Subject: I support HR25 Comment: Hello Tax Panel, Thank you for the work you are doing on this ciritical issue. I support HR 25, The Fair Tax. I currently owe the United States Treasury about $70,000. I pay $1000 every month on this dept. I was trading stocks in the 1999, 2000 era, and had massive gains. I did not spend the money, I was simply trading. I would have gladly paid the money, by writing a check on April 15th, 2000 but I had no idea how much money I owed. In retrospect, I should have just written a check of some wild amount, but I did not think it would take too long to figure it out, and I could afford a late fee. Today they have web sites that you can go to that will qickly figure out your liability for stock transactions, but these did not exist in 2000. After a few months of not making much headway, and the stock market heading south, I realized I had a problem. I contacted a professional service (H&R Block). I thought it would take them a few weeks. It took them a few months and cost about $5000. Meanwhile the stock market is going down. My lawyer suggests that I should run the results by a professional accountant. They look at what H&R block has accomplished and point out all of the mistakes. It will need to be redone. It takes more months, and cost me another $5000. The stock market keeps going down, but my late penalty and interest fees are piling up. What a nightmare. The end result is due to the complexity of the tax laws, I still have no confidence that my taxes are done correctly. I am fully convinced that if I took my case to another preparer that I would end up with another completely different answer. I also think it is bogus that simply shifting your investments is taxable. It should not count as a "profit" until you withdraw it from your investment account and spend it in the economy. Really, I do not mind paying taxes. Bill me for it. But that can not be done, because the tax laws are so complicated that the governemnt really has no idea how much I owe, either! The taxes are burden enough for us taxpayers. Do not put the burden of complexity on us as well. Lastly, I would like to say that I have no hard feelings, and I do not blame anyone but myself, but I think you can clearly see why I am a strong proponent of HR25, The Fair Tax. It is simple, it is fair, and it creates an opportunity for Americans to provide for thier own future. Thank you, Chris Nystrom and Family 11013 Prairie Dove Circle Austin, Texas 78758 |