• Supports economic growth. Our present tax code is hurting our economy by driving out and punishing the entry of jobs, companies and capital.
The Fair Tax makes the USA a tax-free haven for businesses, brings jobs, companies and $10 trillion to $12 trillion of offshore capital to our economy. It taxes the underground economy estimated to be $1 trillion to $1.5 trillion. Economic studies predict with the Fair Tax in place, first-year domestic investments go up 33 percent, employment up 3.5 percent, GDP up 2.4 percent with continuing increases through years five and 10.
• Revenue neutral: The new system brings in the same amount of money as the present system.
The Fair Tax raises the same total as the taxes that are eliminated. But now there is a bright future for economic growth. It does not change Social Security and Medicare and moves funding to a more stable tax base.
The solution is called the FairTax Bill HR25/S122. It moves the tax base from income, saving and investments to a tax based on consumption with a progressive national consumption/sales tax system.
Please do these actions: learn more at www.fairtax.org. Sign up to support real, true tax reform. Call your U.S. representative and ask him or her to co-sponsor the FairTax Bill.
Paul Livingston is a FairTax volunteer and district director who resides in Jacksonville, Fla. Contact him at email@example.com.