Subject: Please institute the FairTax Comment: Replacing the FairTax, a consumption-based tax, is the only way to recapture for productive uses the enormous amount of time, effort, and ingenuity that go into compliance with the existing tax code and strategizing to reduce tax liability. As long as there is an income tax and an IRS code, the accountants and lawyers will siphon off billions of dollars from the productive economy, and people will spend time calculating the tax angles of economic decisions, rather than focusing on maximizing utility. It is most important to completely eliminate the income tax (after a short phase-out period). The FairTax proposal also would eliminate the inheritance tax, but it is not necessary to eliminate the inheritance tax to get the benefits of abolishing the income tax. What is most important to the economy is eliminating the income tax. |