Congress and the President Obama continues to disagree on ways to fix our economy while avoiding the real solution. The Income Tax is the real culprit. It is driving business overseas to avoid its penalizing effects. HR25 The Fair Tax Act will change that. Every worker will receive their full paycheck without payroll taxes or income taxes deducted. Every business will not have to pay income tax or report any activities to the IRS. Imagine the effect of a consumption tax that will allow that to happen. The economy is expected to grow by 10.5 percent the first year HR25 is enacted. Exports are predicted to grow by 35 percent the first year. How is that for stimulus?
HR25 has been shelved within the House Ways and Means Committee for many years. Dave Camp, the chairman of W&M has indicated they will be considering alternative tax proposals this year. He has assigned committees to study them. The Income Tax lobby is the largest lobby in Washington DC. Congressional members use it to buy votes and paybacks. It will take a grassroots movement to overcome that. Call your congressperson and demand they support the Fair Tax. See fairtax.org for more information.
Roy T Newsom