Subject: FairTax Comment: I would ask that the Chairman and panel carefully weigh the benefits of a consumption based tax, specifically FairTax. The benefits of this solution to our current tax crisis are enormous. Federal revenues remain the same while compliance cost drop by over $200 billion. The burden of tax filing entirely which today costs a lot of time, and money. The IRS will become unneccessary, while compliance will increase. FairTax eliminates payroll taxes, which is an extremely regressive tax. FairTax is a progressive tax in that the "prebate" given to individuals makes up for the sales tax that low-income families will pay for their purchases. FairTax will encourage savings which will help families and the economy in the long-term. Finally, FairTax will help U.S. manufacturers and service providers be on a level playing field with imports. It will accomplish this by eliminating U.S. corporate and payroll taxes that U.S. producers must build in to the cost of goods/services. It will then apply tax collection at the retail sales level to domestic and imported goods equally. FairTax seems to be the only solution that provides all of these benefits. I urge you to study this proposal in an objective manner. FairTax is revolutionary in concept, while very common in application. Sincerely, Todd Bryant, CPA |