FairTax Fact of the day 09-Dec-2007

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December 9, 2007 09:38 AM

Rayj00

Member Since:
March 29, 2007

Comment updated December 9, 2007 09:45 AM

How does the prebate work?

All valid Social Security cardholders who are U.S. residents receive a monthly prebate equivalent to the FairTax paid on essential goods and services, also known as the poverty level expenditures. The prebate is paid in advance, in equal installments each month. The size of the prebate is determined by the Department of Health & Human Services’ poverty level guideline multiplied by the tax rate. This is a well-accepted, long-used poverty-level calculation that includes food, clothing, shelter, transportation, medical care, etc. See chart in Figure 1 below.

[1] Alaska and Hawaii have different poverty levels and different FairTax rebates. See charts below.
[2] Federal Register: Jan. 24, 2007 (Vol. 72, No. 15, pp. 3147-3148).

Rayj
First you're born, you pay taxes, you die.
Then your next of kin has to pay more taxes
on your funeral! How fair is that?

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FairTax Fact of the day 09-Dec-2007

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