Viewpoints: Letters / Opinions
RE: Fair Tax
By Stephen C. Eldridge
September 18, 2014
Thursday AM
Bless his heart, Mr. Comino has lived over 90 years and is in good physical health, and we thank him for his service as a veteran. He won’t disclose how (or what) his training or expertise is relevant to taxation and finance, but from his comments, these are obviously NOT his strengths.
Mr. Cimino is passionate, but simply does not understand the subject. He claims that the FairTax makes “EVERYONE a taxpayer, “NO EXCEPTIONS” - BUT it DOES NOT. The Bottom Line is that poor people pay 1) pay ZERO tax, 2) pay ZERO for their personal SS/Medicare benefits, 3) RECEIVE a big tax welfare check. See the FairTax Increases Tax Welfare http://media.wix.com/ugd/acdb03_c09d69364d4147af82d113eaccf9f1de.pdf
Mr. Cimino claims FairTax will eliminate many govt jobs. WRONG. The old IRS workers will still be employed by the new STAA (and you can’t fire federal workers). AND when Congress repeals the FairTax’s laughable Sunset Clause (and the 16th Amendment is NOT repealed, Congress will enact a NEW Income Tax and we will then have even MORE federal/state workers than before.
Mr. Comino IMPLIES that prices will come down 22% (BEFORE adding 30% Fairtax). He has not researched the literature and fails to understand that the Harvard economist who is purported to have said that “clarified” that AT MOST the will be (over many years) only a MAXIMUM 7% decline (BEFORE adding 30% FairTax - net price increase of 21%). Even that “assumes” that 100% of the 7% will occur. Because most of that 7% is the employers’ share of SS/Med care taxes which will likely be used to fund employee raises, it may be that only 1-2% reduces prices resulting in a net 28-30% price increase.
Mr. Cimino says that “The idea that "millionaires", will not pay their "fair" share, is a Politicans, and "Taxperts" way of demeaning the Fair Tax!”. That is a self-serving straw man class warfare argument – it is NOT my complaint.
Mr. Cimino claims that workers get 100% of their pay. Wrong! They would still have medical insurance, and other items withheld from their pay.
Yes, the floodgates of the economy would open up (sounds good doesn’t it) but then the floodwaters will come in and drown us all in an economic depression.
Yes, Mr. Cimino is a passionate” motivational” writer who just does not understand the subject that he is so passionate about see -http:/sceldridge.wix.com/sceldridge
Stephen C. Eldridge
Cosby, TN
About: Stephen C. Eldridge is a retired lietime tax lawyer/CPA, author & lecturer.
Received September 15, 2014
- Published September 18, 2014
Related Viewpoint:
 Fair Tax By Amerigo M Cimino
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