Weatherford Democrat

Viewpoints

March 14, 2013

What opportunities come with tax reform?

Editor’s note: This is the fifth in a series of articles in support of the Fair Tax.

By PAUL LIVINGSTON

Here is a short list of big problems:

• Stimulate jobs and economic growth.

• Increase disposable income.

• Regain lost economic and financial freedoms.

• Reducing taxing power of politicians, lobbyists and special interest groups.

• Reduce poverty.

• Making federal taxes easy to understand and pay.

• Improve funding for Social Security and Medicare.

• Unify our country.

Please think about this list, which one is at the top of your wish list?  

But wait, why choose? There is one solution for all these problems. Start by moving the tax base from income, savings and investments to a tax base on consumption. One tax can work, a progressive sales/consumer tax system on all new goods and services. The solution is the FairTax, bill HR25/S122.

The FairTax was developed by the Americans for Fair Taxation after years of research and study with $22 million in private funds. This research is not associate with any political party, was done outside the Washington D.C. beltway and not influenced by lobbyists.

How does the FairTax stimulate jobs and economic growth? It eliminates 22 cents per dollar in hidden/embedded taxes that we, the final consumer, finally pay in higher prices charged by businesses to pay their taxes. Prices of U.S. goods and services go down and become more competitive in the world markets to bring jobs and growth. The tax code change will bring capital to our economy.  The USA becomes a tax-free haven for business. The FairTax creates, without government spending and more debt, a jobs and economic stimulus program.

Disposable income goes up as the FairTax eliminates the salary deductions for income taxes and the regressive payroll taxes of Social Security and Medicare.  You now get your whole paycheck before state tax dedications. Plus U.S. citizens get a monthly tax rebate, called a Prebate, to pay the FairTax up to the subsistence level spending. For most families the gain in disposable income will more than pay for the FairTax tax.

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