Subject: FairTax Recommendation Comment: My recommendation to the Tax Reform Panel is plain and simple: The national sales tax called FairTax, is legislation ready and able to be implemented. Both houses of Congress have their respective (HR-25/S-25) bills, with lots of co-sponsors, awaiting committee and full body approval. The FairTax legislation will replace virtually all income and other regressive taxes and will also eliminate payroll, Social Security, estate, and alternative minimum taxes. Because it is a tax on consumption, it is far more progressive and fair than our present-day behemoth. To overcome the fact that poorer folks pay larger percentages of their income for necessities than do the wealthy, the FairTax includes a monthly rebate to everyone in amounts approximating the sales taxes paid up to the government-determined poverty level. With the elimination of the so-called "corporate income tax," (which Alan Greenspan pointed out is NOT paid by corporations but by ordinary taxpayers, hidden in the price of everything we buy) competition alone will drive down prices charged for virtually everything, thus when a 23-30% national sales tax is added at the purchase point, the consumer will be paying about the same as now. The hundreds of billions of dollars now spent enforcing the "tax code," and the hundreds of billions in tax-sheltered, offshore hideaways, and the many more hundreds of billions presently escaping any taxation in the underground criminal economy - those dollars will more than offset any brief phase-in period between tax systems, will eliminate any national budget, Social Security, Medicare, and Medicaid deficits, and will make the United States' economy great once again, befitting the greatest country on earth! For further information, please visit this website: http://www.fairtax.org |