With the average cost of a higher education increasing, families often find that they need assistance to pay for their children’s education. If a student does not qualify for scholarships or grants, the next source for funds is an education loan. Currently, over 50% of financial aid comes in the form of loans.
The Fair Tax Bill was first introduced in July 1999 and was re-introduced in early 2003 by U.S. Representative John Linder. The Bill repeals all federal personal income taxes, corporate income taxes, payroll taxes, self-employment taxes, capital gains taxes, gift taxes and estate taxes. In place of the repealed taxes, there would be a 23% national retail sales tax on all retail sales of new goods and services. Let us explore some of the elements of the Fair Tax Bill.