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

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Letter to the Editor

Started by Dave Boone Dec 1, 2012. 0 Replies

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All purpose comment to be inserted wherever tax reform is being discussed:

Started by Dave Boone Sep 10, 2012. 0 Replies

As usual our leaders of both parties are stuck on stupid. For over a decade now, we've had a solution for a tax policy that would jumpstart the economy. It's called the FairTax. It would be a…Continue

The FairTax Solution to Social Security

Started by Dave Boone Sep 9, 2012. 0 Replies

 Last week the debt clock clicked over 16 Trillion, to great wails of consternation and gnashing of teeth. Not mentioned in the coverage of that event, however, is the fact that the unfunded…Continue

Letter to the Editor by Bob Martin

Started by Marilyn Rickert Aug 28, 2012. 0 Replies

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Comment by Dave Boone on October 7, 2012 at 5:53pm

Dear Mitt:

 

              What if the FairTax had been adopted in 1999 when it was first introduced in Congess?

              To answer that question I will be referring to the table on page 3 of http://www.fairtax.org/PDF/TheEconomicEffectsoftheFairTax-Resultsfr...

 

Using the year 2011, we see real GDP increasing by 10.7% over the current statute(income tax).  Domestic investment would be up by a whopping 86.3%. Capital stock would increase by 9.3% Employment would increase by 9.9%,  real wages would have gone up by 10.2%, and consumption would have enjoyed a 1.8% gain.

 

GDP stood at 15.094 in 2011 X 1.107 under the FairTax the new GDP would have been 16.71 trillion dollars.       http://www.measuringworth.com/datasets/usgdp/result.php

 

 

According to the St Louis Federal Reserve, Gross Private Domestic Investment was 2.042T dollars in 1st Q of 2012.  2.042T X 1.863  equals 3.8T under the FairTax.          http://research.stlouisfed.org/fred2/data/GPDI.txt

 

 

For a proxy of capital stock we will take the value of listings on the NYSE as of December 2010, according to Wikipedia;  market capitalization of its listed companies is estimated at US$13.39 trillion as of Dec 2010.  13.39T X 1.093 = 14.63T dollars 

 

In September of 2011, 131.746M Americans had jobs.

http://unemploymentdata.com/charts/current-employment-data/

131.746M X 1.099 = 144.789M or more than 13 million new jobs

 

Please explain how all this hurts the middle class?

 

 

 

 

 

 

 

Comment by Jamie Wheeler WA on September 7, 2012 at 4:45am
Comment by Dave Boone on August 22, 2012 at 7:48am

We all have to make tough choices in life. Choosing between the current income tax and the FairTax is not that tough. How would you like to get your entire paycheck, for an immediate 10 percent raise, maybe more?

How would you like to never have to file another income tax form for the rest of your life? How would you like to see a number for the cost of running the federal government on every cash register receipt?

How would you like to see trillions of dollars returned to the U.S. from Switzerland, Cayman Islands, Hong Kong, etc. to jump start the economy and restore "Made in America?"

How would you like to see all the new jobs that would come from expanding the GDP by 10 percent? How would you like to take control from DC and eliminate tax favors for the special few who can afford to play the lobby game?

How would you like an automatic check every month to reimburse you for taxes to be paid on food, housing and medical costs — $564 for a family of four? The FairTax is not a tough choice; in fact it's a "no brainer."

Comment by Dave Boone on August 21, 2012 at 6:32am

The FairTax changes everything.  Because it is a tax on consumption, it sidesteps that entire list of evils associated with the income tax.

 

http://www.bloomberg.com/news/2012-08-08/spellbinding-tax-reform-th...

Comment by Dave Boone on August 20, 2012 at 7:44pm
Comment by Dave Boone on August 20, 2012 at 7:54am

  Several recent polls put Congress' favorability ratings in single digits.  You are presiding over a time of serious national decline.  You have failed to deal with a wide range of fiscal and economic problems.  Rome is burning.  We, the people, know it and so should you.

Let’s focus on the economic issue.  More and more of you are beginning to see that the income tax is standing in the way of a robust and sustainable economic recovery.  Very likely this will dominate discussion in upcoming sessions, as well it should.  Several schemes have been proposed to reform the income tax, such as a VAT, a “flat” tax, and a federal consumption tax.  Of all the options, only one meets the urgent need, not simply of reform, but of outright replacement of the income tax.  What’s needed is the FairTax.

 

The FairTax bill has been held captive in the House Ways and Means Committee since 1999.  Whenever we advocates send pleadings to our representatives, they are more often than not answered with polite, boilerplate form letters which sidestep our concerns with impertinent drivel.   To the 76 members of Congress who have cosponsored HR25 and S13, consider yourselves exempt from this message.  Thank you, you need read no further.

 

To the rest of you, ignorance of the FairTax bill is inexcusable after $23 million dollars worth of research and countless pleadings from your “employers” from around the country.  One cannot help but conclude the role of lobbyists and personal profit has something to do with your reticence to deal forthrightly with the FairTax. 

 

If you are serious about bringing back jobs, and the “made in USA” label, you can redeem your poor ratings, by the immediate passage of the FairTax bill.  Your grandchildren will see you in a much more favorable light than your contemporaries see you now.

