It’s time to look towards major reform.
The question in my mind is why hasn’t Congress and the President embraced The Fair Tax, also known as HR-25, filed in the last several Congressional sessions?
This is also legislation the NFIB should support.
Here’s how the FairTax would transform our nation.
– Federal personal and corporate income taxes, estate taxes, gift taxes, capital gains taxes, the alternative minimum tax, Social Security and Medicare taxes plus self-employment taxes vs a simple, national sales tax on new goods and services (there’s a Fair Tax calculator at the bottom of this post – check it out).
– 67,000+ pages of tax code and regulations the IRS even gets wrong vs 133 pages in The Fair Tax Act
“If the FairTax were passed tomorrow it would be the biggest transfer of power back to the people in the history of this country because Congress controls us by taxing us,” Rich Giambruno, a Fair Tax advocate said…
– A loophole ridden tax code due to special interests vs getting the same deal as the next guy
– Spending $300,000,000,000 to figure out taxes every year vs looking at a shopping receipt
– $2,000+ per taxpayer costs due to current evasion vs everyone paying in front of the cash register
– Politicians and lobbyists divide and conquer with exemptions and social engineering vs one clear rate for all Americans beyond the poverty line
– Class warfare through the tax code vs the right, left and center against the self interests of Congress
– Regressive payroll taxes off the top of your earnings vs truly not paying taxes on necessities
– Paying Washington before you see it vs pay-as-you-go taxes only on what you choose to spend
– Declining Social Security solvency vs a strong base of revenues and cost of living indexing for seniors
– Guilty until proven innocent vs IRS free sales taxes
– IRS intrusions vs simple cash register payments
– Charitable giving with only 30% receiving tax write-offs vs a $2,100,000,000 giving increase due to 100% pre-tax donation dollars in a booming economy
– Increasing indebtedness vs FairTax free home, auto, credit card, etc payments on current debt
– A mortgage interest deduction claimed mostly by the wealthy vs 19% lower costs of home ownership
– High college costs vs education 100% tax free thereby lowering college costs almost 50%
– Stagnating wages vs 10% 1 year real wage growth
– A sluggish economy vs 2.4% additional first year GDP growth and 11.3% higher by the 10th year
– Small business owners paying three times more to prepare taxes than actually owed to Washington vs tax free earnings and fees to collect the FairTax
– Stock market malaise vs tax free stock purchases with no capital gains taxes
– US manufacturers at a worldwide corporate tax disadvantage vs American exports competing fairly
– Trillions of dollars held offshore due to high US taxes vs tax free investments back into our economy
– Cascading taxes on products when raw materials are harvested, items are manufactured, shipped and sold at retail in addition to corporate taxes vs one flat tax rate at the point of final consumption
– More US jobs to China vs the Made in America label
– $10 billion IRS budget vs collection fees to states
– Documenting, measuring, and tracking income for tax purposes until April 15th vs just a spring day
– Source FairTax Friday Weekly Newsletter