Your Opinion: The unfairness of income taxes
Thursday, March 24, 2011
The most unfair tax is the income tax and the reason is because the legislators that control the IRS have created so many loopholes for the elite wealthy in exchange for them supporting the legislators and their self interests at re-election time. That is why the IRS code book has swollen to almost 17,000 pages resulting in the wealthy not carrying their fair share of the tax burden.
Our biggest challenge is the evolution into this global world market that we are now in. We have to compete with all of the Third World countries that work for $2 a day and we want to maintain our current pay scale and our present standard of living. We all compete with each other. We all share the same technology and the same high speed communications. Whoever can manufacture the best product for less money comes out the winner.
This is the most important basic fundamental of a successful business protocol. Since income tax and value added tax both add to the cost of our production we have to make a complete change in how we fund our federal government expenditures. We have to eliminate the IRS and all income taxes and all value added taxes and switch to a consumption tax that does not add to the cost of our production.
The Fair Tax HR25, S296 would take care of all of the problems listed above. It also has very attractive safety nets built into it to protect all classes of lower income, middle income and upper middle class families.
The Fair Tax would let us surpass the Third World countries, and it would be a permanent cure for our troubled economy and make us the long-term winner for the next century and beyond.
With businesses having no corporate or personal income tax, businesses from all over the world would want to relocate back here and trillions of off shore capital would return to the United States immediately because no other country offers this incentive.
The Fair Tax has no loopholes and would stop all government corruption, and all of our elite wealthy would be paying their fair share. The Fair Tax would catch all tax cheaters, all of the hidden underground economy money, all drug money, all cash transactions, all illegal business and all illegal aliens. This would broaden our tax base dramatically and we would collect all of this lost revenue when the money is spent.
The Fair Tax would fully fund the federal government at its current level, including Social Security and Medicare, and we could look forward to a debt-free nation.