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Chairman's Report - September 7, 2018

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Chairman's Report - September 7, 2018

DON'T IT ALWAYS SEEM TO GO, THAT YOU DON'T KNOW WHAT YOU'VE GOT TILL IT'S GONE.

This line from a Joni Mitchell song has a message for all of us as we look at the effects of the income/payroll tax system.  In a world where almost everyone now living grew up having to deal with this terrible tax system, we sometimes don’t think about what our lives would be like if we passed the FAIRtax and eliminated the personal and corporate income tax, the estate and gift tax and payroll taxes. 

The following was taken from the Investopedia.com site under a section entitled “Tax Help.” 

A Guide to Forms


Definitions

 

A category that defines the type of tax return form an individual will use. Filing status is closely tied to marital status.

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A base amount of income that is not subject to tax and that can be used to reduce a taxpayer's adjusted gross income (AGI).

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A deduction from a taxpayer's taxable adjusted gross income that is made up of deductions for money spent on certain goods and services throughout the year.

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An exemption made to both individual taxpayers and businesses that are unable to file a tax return by the due date.

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An alternative minimum tax (AMT) recalculates income tax after adding certain tax preference items back into adjusted gross income.

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Ordinary income is composed mainly of wages, salaries, commissions and interest income from bonds, and it is taxable using ordinary income rates.

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The Internal Revenue Code (IRC) refers to Title 26 of the U.S. Code, which acts as the laws of the country.

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A tax bracket refers to a range of incomes that are subject to a certain income tax rate.

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Tax gain/loss harvesting is a strategy of selling securities at a loss to offset a capital gains tax liability.

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The W-2 form is the form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year.

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Adjusted gross income (AGI) is a measure of income calculated from your gross income and used to determine how much of your income is taxable.

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A Flexible Spending Account (FSA) is a type of savings account available in the United States that provides the account holder with specific tax advantages.

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The Internal Revenue Service (IRS) is a U.S. government agency responsible for the collection of taxes and enforcement of tax laws.

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A traditional individual retirement account (IRA) allows individuals to direct pretax income towards investments that can grow tax-deferred; no capital gains or dividend income is taxed until it is withdrawn.

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A Roth IRA is an individual retirement plan (a type of qualified retirement plan) that bears many similarities to the traditional IRA.

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Taxable income is the amount of income used to calculate an individual's or a company's income tax due.

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A tax credit is an amount of money a taxpayer is able to subtract from taxes owed to the government.

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Capital gain is an increase in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price.

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Cost basis is the original value of an asset for tax purposes, usually the purchase price, adjusted for stock splits, dividends and return of capital distributions.

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Capital gain is an increase in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price.

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An employee completes an IRS W-4 form, or an Employee's Withholding Allowance Certificate, to indicate his tax situation to the employer.

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Form 1099-Misc is a tax form that reports the year-end summary of all non-employee compensation.

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An IRS form that must be submitted by individuals who wish to extend the amount of time they have to file their tax returns.

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Form 1040 is the standard Internal Revenue Service (IRS) form that individuals use to file their annual income tax returns.

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A flow-through entity is a legal business entity that passes income on to the owners and/or investors.

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CONCLUSION

The above is only a very small list of all of the “tax factors” that must be considered under the present income/payroll tax system.  A full listing would take many more pages.
 
Sometimes it is very frustrating when we work to educate our fellow Americans about the benefits of the FAIRtax. Maybe it would help if we showed this list of income/payroll tax concerns and problems which will be gone and let them think about how much easier their lives will be.  They should also consider how much easier will be the lives of our children and grandchildren.
 
Wouldn’t it be great if our grandchildren said to us, “I read that there used to be an income/payroll tax system that created enormous problems.  Can that be true?”
 
As Joni Mitchell’s lyrics say, “Don't it always seem to go, that you don't know what you've got till it's gone.”  Like the constant ache in our back, we have come to tolerate the income/payroll tax but when the FAIRtax replaces it we will be pain free.
 
The FAIRtax empowers all of us and puts each of us in charge of how much money we have for consumption.  The FAIRtax also ensures that our economy will continue to prosper and our children and grandchildren will have the opportunity that we wish for all Americans.

It is time to PASS THE FAIRTAX!  

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.”



WHAT CAN EACH OF US DO


Call up the local or D.C. offices of your House Member and two Senators and you can use the following script:

  • I am sure that Representative ____ or Senator ____ is in favor of everyone obeying the income tax laws.
  • After they assure you that 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 ten years.
  • Since most will say they don’t believe their boss has seen the study, either drop off a copy or get an email address and send a copy to them for their boss.
  • 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 that simplifying the income tax will handle the problem.
  • Explain that when people evade income taxes, they are also evading the 15.3% payroll/Medicare tax and state income tax.  So it is unlikely that they are going to pay 30% or 40% when they were paying 0% because they have already decided it is okay to cheat.
  • Say that 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 that 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 that the way to handle evasion without unleashing the IRS audits is the FAIRtax.


