Fair Tax is the policy which is aimed to make the fair taxation for the people of the US in spite of their social status and type of business. Generally, Fair Tax is supposed to change the regular existing income tax for the new type of taxation which would be understandable for the average citizens who complain that the income tax is difficult for understanding.
The Fair Tax is supposed to make the single tax for all the people of the US which would be equal to 23% for the retail sales. Like every economic reform Fair Tax has its positive and negative sides.
The opponents of the Fair Tax claim that the new reform would destroy the US business, because the businessmen involved into the retail sales would have to give 23% of their benefit to the country’s national budget.
As a result it can cause the increase of prices and the reform would affect the poor class badly.
On the other hand Fair Tax has its supporters which prove that the reform would improve the country’s economics due to the fact that people would no longer give a certain part of their income to the country but keep the whole 100% sum of income in their family budget. As a result people accumulate more money and their purchasing power increases increasing the circulation of production and capital, which has the positive impact on economics.
Generally it is difficult to predict the real impact of Fair Tax on the economics of the US, so the student has the chance to research this question deeper and reveal the aspects of the problem and its core principles objectively. A well-analyzed Fair Tax term paper is the detailed investigation of the economic reform, its advantages and disadvantages, methods of application and possible impact of the life of the country and development of the US retail business. The student is expected to evaluate the pros and cons of the reform on the basis of the direct cases which describe the problem from all sides making a full image of the Fair Tax. In conclusion, the student is obliged to present his own point of view concerning the reform and predict the further situation with it.
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