Replace All Federal Taxes on Income with the Fair Tax Act , HR 25

Gerald Celente Interview - There will be a Tax revolt in 2009 -

http://www.youtube.com/watch?v=9nJ7LM3iyNg

In this 12 minute interview, Gerald Celente talks about the grim future of America that none of us want. One of his projections is that there will be a tax revolt in 2009. We must be ready to fully seize any opportunities that might occur if and when this chaos occurs. That means to stay fully prepared with literature, lists, and media contacts. This may be our last chance to get rid of the income tax.

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Permalink Reply by Dan Hunt on February 12, 2009 at 10:01pm

I get the same sense. My guess is the lowering of the ATM threshold will be the breaking point.

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Permalink Reply by Raymond Chuang on February 12, 2009 at 11:49pm

I wrote an email to Celente's website stating that the grassroots push for FairTax is what will drive this very revolt--with good reason!

I mean, think of what will happen under FairTax:

1. We save ourselves US$350 BILLION per year (and climbing fast in subsequent years!) in compliance costs.

2. We repatriate a huge fraction of that US$10 to US$16 TRILLION in offshored assets held by American citizens and businesses because of no more fear of taxes on earning money.

3. Foreigners will chip in several trillion dollars in new investments because they discover the USA no longer taxes on earning money.

4. American companies will repatriate much of their manufacturing base back to the USA. This means the unemployment rate will promptly drop as manufacturing jobs also return to the USA.

5. Most importantly, because of no more taxes on earning money, American citizens will tremendously up the savings rate in our banks and investment rate in our other financial institutions. That could mean people can confidently save up for a retirement nest egg or save up to buy a big-ticket item like a house, automobile or large appliance far easier, since the payment will be in cash or with a much smaller loan (since Americans can now afford much larger down payments). This right there benefits financial companies since with small loan sizes they have better assurances of the loan being paid back in full.

Indeed, the FairTax idea could spread to more than just the USA--don't be surprised if the concept ends up sweeping the world over the next 15 years as people discover what a great idea it really is. Indeed, Iceland's current financial meltdown would have ended almost instantly if they had adopted FairTax, which would have naturally driven a lot of money to be placed in Iceland's financial institutions to bolster it.