Comment: I am retired and live on Social Security and my State of Texas retirement. Fair Tax - S. 25 and H.R. 25 would cost me a fortune. Last year after deductions I paid approximately 17.2% income tax. Since I am not paying into Social Security or Medicare anymore, this "Fair Tax - 23%" would result in my paying about 5.8% or nearly $2000 more per year. This is a regressive tax since low income folks spend a higher percentage of their income to survive than the middle and higher income folks do. In Texas we already pay 8.25% on sales taxes and adding the 23% consumption tax would make it over 31%. This might help the rich, but not the average Joe or retired folks in this county! Another note of contention. For all of my life I was told to save money for retirement. This I did, saving money in the bank and credit union. Now you tax my retirement savings interest? Is that some kind of kiss-slap? Income tax is fairer than sales or consumption taxes. A flat rate income tax of 15%, with no deductions and no credits would be fair. A sales tax or consumption tax hurts lower income folks more than affluent folks because they are forced to spend a larger percentage of their income to survive. Please, do not pass any regressive taxes. Dump the IRS, get rid of all income tax laws, eliminate all income tax deduction/credits, etc. and put in a flate rate income tax for workers and companies. So far, the Republican party has done little or nothing for the average American. They have started unpopular wars, spent unbelieveable amounts of money we do not have, devalued the dollar, and run up a deficit that we be hard to pay. There will come a day of reckoning for this country. Countries like China and Japan will get tired of loaning us money. If our President, Senators, and Representatives fail to address these issues now, the people that put you in office will take you out of office. Americans are angry. We are tired of taxation without represenation! Cover your butts and do the right thing! Larry D. Loiselle |