Subject: Please adopt the FAIR TAX! Comment: The Fair Tax eliminates all federal taxes (and loopholes) and replaces the entire system with a single retail sales tax of 23%. A monthly prebate is sent to all taxpayers to ensure that no one pays any tax up to the poverty line. 1) Hidden sales taxes will be eliminated (corporate income taxes are currently passed on to consumers via higher prices.) Thus, overall prices will not change. 2) It would be no longer necessary to file income taxes or pay withholding – people keep their entire paycheck. 3) It’s progressive - People pay zero taxes up to the poverty line because of the monthly prebate. 4) TRADE DEFICIT FIX! Foreign goods sold into the US market are all subject to the Fair Tax. Whereas US goods sold in foreign markets are more competitive due to tax component being removed from cost of production. 5) The entire underground economy (estimated at 10% of the economy) is brought into the tax system. 6) The new motive to save and invest will result in 10% yearly growth of the US economy. 7) The Fair Tax is revenue neutral. -Chris Odom |