Replace All Federal Taxes on Income with the Fair Tax Act , HR 25
News coverage of KY FairTax -- Terry Schmitt is DD KY-01
PADUCAH, KY - Today Terry Schmitt is wearing an American Flag and he'll be the first to tell you he's proud to be an american. But, when it comes to taxes he says the current system is anything but fair.
I've always felt the government punishes people for being successful and working hard," said Schmitt.
That's why Schmitt is taking part in a tea party. He wants to promote the message of the fair tax group.
"Basically what the fair tax does is abolish the I.R.S. and all the federal taxes we know and pay today," said Schmitt.
The fair tax, he says would have americans getting full paychecks from the federal government and paying taxes not on what they make, but instead people would pay a twenty-three percent sales tax on the purchase of new items.
But others say it's not that easy.
"I don't think it would benefit those with modest incomes," says Murray State Accounting Professor, Dr. Floyd Carpenter,
Dr. Carpenter says he's dealt with and taught taxes for half a century and says he's skeptical it would ever work Instead, he says the current system needs to be revised.
"We need to make our current income tax system more taxpayer friendly, less complex. But, I personally don't think it needs to be replaced," continues Carpenter.
But replaced or changed Schmitt says something's gotta change for the sake of everyone.
"This is not a Republican thing, this is not a Democratic thing, Not an Independent thing, this is an American thing," says Schmitt.
News video
http://www.wpsdlocal6.com/mediacenter/local.aspx?videoid=15052@wpsd...
Great job Terry!
I've always felt the government punishes people for being successful and working hard," said Schmitt.
That's why Schmitt is taking part in a tea party. He wants to promote the message of the fair tax group.
"Basically what the fair tax does is abolish the I.R.S. and all the federal taxes we know and pay today," said Schmitt.
The fair tax, he says would have americans getting full paychecks from the federal government and paying taxes not on what they make, but instead people would pay a twenty-three percent sales tax on the purchase of new items.
But others say it's not that easy.
"I don't think it would benefit those with modest incomes," says Murray State Accounting Professor, Dr. Floyd Carpenter,
Dr. Carpenter says he's dealt with and taught taxes for half a century and says he's skeptical it would ever work Instead, he says the current system needs to be revised.
"We need to make our current income tax system more taxpayer friendly, less complex. But, I personally don't think it needs to be replaced," continues Carpenter.
But replaced or changed Schmitt says something's gotta change for the sake of everyone.
"This is not a Republican thing, this is not a Democratic thing, Not an Independent thing, this is an American thing," says Schmitt.
News video
http://www.wpsdlocal6.com/mediacenter/local.aspx?videoid=15052@wpsd...
Great job Terry!
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