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

CPAs and the FairTax

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.
http://www.perpetualprovidence.blogspot.com/2009/03/what-is-fair-tax.html

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.

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Comment by James Russell on March 18, 2009 at 7:14am: I thank all CPA's for their expertise. Can we have a blog started by FairTax leaning CPA's here? I trust CPA's as much as the Fed Chairman and much more than Barney Frank. CPA'S SHOULD make posts here to discuss how the FairTax and their Institution will help to make our economy, jobs, wages better for the working and service sector of our economy using their learned skills.

Comment by Jim Huller on March 17, 2009 at 9:16am: Any CPA I've met is just doing busy work with Returns. Most of them are excellent business advisers, if given the chance. A great CPA firm would ultimately increase their revenues if they could spend their time and energy helping clients build businesses, rather than avoiding Uncle Sam.

In the words of Hillary (and others) - "don't let a good crisis go to waste" (or something to that effect). As far as I'm concerned this should be the last April 15th as we know it. The Tea Parties are growing in size and strength, and that should be built upon. The American people can take back control of their lives, it starts slowly like the resistance to Prohibition in the 20's and the 55mph speed limit in the 80's.

Comment by Jenna Peeler on March 17, 2009 at 6:01am: I was suprised to see the post, Bill. Thanks. Every CPA I've talked with supports the Fairtax. More than any other industry, we see the detrimental effects of the tax code on our clients. We laugh at the insanity of the new regulations we learn about during continuing ed classes. And we experience frustration when we can't find clear answers to our client's questions. Yes, Bill, CPA's aren't nearly as fearful of losing their jobs as they are hopeful to implement a tax system that is fair and that works.