There's a FIX to the U.S. decline in the By Wiley Brooks January 15, 2014
The FairTax will do more for our economy than all the stimulus bills put together, and the stimulation will be continuous. It stops the current practice of punishing productive behavior (work, saving, investing, etc.) by reducing the return/reward for such behavior by taxing the return /reward. Rather than taxing people when they are contributing to society, the FairTax taxes people when they are taking from society (consuming). It costs over $340 billion annually to comply with today's income tax code and economists estimate that the cost of less than optimal financial decisions made for tax minimization purposes is a multiple of the $340 billion compliance cost. When you combine these two costs we learn that the current tax system wastes over $1 trillion annually. For perspective, that is equal to $3,300 for every man, woman and child in the U.S. The FairTax would reduce this waste by over 97%. That is 2/3 of the $1 trillion and will more than cover the projected current fiscal year budget deficit. The FairTax is a "Jobs Bill" because it removes taxes that are embedded in the prices of all American produced goods and services. Economic studies determined that an average of 22% of the cost to produce a good or service in the U.S. are taxes passed on to consumers in the form of higher prices. When foreign competitors send their products here their governments rebate back to the producers most of the taxes the company has paid. American labor and businesses must compete with the "tax free" foreign product with their American product that still has a 22% tax embedded in the price. The FairTax eliminates our embedded 22% tax from the cost of American produced goods and services and levels the playing field for American labor and business. The income tax system is largely responsible for the exportation of our companies and jobs and it must be replaced with the FairTax or our country as we know it and the freedom it provides here and around the world will be lost, as a second rate economy can only support a second rate military to safeguard that which our Founding Fathers have given us. The income tax was a radical change from what our Founders intended. It was thrice forbidden in the Constitution... and now we can see the wisdom of their prohibition. The pending FairTax legislation (HR25) is currently under consideration by the U.S. House. The companion bill in the Senate is S122. If these bills are to become law, it requires voter demand. Wiley Brooks About: http://www.Fairtax.org Related: Received January 15, 2014 - Published January 15, 2014 Viewpoints - Opinion Letters:
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