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FAQs -
Fair Tax FAQs
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Written by Karen Walby
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Saturday, 01 July 2006 |
The following is a very common question you may hear regarding the FairTax and how business purchases are exempt from the tax. FairTax.org has now added the answer to this question to their official FAQ.
This article was written by Karen Walby, Research Director, Americans For Fair Taxation.
www.fairtax.org
Question: Since business purchases are not taxable, how does the FairTax keep individuals from pretending to have a business so they can buy things tax-free?
Answer: The FairTax has several features that make it difficult and very risky for persons to have a scam business in order to purchase items tax-free. First, in order for any person to purchase items tax-free for business purposes, the business has to be a registered seller and possess a registered seller certificate issued by the state sales tax authority. Registered sellers will be expected to file monthly or quarterly sales tax returns with the state (depending on sales volume). The certificate will enable the business to purchase tax-free from wholesale vendors, but the vendor must retain a copy of the registration certificate to justify not having collected tax on the sale. When a business purchases items for business use from a retail vendor, it will have to pay the tax on the purchase and take a credit against the tax due on their monthly sales tax return. They must keep invoices/receipts to document what they purchased and the amount of the purchase. They might also make note of the purpose of the purchase on the invoice.
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Last Updated ( Tuesday, 18 July 2006 )
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Newsflashes -
Newsflash
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Written by FLFairTax.net Webmaster
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Thursday, 25 May 2006 |
Please join thousands of other FairTax supporters in making our voices heard loud and clear to President Bush at the White House.
Our goal is to put fundamental tax reform back on the front burner and replace the income tax with the FairTax.
Millions have been left scratching their heads over recent comments by White House officials that tax reform has already been accomplished! |
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Activism -
Letter Writing
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Written by Bill Rook
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Friday, 19 May 2006 |
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FLFairTax.net Call for Action
Representative Katherine Harris was interviewed today on AM 1240 & 1270 WINK News Radio Daybreak Show. The following are the words of Representative Harris as best I could transcribe them:
"… my very first initiatives that I’m going to fight for when I get in the Senate, we’re going to make tax reform the mantra for Florida and I'm going to go all over the state with the experts and let Floridians have a chance first hand to know about the flat tax and the fair tax … and let them see how important it is for tax reform." |
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Last Updated ( Friday, 19 May 2006 )
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