• November 23, 2014

FairTax proposal would fix economy

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Posted: Sunday, October 28, 2012 4:30 am

To the Editor:

During the second presidential debate, Mitt Romney pointed out that Canada’s tax on businesses is only 15 percent while that of the U.S. is 35 percent.

Then he raised the question: “If you wanted to start a new business, would you rather start it in the U.S. or Canada?”

Both Romney and the president agreed that the income tax on businesses should be lower but they differ on how to tweak the income tax code to achieve this.

Forget the income tax code; replace it with the FairTax!

There’s been a FairTax proposal before Congress for more than a decade; it’s not been voted on yet.

Adoption of the FairTax would usher in a period of prosperity unlike that seen by any living American.

On page 106 of “The FairTax Book” we find: “Economists estimate that in the first year after the FairTax becomes law, the economy will grow by 10.5 percent, exports will grow by 26 percent and capital spending will increase by more than 70 percent.”

Why hasn’t it already been adopted?

Congress and the lobbyists. They thrive on the tax code plus it gives Congress great power over citizens.

If you have the opportunity, vote for a supporter of the FairTax.

Glen E. Terrell

Arlington

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2 comments:

  • dutchman3 posted at 9:01 pm on Thu, Nov 1, 2012.

    dutchman3 Posts: 4

    Sorry Glen, but as I mentioned elsewhere, some economists believe that taxes are not part of GDP directly. In that event, our GDP will actually drop 10% or so in year one. Check it out!

     
  • Dr Strangelove posted at 12:12 pm on Sun, Oct 28, 2012.

    Dr Strangelove Posts: 547

    We will never get a Fair Tax because of the millions of dollars being made off our current tax code. When we have businesses whose only function is to interpret our tax code i.e. H&R Block/tax law firms etc. Too much money involved we’ll never see a Fair Tax code. Myself I’d rather have a consumption tax. A consumption tax is a tax on spending on goods and services. However I live in the real world and I’ll never see it.