Congress and the American people are ready to have a conversation about comprehensive tax reform, and now more than ever there is the opportunity to replace our deeply flawed tax system with a commonsense system that is simpler and more growth-oriented.
Many of my colleagues suggest that tax reform should be achieved by creating a fairer, more balanced system with lower rates and a broader base – I couldn't agree more. But, I am also convinced we must think bigger if we are to capitalize on this opportunity for economic growth and new prosperity.
I am proud to join my colleague, Senator David Perdue of Georgia, in introducing the
Fair Tax Act of 2015. As a longtime proponent of the FairTax®, it is a privilege to lead this effort in Congress following the retirement of Senator Saxby Chambliss of Georgia from the U.S. Senate. Thanks also to the thousands of FairTax advocates, grassroots volunteers and Americans For Fair Taxation leadership for your steadfast support of this legislation.
The FairTax is a significant step in the direction of individual freedom, a fundamental concept of our nation's founding. By eliminating the withholding of federal income taxes and social security taxes from paychecks, it would allow Americans to keep the entirety of their income and put individuals in charge of their own finances rather than the government or, more specifically, the Internal Revenue Service.
All Americans have the right to assume that the IRS, which exercises great authority over the taxpayers of this country, is operating in a neutral, fair and appropriate manner. Unfortunately, we now know that the IRS under the Obama Administration has failed in those basic tenets. To quote one of my colleagues from across the aisle, the IRS has done "permanent damage" to its reputation and legacy through the political targeting of conservative nonprofit groups. Rendered obsolete by the FairTax, the IRS would become a thing of the past.
The benefits of the FairTax are immediate and obvious. This year, Americans will likely work 100 days or longer to earn enough to pay their share of federal, state and local taxes. Americans will then spend billions of hours preparing their tax returns this spring.
A 2013 study by the Mercatus Center at George Mason University estimates that Americans spend between $300 billion and $1 trillion each year attempting to comply with the 70,000+ page tax code. There is no reason why paying taxes should be so confusing and complicated. The burden this process places on individuals and small businesses must be relieved.
But the problems with our current tax code go deeper than the complexities of paperwork, and the FairTax gets to the very root of those problems. Loaded with thousands of loopholes, exceptions, exemptions, credits, deductions, you name it – our tax code grossly manipulates the decision-making of businesses in our country.
By some estimates, U.S. companies are currently holding more than $2 trillion overseas. We can only speculate how much foreign investment continues to sit on the sidelines when it could be brought to America to create jobs and stimulate economic growth. For international businesses looking to relocate to the United States, the FairTax would be welcome news.
With the FairTax, Americans would no longer be punished for working hard to make money to support their families. All Americans, regardless of economic status, would be on equal footing and achieve greater freedom.
Overhauling the American tax system is not an easy undertaking, but the economic need for a leaner and fairer tax code has never been greater. It should be common sense: a simplified tax code will help boost the economy. With no tax on savings or investment, there will be more jobs and greater productivity.
The FairTax deserves to be heard in a committee setting, debated, and given an up or down vote. Americans know that when our economy is strong they can provide for their families, and see their children and grandchildren pursue the American Dream. The FairTax is a commonsense step toward restoring that dream.
This week: FairTax Chronicles, AFFT's third party sponsored messages, makes a comeback, plus the purpose of our campaign. READ MORE
VIDEO: Senator Moran: The FairTax deserves debate, discussion and a Senate vote
On Wednesday, January 28, 2015, U.S. Senator Jerry Moran discussed his FairTax legislation on the U.S. Senate Floor. READ MORE
Fair Tax would unleash economic engine
The first thing to consider is that the Fair Tax would replace all current forms of federal taxation (with the exception of some excise taxes on certain products). Imagine receiving your paycheck on payday with no deductions for federal income taxes, Social Security taxes and Medicare taxes! Now, that's a scenario that most working Americans can appreciate and support. Another consideration is the (practical) elimination of the IRS. We would no longer have to report our incomes, list our dependents, etc. to the most hated collection of overpaid federal bureaucrats that has ever been. The cost of complying with federal tax law (the money we pay to tax preparers, CPA's, tax attorneys, record storage, etc.) is estimated at, roughly, $400 billion a year. Imagine if just a fraction of that amount were funneled into productive avenues instead supporting the industry that has grown up around our antiquated tax code. READ MORE
Rep Crenshaw: FairTax 'deserves immediate consideration by Congress'
Keeping true to his longtime promise of quick, decisive action on tax reform, Rep. Ander Crenshaw (R-FL) signed on as a co-sponsor of the Fair Tax Act of 2014 on Thursday. "The easy-to-understand FairTax would wipe out thousands of pages of regulations and loopholes, and leaves in place a transparent national sales tax on goods and services administered primarily by the states," he said. "Federal income taxes and the FICA payroll tax would be eliminated, and the IRS would no longer be needed. The poor are protected and everyone is treated equally: no exemptions, no exclusions, no advantages," Crenshaw concluded. "Americans would be allowed to keep their entire paycheck and spend hard-earned dollars on ways that best suit them. On the business side, labor costs are lowered by eliminating payroll taxes, allowing companies to hire more workers." READ MORE
We agree with Senator Moran that "overhauling the American tax system is not an easy undertaking" and "the economic need for a leaner, fairer tax code has never been greater." And we also agree that the FairTax deserves a vote in Congress.
That's why AFFT continues to diligently educate members of Congress and their staffs on why the FairTax is the only tax replacement plan that will generate jobs, create economic growth and free the American people from the punitive chains of the IRS.
We can't do this without your support.
For only $10.40 a month, you can help advance the FairTax in Congress and bring us one step closer to that all-important vote. Become a 1040 member today – named after the very form we'll abolish forever. Don't delay, click here: www.fairtax.org/1040. With your continued support, one day the FairTax will become law and April 15 will again become just another spring day!
What: "Understanding the FairTax®" webinar plus the special topic: "Why a reformed income tax is not the answer".
When: Thursday, February 26, 2015 Time: 8:00 PM Eastern, 7:00 PM Central, 6:00 PM Mountain, and 5:00 PM Pacific
Where: Anywhere your computer has internet access. This is a LIVE EVENT. You may ask questions and they will all be answered!
Who: Join Marc Manieri, Producer and Host of the "Understanding the FairTax" webinar series.
Why: These webinars from the Florida FairTax Educational Association are vital educate those on the front lines and those wanting to know more about the FairTax. Be sure and share each month's webinar with your friends!
Benjamin Franklin stated that a volcano can cool the planet by 4 degrees within a year. If our planet gets too hot, the planet cools by eruptions. Sunspots have all to do with heating or cooling, also.
Eruptions of volcanoes like Tavurvur in Papa New Guinea in 2006 had a greater impact on the climate in the past 15 years than had previously been appreciated and may require climate models to be revised
However, the new study has confirmed results from the end of last year that showed these small eruptions can have an accumulative impact on global temperature.
This could have helped decrease the global temperatures by between 0.05°C to 0.12°C over the past 15 years.