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Chairman’s Report - September 27, 2019

Chairman’s Report - September 27, 2019
Photo Credit: Steve Hayes by is licensed under
The Unnecessary Cryptocurrency Controversy

First what is “money”?  The Merriam Webster Dictionary defines money as "something generally accepted as a medium of exchange, a measure of value, or a means of payment".  Through the centuries, people have used everything from large stones to metals as money.

Investopedia defines cryptocurrency:  "A cryptocurrency is a digital or virtual currency using cryptography for security".  A cryptocurrency is difficult to counterfeit because of this security feature.  Many cryptocurrencies are decentralized systems based on blockchain technology, a distributed ledger enforced by a disparate network of computers.  A defining feature of a cryptocurrency, and arguably its biggest allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.

Most of us have heard about Bitcoin, and now Facebook has announced it is going to be introducing Libra, its cryptocurrency.  There are many other cryptocurrencies, and the only limitation on their growth is whether or not people will accept them in payment for goods and services in the same manner as U.S. bank notes or other government-issued currency.

There are many reasons why cryptocurrency has expanded so rapidly.  Many of these involve the wishes of the users of these currencies to escape the attention of government.

Sahel Ahyaie Assar is an international tax counsel who wrote a two-part article for the Daily Tax Report.  She discusses the attempt by the IRS to require people to report income from cryptocurrency transactions.  She points out:
 
  • By the end of August 2019, the IRS will have sent more than 10,000 letters to taxpayers it suspects may have unreported income during tax years 2013-2017 relating to transactions using cryptocurrencies.  Taxpayers are warned to actively report their holdings, correct any previous erroneous reporting and calculate the tax
 
  • A taxpayer who receives virtual currency as a payment for goods or services must include in its gross income the fair market value of the virtual currency measured in U.S. dollars as of the date that virtual currency was received
 
The article gets into many other complicated tax issues which points out the idiocy of the present Internal Revenue Code and trying to bend it to tax every facet of the acquisition and use of cryptocurrency.

Why The FAIRtax Eliminates The Hysteria About Cryptocurrency Taxation

Obviously, there are other reasons why The Swamp, many Members of Congress and the rest of the “ruling class” are concerned about cryptocurrency.  They fear cryptocurrency will make people less controllable.  Now, they can manipulate the government-issued currency and by doing so, exercise power over us.

If the real objective of all the hysteria about cryptocurrency is to ensure people pay taxes on their profits, isn’t it easier not to pass all of these new rules and regulations and require the IRS to make further incursions on our personal freedoms?  There IS an easy answer!  The FAIRtax!

Under The FAIRtax, the government, for revenue collection purposes, doesn’t care if someone owns cryptocurrency.  The only consideration is that The FAIRtax is paid when the holders of cryptocurrency use it to purchase goods and retail services.  Since less than 10% of the country’s vendors account for over 90% of the retail purchases, collecting The FAIRtax will be simple.

As discussed in earlier articles, The FAIRtax will be much easier to collect than the income-tax.  Consumers will pay the tax on goods anonymously at the cash register and when they purchase retail services to the provider of retail services.

Of course, one of the main attributes of The FAIRtax is it collects more money with dramatically less intrusions by government into our personal affairs.  Isn’t this what users of cryptocurrency are seeking?

Conclusion

Contranyms are words that have opposite or nearly opposite meanings.  Contranyms are also called Janus words.  Janus was the Roman god of doorways, beginnings and time and is usually portrayed as having two faces—one looking toward the future and one looking to the past.

All of these protests from the ruling class about how destructive and disruptive cryptocurrency can be are really forms of contranyms.  They claim their concern is for our welfare, but their real concern is protecting their position of having control over us.  In many respects, the ruling class represents the face of Janus looking to the past.

Supporters of The FAIRtax represent the face of Janus looking to the future.  If our country is going to prosper and our people remain citizens and not subjects, The FAIRtax must become the law of the land, committing the income-payroll-tax-system to the cemetery in which it belongs.

