Monday, December 19, 2011

fair tax is awesome consumption tax to replace irs

Fair Tax would solve tax dilemma Thursday, October 6, 2011 By: Ted Hruzd My Central Jersey ...Especially today we need to grow our economy. Can tax reform play a role? Most certainly and via the Fair Tax now in Congress as HR 25. The Fair Tax rewards and encourages economic success and is progressive. It eliminates all federal personal and corporate and payroll taxes; it replaces that with a revenue neutral consumption tax on only new products and services. Rebates are provided to low-income earners. The zero percent corporate tax rate will position the U.S. as an entrepreneurial haven for domestic and foreign investors. More jobs will be created in the U.S. as a result. Furthermore, the Fair Tax eliminates the IRS along with a $430 billion annual burden or almost 3 percent of our economy. Technology is in place for tax collection at point of sales. How much of the $430 billion (total cost of the IRS, plus compliance) contributes to economic growth? Likely none. Ted Hruzd MORRIS TOWNSHIP

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