fairtax

FAIRtax video at https://fairtax.org/videos/how-the-fairtax-works

Paid for by Florida Fair Tax Educational Association

Contacts
Americans for Fair Taxation
Steve Hayes, President, and Randy Fischer, Marketing, 800-FAIRTAX and
[email protected]

Florida Fair Tax Educational Association
Paul Livingston, President, [email protected]

SOURCE Florida FAIRtax Educational Association