At last there may be reason for hope among those who recognize the need for fair taxation.
In his annual economic report to Congress, months ago, President Bush suggested that the time may be near to replace the income tax with a consumption tax, which would increase efficiency and promote investment and growth.
Now, Congress unanimously has passed a resolution that encourages and supports a national debate on fundamental reform of the Internal Revenue Code of 1986 and will begin a series of hearings to examine the case for fundamental reform of the tax code, along with options.
Herman Cain, chairman of Godfather's Pizza Inc. and the Tax Leadership Council for the Americans for Fair Taxation, says that a replacement tax system should satisfy six principles: economic growth, fairness, simplicity,
neutrality, visibility and stability.
Cain says the FairTax, a national sales tax on consumption, meets all requirements. It has been extensively researched, analyzed and documented by some of the most respected business people, economists and academicians in the country and was introduced into Congress as The FairTax Act of 2003.
A single rate of 23 percent inclusive on all retail purchases would replace all personal and corporate income taxes, payroll taxes and death taxes. It eliminates all loopholes, which would generate more revenue to fund the government.
The FairTax would eliminate hidden taxes and allow people to save more, Cain said. It "untaxes" the poor by providing every American household a rebate for taxes on necessities before they buy, not after.
It is fair. So, why is it largely ignored by the major media, which preaches so often about fairness?
Florida Times-Union, Jacksonville - April 17
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