FairTax makes strongest possible case for reform
From The Times-Herald (Letter to the Editor)
May 30, 2010
Eighty economists have written to Congress and the White House that the FairTax, with $22 million of peer-reviewed research behind it, is the best federal tax system to create economic growth.
By taxing what comes out of the economy--consumption -- instead of what makes the economy grow-- work, savings and investment -- the tax base is dramatically expanded and every worker takes home paychecks free of all federal withholding and payroll taxes.
Foreign investment, estimated in the $10 trillion range, comes, upon enactment, rushing into the American economy creating needed jobs.
The benefits to the nation and every taxpayer are not enough to easily overcome Washington insiders' lucrative self-interest in an income tax system that allows Congress to play politics with the nation's wealth.
The FairTax breaks a lot of "rice bowls" inside Washington. It makes visible the cost of the federal government on every sales receipt, and it shifts tax decisions from Congress to individual citizens through their consumption choices.
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