Subject: The fairTax Comment: All panel members must put aside the self serving wishes of lobbyists,tax attorneys, corporations, retail groups, and others who either have something to gain from retaining our present inefficient tax system or haven't taken the time necessary to educate themselves about the advantages of the FairTax. The FairTax has four or five major advantages over any income tax system: 1. If gives the individual power to control his/her spending and tax payments 2. It encourages savings and investment both of which are desperately needed in the U.S. 3. It does away with reems of paperwork and saves the nation an estimated $225 billion in wasted energy consumed in tax planning, preparation, and filing returns. And it eliminates the IRS, the Code, rulings, and all the other malarky that make our tax system so inefficient! 4. It makes the U.S. a tax haven for corporate investments by eliminating U.S.corporate taxes. 5. It is much fairer to lower and middle class tax payers because the FICA tax is eliminated, and the FairTax is very progressive in nature collecting from many of those who go tax free today--cash businesses, criminal activity, tourists, and sole proprietors who most times only declare part of their income for tax purposes. Also, the wealthy pay whenever they buy a new house, yacht, or fancy car. Why do you think all the Koreans, Indians, Chinese, Vietnamese, and other immigrants start small retail busineses as soon as they save enough money to begin one. Because they only declare a portion of their income for tax purposes. So, you men and women have a chance to save our country from an economic decline which is beginning in ernest because the Chinese are dumping products here priced with an under valued currency, our current tax system is burden on the economy, and our credit systems are maxed out. If interest rates go up to prevent inflation, the economy will crash under the individual, corporate and government debt burdens. Good luck with your decision. |