Weatherford Democrat

Viewpoints

February 21, 2013

The five principles of tax reform

(Continued)

• Simple: Read that as “easy to understand.”

Our present tax code keeps growing; it’s now over 74,000 pages. The IRS studies show the code is so complex that 16 percent of errors are due to code complexity and contradiction.

The Fair Tax is one tax, easy to understand and equals 23 cents on the dollar. It eliminates income tax, payroll, capital gains, gift, estate and self-employment taxes. The bill is 133 pages long, double spaced, and can be read on the Internet. Disposable income increases, with income tax and payroll tax deductions eliminated and the prebate added in, to pay the Fair Tax. The systems and processes are now in place to implement the Fair Tax with the states collecting the Fair Tax.

The Fair Tax would end the 240 million income tax filings and be collected by 20 million businesses that are registered and licensed by the states. To cheat now takes only you; with the Fair Tax it requires a conspiracy involving both the buyer and seller.

• Transparent: Means taxes are out in the open. You see and know what is being taxed and how much tax you paid.

Imagine no annual income tax filing every April 15th. As a country we spend over $460 billion each year to comply with the federal tax code. With the Fair Tax you get a receipt for every payment of Fair Tax with the purchase of a new good or service. The Fair Tax eliminates hidden taxes (now 22 cents per dollar) that business passes on to consumers in higher prices. The Fair Tax eliminates these taxes, so costs go down, prices go down; sales of USA goods and services will go up. Thus we get a jobs program at no cost. Change the tax code and the country gets a huge and free jobs and economic stimulus program.

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Viewpoints
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