It is common for people to wonder how CPAs feel about the FairTax. Many of them feel CPAs would never support the FairTax since the tax code is one source of their revenue. Surprisingly, almost all CPAs I have ever talked with support it. I thought I'd start gathering CPA perspectives to publish. One of those follow.
March 12, 2009
By Jenna Peeler, CPA
I’m tired. I’m stressed. And so are many of my clients. Why? For the last six weeks and the next five, I’m cranking out tax returns. I’m helping clients comply with a tax code that is so complex that highly educated individuals can’t fill out their own returns. I’ve seen grown men cry because Uncle Sam is so oppressive he has deteriorated their loved ones’ health. I’ve seen people do the right thing and help others in need, only to unsuspectingly find themselves paying hundreds and even thousands in unexpected tax as a result. There isn’t a soul alive who would disagree that our tax system is ineffective and inefficient. It is beyond broken. Our government has attempted to “repair and simplify” it for years, only to make it more cumbersome and complex. Our tax system is beyond repair. It needs to be completely scrapped and rebuilt. And now is the time.
What if I told you that there is a bill in Congress that would eliminate the income tax? No more April 15. No more complex tax code. No more fear of the IRS. You bring home 100% of your pay in your paycheck. And you decide how to spend it.
What if I told you that in addition to making April 15 a welcome spring day, there would be no more corporate taxes, no more capital gains tax, no more inheritance tax, and no more social security tax or medicare tax? As a result, retail prices are lowered, paychecks are increased, and corporations relocate to the US creating infinitely more jobs.
Sounds like a fairy tale. Too good to be true, right? Wrong! Right now there is a bill before Congress that would do just that. It would replace the government’s current income dollar for dollar. The most prominent economists agree that this is America’s best and fairest answer to not only our broken tax system, but our current economic downfall.
It’s time to get vocal about rebuilding an America that is fair and that works. There has been no riper time than now. Check out more about this new bill, the Fairtax. And take a stand to rebuild a nation that works for the people.