The "Fair Tax Act" would be legilation to replace the current IRS Code and it's loopholes, complex forms and complex calculations of deductions to a streamlined "FAIR TAX" that is levied on all earnings regardless of the amount that is earned, that is acceptable to all parties in Congress and the Senate. Example of 10% as a starting point for debate.
Businesses would be taxed at a "Fair Tax Rate" of 15% on total profits after expenses.
In addition to the Fair Tax for earned income, there would be a "National Consumer Federal Tax" of 5% that is levied at all points of sale of consumer goods and services. The maximum point of sale tax total of each item cannot exceed $1000. Exemptions for not-for-profit and charities would be applied.
The total tax is 15% max for ALL.