Gwinnett Daily Post | POLITICAL NOTEBOOK: FairTax bill draws more support

20
Oct

Gwinnett Daily Post | POLITICAL NOTEBOOK: FairTax bill draws more support

Lawrenceville U.S. Rep. Rob Woodall announced this week that his FairTax legislation has more support in the House of Representatives than ever.

The 73rd co-sponsor signed onto the legislation, which would replace the current income and payroll taxes with a federal sales tax.

“For far too long the existing tax code has been an economic drain on our country. America’s job creators are handcuffed by oppressive tax regulations and consequently seek less costly environments overseas,” Woodall said. “With the United States having the highest corporate income tax rates in the entire world, it can come as no surprise that businesses are going elsewhere. It is estimated that over $10 trillion is currently being held offshore, but with passage of the FairTax we can incentivize businesses to bring that money back to our shores. When they invest and grow their business, they employ our neighbors.”

The proposal was originally introduced in 1999 by Gwinnett Rep. John Linder, whom Woodall replaced in 2011. Support has increased, thanks to grassroots support, officials said.

“This huge benchmark speaks to the dedication of everyone who has worked so diligently to advance the legislation,” Woodall said. “Not only has the FairTax gained more supporters than ever before, we have had the first hearing in the Ways and Means Committee in a decade and included FairTax language in every House Budget Resolution since January 2011. We’ve been promised a vote in the committee when the time comes, and everything we do until that point must be focused on bolstering that opportunity.”

via Gwinnett Daily Post | POLITICAL NOTEBOOK: FairTax bill draws more support.

Comments ( 1 )
  • YANKEE says:

    The Ways & Means “Hearing” Rep. Woodall noted that the FT had was held 7/26/2011 and th FT did NOT do well at all.

    The “Fair Tax” is a Fraud – we need a 10% Tithe!

    I am a retired tax lawyer/CPA, with no continuing financial benefit from ANY tax system. I can support every comment I make – for supporting details, call Stephen C. Eldridge tel. 423-532-7337.

    The so-called “Fair Tax” (“FT”) is a fraud – it is MORE WEALTH REDISTRIBUTION, AND a Bernie Madoff financial scam.

    In their own words, FT proudly advertises that it is MORE PROGRESSIVE (INCREASES WELFARE). The Prebate is advertised as merely repaying the poor for any FT they pay, but actually would pay them far more than any FT they might pay and also gives the working poor free SS/Medi.

    The FT hits us with a 40-70% in-your-face retail sales tax that would spark a taxpayer rebellion that would destroy our 70% retail-sales-sensitive economy. 40% = 30% FT + e.g., 10% State sale sales tax and 70% is the rate needed at a sample 30% FT evasion rate (the FT incredibly assumes ZERO evasion and ZERO intentional reduction in spending and ZERO migration from new to used goods).

    IN ADDITION to that 40-70% tax, the FT contains several HIDDEN TAXES. FT’s 30% rate is really 42+%; the 12+% is hidden by having fed + S/L govts paying FT – they must get that money from you. The initial 30% rate is 1-5% short and that plus any other revenue shortfall will have to be made up by raising more FT (or a NEW Income Tax), the fed budget for SS will rise because of the FT – SS COLA of almost 30% and fraudulent new SS benefits – and more FT (or a NEW Income Tax) we be required to fund these.

    The NEW IRS (the STAA) will be far worse, far more invasive than today’s IRS b(the buyer is liable to pay FT and get/show a receipt) – we may well have to file an “Annual FT Summary”.

    We may well wind up with BOTH a NEW Income Tax AND the FT.

    What we need is a Flat Income Tax with No Deductions, No Exemptions, No Credits and a 10% rate, with business income taxed to shareholders on a very simple basis (i.e., no corporate income tax) – See H.R. 1040, but with changes as noted here. Call your representatives in Congress and let them know that this is what you want.