Positive effect of FairTax® on jobs, trade and government spending

Although the FairTax® — H.R.25/ S.155 — is a national consumption tax on new goods and services and government spending and will eliminate all federal taxes on income and investment, it also features a ‘rebate in advance’ also called a prebate, which is based on family size.

Additionally, this column will explain the dynamic-positive effect it will have on manufacturing jobs, trade and government spending.

Having the highest corporate income tax rate has resulted in Americans losing jobs as U.S. companies have relocated to tax-friendlier countries —inversions — because the corporate income tax is a “reverse tariff” on our businesses.

The FairTax ends the triple taxation of American multinational firms, i.e., profits being taxed – (1) abroad, (2) when dollars come home, & (3) when corporations pay dividends.

Trade with foreign countries will boom under the FairTax as American made products leave our shores without embedded corporate income & payroll taxes, thus, allowing U.S. goods to compete equally with foreign products. American companies will return home as will the jobs lost; and foreign companies will see the U.S. as a tax haven, and build their next job-creating plant here.

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