Your Opinion: Fair tax would boost economy
Saturday, March 5, 2011
Why do all of the legislators in Washington, D.C. back away from trying to make Social Security and Medicare solvent, which are currently going broke, because the number of our aging population is increasing and the number of our younger workers funding the program is decreasing. I guess the legislators think they will have to cut back on the benefits paid to Social Security recipients, or increase the withholding taxes on the workers that fund the program. Either way they go they are afraid they will be voted out of office.
In addition to Social Security and Medicare we have a stalled economy, crippling national debt and double digit unemployment. All that the legislators would have to do would be to pass the Fair Tax Act of 2009 (HR25, S296) that has no loopholes and that would shift the tax burden back to the wealthy, resulting in the lower income, middle income and upper middle class families receiving a very substantial tax decrease. The Fair Tax is progressive, based on lifestyle/spending choices, rather than simply punishing those taxpayers who are successful and the legislators’ jobs would be secure for as long as they wish.
The Fair Tax would fully fund both Social Security and Medicare at the current level. If this Fair Tax would become law the economy would skyrocket and our gross domestic product would double in a very few years and we would build up a surplus in both Social Security and Medicare and we could look forward to a debt free nation. All of our families future generations would be able to enjoy a booming economy with full employment for every citizen in the United States for centuries into the future.
With the Fair Tax that greatly increases our tax base it may even be possible to finance a complete free health care system for all United States citizens with a small increase in taxes, without putting a burden on anybody. It definitely should not be government run. It should be run and managed by the National Hospital Association and all of its board members and decision makers should be experienced hospital administrators who have experience in both health care and business management. This would be the most efficient and best managed health care system in the world.
In addition to the Fair Tax laying the ground work for a booming economy we definitely would need to control our runaway spending.