If you can see your Member or attend a town hall and ask these questions, you can be even more effective. 
 

#124 PART 2 W/ STEVE HAYES - FIGHTING THE SWAMP

Did the Swamp really give us “tax reform” last December? Continuing the interview with Steve Hayes, we get the low down on the current Swamp in DC, the truth about the Tax Cuts and Jobs Act of 2017 and the history of the fight to rid ourselves of the income tax and the IRS.

Listen as Steve dissects the argument a few try to make against the FAIRtax.  You’ll find out that when Steve goes up against an opponent of the FAIRtax, it’s just not a fair fight.

Listen and learn so you too can give people “The True Facts about The FAIRtax.” We need more people who are knowledgeable about the FAIRtax; when we have a “critical mass” of FAIRtax supporters, it will happen.  So please do your homework now and help others learn too.  
 

Be sure to inform everyone you know about the new digital TV show, FAIRtax Power Radio.  Watch every Wednesday at 11:30 AM (ET).  We are streaming to Facebook LIVE (www.facebook.com/fairtax).  If you’re not a fan of Facebook, you can watch FAIRtax Power Radio on xcluded.tv at the same broadcast time - or any time.  

FTPR podcasts for each show are posted on Spreaker (http://bit.ly/2oesbk7), iTunes & iHeart Radio every Friday morning.  A free FAIRtax Power Radio app is available for iOS and Android.  Since it’s a podcast, you can download it and play it whenever it’s convenient for you.

The Facebook videos are saved to a number of pages:
FAIRtax Official (https://www.facebook.com/FairTax/) 
The FAIRtax Guys (https://www.facebook.com/thefairtaxguys/) 
Democrats for FAIRtax (https://www.facebook.com/DemocratsForFairTax/)
and many others. 

Xcluded.tv is a subscription based site which costs $30 per year and features a number of other shows along with FTPR with no commercial interruption. 

Be a part of this cutting edge news/talk show featuring The FAIRtax Guys. WITH YOUR HELP, WE WILL GET THIS DONE.  It is the American people who must demand REAL tax reform in Congress.  Your FAIRtax volunteers are trying their best to inform American citizens about the FAIRtax!  Please help us.

Tune into our video broadcast each Wednesday.  If you prefer, you can listen to the podcast of the show later.  You can listen to FTPR on any platform - Mac or PC, iPhone or Android. And it’s 100% free.  Listen on Spreaker.com (http://bit.ly/2oesbk7), iTunes (http://apple.co/1Te8VdF) or iHeart Radio (http://bit.ly/2eqEG7y) on your computer or smartphone.  The easiest way to listen to FTPR on your smartphone is by downloading the free FTPR app.  Just search for “FAIRtax Power Radio” in your app store, download the app and start listening.  

Remember, FTPR digital TV every Wednesday at 11:30 AM (ET) followed by the podcast on Friday morning.  Please listen and tell everyone you know about the FAIRtax Power Radio.  The FAIRtax: Once You Understand It, You’ll Demand It!


A GREAT WAY TO INTRODUCE NEWBIES TO THE FAIRTAX - AMERICA’S BIG SOLUTION​

America’s Big Solution is a basic introduction to the FAIRtax and is meant for people of any age.  And you can download it to your tablet or smartphone right now.  Also available in print form.  See below.

Do you know someone who would like an introduction to the FAIRtax and would prefer to read about it in a booklet rather than search online for Tweets, Posts and Shares?  If so, America’s Big Solution is their best choice.

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 of the Florida FAIRtax Educational Association.  

You can buy an electronic version of ABS as follows:  AMERICA’S BIG SOLUTION is available for only $2.99 for the Amazon Kindle (http://amzn.to/1WIRHry), the Barnes & Noble Nook (http://bit.ly/1XeG8bH) and Apple iOS (http://apple.co/1tnqK0P).  

You can purchase a print copy at the same Amazon link above for $9.25.  Regardless of whether you choose the electronic format or the print format, you’ll find AMERICA’S BIG SOLUTION will give someone the boost they need to begin their study of the FAIRtax and the suggested resources to learn more. Buy AMERICA’S BIG SOLUTION now!

LINKS TO MORE INFORMATION

These links will help you promote and support the FAIRtax, make yourself familiar with the links below. We always do our best to keep our AFFT community up to date, and you can stay ahead of the curve using these convenient sites.


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Americans for Fair Taxation® is a 501(c)(4) non-profit, non-partisan grassroots organization solely dedicated to replacing the current income tax system with a fair, simple and transparent national consumption tax – the FAIRtax® Plan. We rely entirely on contributions from concerned citizens like you who want a tax system that will generate jobs and stimulate the economy. Welcome to the FAIRtax team!

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