The time is NOW for Congress to have serious discussions about replacing the failed income-payroll-tax-system with The FAIRtax, the only true “Fair tax”!

Click here to read Sahel Ahyaie Assar's Article Part 1
Click here to read Article Part 2

The author George Bernard Shaw said, "You see things; and you say “Why”.  But I dream things that never were; and I say “Why Not”.
 
We say to you President Trump, “Embrace The FAIRtax and real tax reform!  Stand up to The Swamp.  They will oppose you anyway because they see you as a threat.  What have you got to lose?”
 
The truth is the truth.  Remember, if we don't continue to tell the truth and demand a change, then this quote from George Orwell's 1984 may foretell our children's future: “If you want a picture of the future, imagine a boot stamping on a human face—forever.”

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Digital TV & Podcasts are available on The FAIRtax Guys - Past Shows

This week's Episode #179 - "Ten Outrageous Facts About The Income-Tax"

The FAIRtax Guys continue to point out how bizarre our current income-tax-system is as we present from a 2003 article from the Cato Institute.
  • Would you believe there are more IRS agents than there were soldiers in the second Gulf War (2002)?
  • Do you know how Congress promotes discrimination thru the tax code?
  • So, how many tax forms and instruction booklets are there now?

Although this article is several years old, it is still appropriate because the income-tax-code hasn't improved since then; actually, it has only become more complicated and more convoluted. 

This report serves as a great teaching tool and The FAIRtax Guys take full advantage of it.  Enjoy it, learn from it and please share it with others.  And don’t miss their report on the “New and Improved” FAIRtax Logo Store.
 
What Can Each Of Us Do?
 
Call the local and DC offices of your Representative and 2 Senators.  Use the following script:
 
  • I am sure Representative ____ or Senator ____ is in favor of everyone obeying the income tax laws.
  • After they assure you their boss is not in favor of anyone breaking the law, ask if they are aware of the Cebula study showing $9 trillion of evaded income-payroll taxes over the next 10 years.
  • Since most will say they don’t believe their boss has seen the study, drop off a copy, email a copy or click Read Evasion Study Summary and copy/paste the link into an email.
  • Say you are going to call back in a week and ask what the Representative or Senator is going to do to stop this evasion.
  • In a week, call back and ask specifically what the Representative or Senator is going to do to enforce the law.
  • They probably will say their boss believes simplifying the income tax will handle the problem.
  • Explain, when people evade income taxes, they are also evading the 15.3% payroll/Medicare tax and state income tax.  So, it’s unlikely they are going to pay 30-40% when they were paying 0% because they have already decided it’s okay to cheat.
  • Say, the only way to reduce evasion is to increase by tens or hundreds of thousands the number of comprehensive IRS audits done each year.
  • Point out Evaders do not self-identify by putting an “E” on their income tax return.
  • 80% of the people likely to be audited are trying to comply, but they will be forced to endure these IRS audits as well.
  • Ask if the Member is in favor of this?
  • If they say no, then ask again how the Member proposes to stop people breaking the income tax laws.
  • Then explain the way to handle evasion without unleashing the IRS audits is The FAIRtax.
  • If you meet with your Representative or attend a town hall and ask these questions, you will be even more effective.

American's Big Solution - The FAIRtax Primer America Needs
 
Hard to believe but there still are people who have not heard of The FAIRtax.  For those people, America’s Big Solution provides a starting point in their study of The FAIRtax and is meant for any age.
 
America’s Big Solution is an introduction to The FAIRtax written by Terry Tibbetts, author of “A Spartan Game: The Life and Loss of Don Holleder”, with help from Ron Maiellaro, President The Florida FAIRtax Educational Association.  You can buy an electronic version for only $2.99 for the Amazon Kindle, the Barnes & Noble Nook and Apple iOS.  You can purchase a print copy at the same Amazon link above for $9.25.
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Thank you for staying FAIRtax strong!
 
Respectfully,
Steve Hayes
Chairman, Americans For Fair Taxation

 

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