This my second letter to the House Ways and Means Committee. I would appreciate it if others could send it to. An Excel spreadsheet with each member's contact info can be found on the House Ways and Means Committee forum on this site. I faxed and mailed it to both offices. I was disappointed with the response from FairTaxers to my first letter. It looks like no one likes this approach. I will continue on, although it would be great if the district Directors that have a Representative on the Committee got their people to send at least a letter to their own Representative.
Dear Representative _________:
WHAT WOULD BE THE MOST STIMULATIVE FEDERAL TAXATION PROGRAM?
Eliminating the payroll tax for employees and employers would inject over $800 billion into the US economy over the next year. Half of this would go directly to employees via a 7.6+% increase in every paycheck. Citizens could decide how to spend, save or invest this money. The other half would go directly to companies that create and maintain jobs. All of this with no administrative cost to the Federal government. How can you make this happen? Pass the FairTax legislation!
In an article in Financial Week, it is estimated that US companies could repatriate as much as $655 billion in foreign earnings if the Federal tax on foreign subsidiaries was eliminated. Imagine the effect this capital would have on today’s credit markets if it was deposited in US banks. How can you make this happen? Pass the FairTax legislation!
Some estimates say that over $11 trillion of the world’s wealth is held in Offshore Financial Centers (OFCs). Pass the FairTax legislation, which eliminates taxes on interest income, dividend income and capital gains and that money will come rushing into US banks. Imagine the effect this capital would have on today’s credit markets.
I respectfully request that a vigorous debate about the FairTax be the most important issue the House Ways and Means Committee addresses this year.
Thomas J. Freeman
Thomas J. Freeman