Subject: Answer to Senator Connie Mack's Question on the FairTax Comment: The answer to Senator Connie Mack's question on the FairTax, "If this is such a great idea, why haven't other political entities around the world pursued it?" is actually simple: It hasn't been done because it precludes corruption. Eliminating an existing tax code eliminates all the loopholes and inequities in a current system that so many have lobbied for and politicians obtained for their supporters, to their political benefit. Eliminating that and replacing it with a virtually uncorruptable, fair, simple and transparent system causes the politicians to lose the benefit of some of their political "work". It's those who benefit from the current inequities who wouldn't want it. The FairTax eliminates a huge chunk of government, the IRS, and saves over 250 billion in compliance costs a year. Workers take home 100% of their earnings and decide by how much they spend how much tax they pay. Businesses don't pay taxes or do employee-income-tax-withholding, the US becomes a tax haven and jobs flow TO the US for a change. US goods for export are untaxed and become much cheaper overseas and our trade imbalance is dramatically improved. The list of benefits goes on and on. There are no legitimate downsides to this plan -- not one. In short, our current inequitable system is replaced by an amazingly simple, transparent, and fair system and our economy dramatically benefits and every honest citizen benefits. I am convinced that anyone who honestly investigates this plan and has the country's best interest in mind first and foremost, cannot help but push for the FairTax plan. What are we waiting for? Sincerely, Patrick B. Gibbons IV |