Tax What I Spend… Not What I Earn! Dare Big Gov to be Fair!

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

About Idea Capitalist
Family guy and entrepreneur. Small Business owner. NFIB Leadership Council member. Serial blogger.

One Response to Tax What I Spend… Not What I Earn! Dare Big Gov to be Fair!

  1. Tom R says:

    With upwards to 43% of the American public not paying Federal income tax a Fair Tax makes sense. As the number of federal tax payers continue to reduce, but more and more people become dependent upon the federal government, there are only so many dollars that can be siphoned from the producers in the country. Not only would the 57% of Americans currently paying taxes continue to pay taxes, but you bring into the fold the 43% living off of the 57% of Americans. In addition, you bring in the illegal immigrant population, who contribute nothing to the federal tax rolls at present time. Of course the liberals will whine that it is unfair to the poor and play the class warfare card. However the poor are not going to buy high end items, the wealthy will continue to purchase their toys and guess what? The wealthy would continue to pay taxes as would the rest of the 57% of Americans currently paying taxes.
    Of course the problem with Washington DC right now is not a revenue problem, it’s a spending problem. Apparently this current administration is in no hurry to cut spending nor do anything about the high cost of energy bleeding Americans dry now. Maybe just maybe a Fair Tax will provide an incentive to our elected officials to be a bit more fiscally responsible.

    Like

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