At the most recent Tree City Tea Party meeting of 11-9-13 , we heard a presentation by Mr. Jerry R. Lowman, the 6th district representative on the FAIR TAX.
Through his presentation he explained the difference between the FAIR TAX and the FLAT TAX...and explaining that we are currently operating under a Flat Tax system that has gone off course.
HERE ARE SOME KEY POINTS FOR THE FAIR TAX bill HR25:
1.) Eliminate all personal and business income taxes, payroll, estate and capital gains taxes.
2) Create jobs and restore the made in America label by making U.S. products more competitive.
3.) Raise real wages over 10 percent in the first year.
4.) Save Americans $400 billion wasted yearly complying with 72,000 pages of tax regulations.
5.) Lower tax rates for all Americans and capture taxes from the underground economy.
6.) Provide monthly “prebate” payments to all legal American households to offset taxes on necessities.
7.) End the sale of tax favors to the rich, politically connected, and special interest lobbying groups.
8.) Grow the economy and GDP by billions of dollars
9.) Add trillions of U.S. and foreign dollars to our economy by making America the place to invest.
10.)Secure funding for Social Security and Medicare with a larger, more stable tax base.
11.)Raise the same revenue as the current system.
12.)Lower product costs by removing business taxes & avoidance and compliance expenses now hidden.
13.)Eliminate the IRS and be collected by the states.
The FAIR TAX is backed by $22 million in research as well as many top economists and volunteers across the nation.
WHY DO AMERICANS BACK THE FAIR TAX?
Simple - No more IRS, incomprehensible tax code, and no more income tax returns.
Fair - No more exemptions or loopholes, or the lobbyists who peddle them. Everyone is treated the same.
Transparent - See exactly how much you are contributing to the government on every sales receipt. No more “hidden taxes” in purchase prices.