Letter to the Editor: Relief is in sigh
For those low-wage earners having trouble keeping a roof over their head and putting meals on the table, relief is in sight.
All one has to do is follow the lead of the U.S. Chamber of Commerce.
For starters, they would scrap the federal income tax and replace it with their "Fair Tax" (federal sales tax), estimated to be somewhere between 23-30 percent. Since a sales tax is a tax on consumption, only those who purchase something would pay that tax; unearned income, that is monies accumulated from investments (now taxed at half the rate of earned income), would not be taxed.
Soon we will all be able to experience the prosperity now enjoyed by the citizens of Tennessee, South Dakota, Nevada and Alabama -- all of which now have a state sales tax as their primary source of revenue.
Now here's the beauty of it all. Since minimum-wage earners are barely able to purchase much of anything as it is, the money they would save by not purchasing food, clothing and shelter could be applied towards private retirement, health care and college tuition savings accounts that business interests envision will replace Social Security, Medicare and government financial support for education.
Just think of the opportunities for minimum-wage workers. Now all they have to do with the money they save is to re-examine their investment portfolios and buy their stocks in the petroleum, insurance and pharmaceutical industries.