How FAST Works
FAST was designed to replace our rigged, unfair, corrupt, ever-growing, 76,000-plus-page behemoth. It is based on IRS statistics —
not out-of-the-air voodoo statistics.
FAST is fair, simple and
automatic. It consists of 8
progressive brackets.
FAST lowers tax rates for
individual taxpayers (2% to 20.5%) and
corporations (6.5%).
NOTE: collectively, corporations usually pay
less than 1% — some corporations pay
0%!
To pay for lower tax rates and pay off the national debt, however,
FAST eliminates ALL deductions, loopholes and special credits, which are used by the wealthy and the corporations to avoid paying their fair share of taxes — the reason why our government is broke and in debt!
In addition,
FAST includes a temporary
Deficit Reduction Rate ("
DRR") to gradually and painlessly pay off the debt in less than 20 years and
automatically disappear when the debt is paid off.
Once
FAST is enacted, self-serving politicians won't be able to
rig the tax code to benefit their wealthy campaign donors at our expense.
Other FAST Benefits
FAST simplifies tax-preparation for the self-employed as well.
FAST saves taxpayers hundreds of dollars on tax preparation fees by
eliminating tax returns for the majority of the employed.
FAST saves the IRS $Billions every year by making the printing and mailing of millions of tax forms, envelopes and pamphlets unnecessary.
Once the benefits
FAST provides are realized and our nation is on the right path to fiscal responsibility and national solvency, Americans' — and the free world's — faith, respect and confidence in our democracy will be restored. America will once again take its rightful place as leader of the free world.
Faulty Logic
Many Republicans habitually insist that
cutting tax rates is the best way to stimulate the economy and create jobs.
Many Democrats have traditionally believed that
raising tax rates on the wealthy is the best revenue-enhancing solution.
If we compare, these "solutions" we will see that, historically, neither has ever worked!
Lower
marginal tax rates (rates before deductions) without eliminating all
deductions, loopholes and special credits decreases revenue and further
increases the national debt — adding Billion$ in interest and making things even worse.
Higher
marginal tax rates "turn off" many voters, can be lowered again by the next administration and will be used by Republicans to label Democrats as
fiscally-irresponsible, tax-and-spend Liberal/Socialists.
The best solution? A simplified,
permanent solution which keeps the politicians' hands off of the tax code, where
everyone pays their fair share!