Don't Reopen Tax Loopholes

Don't Reopen Tax Loopholes
Photo Credit: Keep It Simple Stupid by Hey Paul Studios is licensed under Flickr CC BY 2.0
The 2017 Tax Cuts and Jobs Act has been very effective so far, judging by low unemployment rates and strong rates of economic and wage growth. But why did it work?

The answer is it closed loopholes in the tax code and lowered everyone’s tax rate. Simple tax codes with low rates are the best. As we explained at the time, the Trump tax bill changed important incentives, especially for corporations but also for individuals, that reward hard work and investment instead of rewarding clever accounting and gimmicks.

Under a warped tax code full of loopholes, corporations and, to a lesser extent, individuals have an incentive to spend their time and effort on otherwise irrational behavior, the sole purpose of which is to take advantage of tax loopholes. Because loopholes result in tax-free windfalls for firms and individuals using them, they can in some cases provide a more powerful incentive at the margin than the profit motive and its inducement toward productive business activity, risk, and investment.

Help FAIRtax Get In The Presidential Debates in 2020

Enacting the FAIRtax must be a prominent topic on the Presidential Debate stage. We did it before, we can do it again, but we need your help!

Your gift of $25, $50, $100 – even $1,000 or more if you can possibly spare it – will help bring an end to the IRS and promote a FAIRtax. So, I urge you, please give as generously as you can.
To donate by check:
Americans for Fair Taxation
PO Box 4929
Clearwater, FL 33758

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Please note: Inputting your new information at our website won't update your donation. The only way to update is by calling Adam Yomtov 917-689-3931 mobile.

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!