There must be substantial validity to the claims, which are being touted by many well informed people, that the Fair Tax idea is the best thing since sliced bread?
I understand it’s a national sales tax and would be paid to the cashier at the checkout counter or wherever the transaction is completed. The proponents call the impending legislation Fair Tax because it treats all citizens the same. That is how we pay our Tennessee state taxes, our cost of living is low and fiscally we are good as almost any in the nation.
I’ve heard it espoused that if a Fair Tax law were adopted it would jump-start the economy; create myriad jobs, eliminate income tax and thus annihilate the IRS. It is also believed prices of American made goods would drop dramatically, there would be no significant increase in the cost of living, the economy would grow 10 percent the first year, exports would grow at least 25 percent and capital spending would increase some 70 percent.
It is easy to understand under a Fair Tax plan illegal immigrants; even crooks, thieves and tax cheats will not be able to avoid paying tax as they spend their ill gotten gains. Several other advantages are being touted by the Fair Tax advocates.
I believe America needs a simpler, better and cheaper way to collect her taxes. I want our congress to work toward implementing the Fair Tax plan.