Subject: HR25/S25 The FairTax Comment: Today, Americans are paying the highest taxes in the nation's history. The current complex tax system includes several inequities. It penalizes married couples by making them pay higher taxes than single individuals and many Americans face a death tax that claims a significant portion of their estate after they die. Our current tax system taxes capital excessively. This discourages investment, saving and capital formation, which are the foundations of economic growth. Slower growth, in turn, reduces employment, productivity and wages. Thus all Americans ultimately pay the price for our ill-designed tax system. The FairTax Act would tax Americans only on what they spend making this a true progressive tax. It would not unduly burden our nations poor or retired by offering a prebate of taxes paid on necessary items up to the poverty level and allow working Americans to keep all that they earn by eliminating paycheck withholding. It calls for a repeal of the 16th amendment and a disbandment of the IRS. I urge you to recommend and support HR25/S25, The Fairtax Act. |