Comment by Dave Boone on August 20, 2012 at 7:37am

An open letter to Congress:

 

Recently we have seen a series of books documenting the role of the lobbyist and the use of privileged information for personal stock trading profit.  Against a background of a favorability rating in single digits, it all seems like “piling on”.  The sad fact, however, is that you deserve every bit of it.  You are presiding over a time of serious national decline.  At this critical juncture in history, you have proven yourselves unable to deal with a wide range of fiscal and economic problems.  Rome is burning.  We, the people, know it and so should you.

 

Let’s focus on the economic issue.  More and more of you are beginning to see that the income tax is standing in the way of a robust and sustainable economic recovery.  Very likely this will dominate discussion in upcoming sessions, as well it should.  Several schemes have been proposed to reform the income tax, such as a VAT, a “flat” tax, and a federal consumption tax.  Of all the options, only one meets the urgent need, not simply of reform, but of outright replacement of the income tax.  What’s needed is the FairTax.

 

The FairTax bill has been held captive in the House Ways and Means Committee since 1999.  Whenever we advocates send pleadings to our representatives, they are more often than not answered with polite, boilerplate form letters which sidestep our concerns with impertinent drivel.   To the 76 members of Congress who have cosponsored HR25 and S13, consider yourselves exempt from this message.  Thank you, you need read no further.

 

To the rest of you, ignorance of the FairTax bill is inexcusable after $23 million dollars worth of research and countless pleadings from your “employers” from around the country.  One cannot help but conclude the role of lobbyists and personal profit has something to do with your reticence to deal forthrightly with the FairTax. 

 

If you are serious about bringing back jobs, and the “made in USA” label, you can redeem your poor ratings, by the immediate passage of the FairTax bill.  Your grandchildren will see you in a much more favorable light than your contemporaries see you now.

Comment by Dave Boone on August 18, 2012 at 9:44pm

FIX IT RIGHT

 

 

I have been an appliance repairman for 40 years.  My natural inclination is to fix things.  As I look at the state of national affairs today, nothing seems to be working right.  One hardly knows what to tackle first.  Each of us must assign our own priorities.  Mine is tax reform; not just any tax reform, but the FairTax to be specific.

 

Just shy of a century as the law of the land, the income tax has reached the point we were always warned about when we were kids.  We have played with it so long we have broken it.  The income tax discourages investment and productivity.  It penalizes exporters who must add the cost of taxes into the price of everything they export while imports from other countries carry no such penalty. People with high incomes are leaving the United States in droves to avoid income taxes.  It is so common that they even have a nickname – taxpatriots.  Working people have up to 25% of their income confiscated before they even get their paychecks.  That discourages consumption, making demand for goods and services anemic.  A huge bureaucracy known as the IRS intrudes into the private affairs of all of us.  As taxpayers we waste hundreds of billions of dollars and millions of hours every year, just to comply with the income tax.   With all that, we still can’t be sure we have followed the correct procedure because of the complexity of the codes, rules and regulations.  People who are not entitled defraud the system for undeserved refunds.  Hundreds of billions in the underground economy are left on the table, taxes on which are not collected under the current system.  Congress parcels out tax breaks to special interests in deals which never really quite pass the smell test.  The list of evils goes on and on.  The embarrassing part is we tolerate it all without thinking.  The dangerous part is that it is destroying what’s left of a once vibrant economy.

 

The FairTax changes everything.  Because it is a tax on consumption, it sidesteps that entire list of evils associated with the income tax.  The threat that the income tax poses to our economy going forward is so grave that even Congress is beginning to see the obvious.  HR 6169 has just been passed in the House to allow fast tracking for tax reform. 

 

The FairTax however goes beyond mere reform.  Sometimes when I am called upon to repair an appliance, the cost exceeds the value of the unit in question.  That’s what’s going on with the income tax today. The income tax cannot be repaired.  It must be replaced.  Of all the plans being discussed on capital hill, only the FairTax can bring the kind of fundamental and comprehensive change that will allow for a permanent fix.

 

The Marines have a saying – “lead, follow or get out of the way”.  If you are not prepared to lead by

informing yourself about the advantages of the FairTax, you need to either follow or get out of the way.  The FairTax is that important to your personal future, the futures of your kids, and the future of the nation.

 

Visit www.fairtax.org For more information

 

Comment by Dave Boone on August 18, 2012 at 9:35pm

Here’s a set of questions you might want to ask yourselves:

 

How would you like to get your entire paycheck, for an immediate 15% raise, maybe more?

 

How would you like to never have to file another income tax form for the rest of your life?

 

How would you like an automatic check the first of every month to “pay ahead” that month’s taxes on food, housing and medical costs?  $580 for a family of four.

 

How would you like to see a number for the cost of running the federal government on every cash register receipt?

 

How would you like to see trillions of dollars returned to the U.S. from Switzerland, Cayman Islands, Hong Kong, etc. to jump start the economy and restore “Made in America”?  The FairTax is the best jobs bill pending in Congress today, and the best part is that it would all be private investment, instead of taxpayers having to foot the bill.

 

 

How would you like to see all the new jobs that would come from expanding the GDP by 10%?

 

How would you like to take control from DC and eliminate tax favors for the special few who can afford to play the lobby game?

 

How would you like to see the IRS shuttered forever?

 

Business people and economists are rightly concerned about today’s punishing tax and regulatory environment.  These problems must be addressed, but economic recovery requires another major component to be successful, which is demand.  The FairTax puts more discretionary income in peoples’ pockets right away.  No other tax reform can say that.

 

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