8 things that we could change about Tax Day forever

April 15 has just passed. Most of us are taking a breather. It doesn’t have to be this way. The FairTax Act which has been before Congress for 25 years would fund the government with no extra effort from any of us than just paying a sales tax whenever we buy new goods or services. No one would ever have to know what we pay or when we pay. 
 

What else would happen? 

1. The economy would explode. Trillions of dollars offshore would be repatriated, because there would be no tax event in doing so. A study shows that capital spending in the first year after passing the FairTax would increase 70%. That increases productivity, and it is estimated that the GDP would grow in the first year by 10%. That begins to save Social Security and Medicare. Additionally, the ceiling on contributions to those programs disappears and illegal immigrants and the underground economy pay into the system. 

2. Manufacturing would return to the U.S. Former Ways and Means Committee Chairman Bill Archer often quoted an informal study of a large number of international businesses that are headquartered overseas.