Presidential Campaigns and the FAIRtax
As we embark upon another presidential campaign cycle or we at least see an escalation of the perpetual campaign cycle we currently reside in, I like to imagine a country where the FAIRtax is the law of the land as opposed to our income and payroll tax system. If the dream became a reality, would anything be different and if so, what might this look like?
Business and individual household uncertainty
An email I saw this morning from the AICPA was entitled, “Prepare large estates for TCJA sunset now.” The fact is that with the income tax, businesses and individuals are in a perpetual state of uncertainty given the reality that as administrations change, so do the tax rules and regulations that affect us. Businesses will often postpone or outright cancel significant capital projects and endeavors because of income tax legislation changes. The ideal should be that accounting and tax regulations should follow how businesses evolve rather than the opposite, where in our current system companies are making business-altering decisions based on arbitrary and ever-changing regulations.
Class warfare
Our modern presidential campaign cycle just wouldn’t be the same without a healthy dose of pitting one American against another. One of the single largest intangible benefits of enacting the FAIRtax would be the elimination of one of the most used instruments of class warfare, that being the income tax code. If only the rich were to pay their fair share, the country could thrive, etc. The ugly human tendency to envy our neighbor’s success, possessions, and status is used brilliantly against us all, every single campaign cycle. While our human tendency to envy, which is one of the seven deadly sins, will undoubtedly continue to be part of our human DNA, the FAIRtax would at least cause those who would pit us against each other to have to find a new avenue to exploit our envious nature.
Economic growth
Current polling shows that the economy and inflation are two of the largest issues voters are thinking about this cycle. Think of the benefits of campaigning on the FAIRtax. I could see the speeches now, “No more IRS or its $12 billion annual budget, no more income tax returns, no more saving receipts in a shoebox all year, no more regressive payroll tax that hits the working class the hardest, etc.” However, the real FAIRtax benefit that a shrewd politician would seize upon is the massive economic growth that PhD’s and world-renowned economists all agree on. These analyses show that real GDP, job growth, wages, purchasing power, domestic investment, capital stock, and even consumption all increase over the long term.
Illegal immigration
Another campaign issue this cycle is our southern border and people from all over the world illegally entering the U.S. at unprecedented rates. One of the most elegant features of the FAIRtax is its inherent effect on illegal immigration. The FAIRtax prebate (family consumption allowance) where the tax paid on life’s basic necessities is refunded to us, only applies to legal U.S. residents meaning that those in the U.S. illegally would not only be deprived of this benefit, but would in effect be paying more of the U.S. federal tax burden than the average citizen. What a concept! We’d go from the preponderance of people currently residing in the U.S. illegally who do not file a Form 1040 tax return and pay zero to us into our U.S. Treasury, to a system where anyone here illegally would not only pay federal tax on their consumption, but pay significantly more than legal residents. We’d go from no-share to beyond fair share. This is the elegance, where our policy would encourage “legal” immigration and by the way, with the economy booming as indicated in the preceding paragraph, we’ll need all the legal immigrants we can take to meet the demand of a diverse, vibrant U.S. economy!
When I consider the topics above, the FAIRtax would be a winning campaign strategy. Our hope for our country’s future, however, would be that glorious day after FAIRtax enactment, where many of the campaign issues above would melt away into the annals of history and the income tax is thrown onto the scrapheap of history. Let’s make this hope a reality!
CONCLUSION
Randy clearly shows the benefits of the FAIRtax and why it is a winning strategy with the public.
The choice is easy—do we want a system for funding the federal government:
Business and individual household uncertainty
An email I saw this morning from the AICPA was entitled, “Prepare large estates for TCJA sunset now.” The fact is that with the income tax, businesses and individuals are in a perpetual state of uncertainty given the reality that as administrations change, so do the tax rules and regulations that affect us. Businesses will often postpone or outright cancel significant capital projects and endeavors because of income tax legislation changes. The ideal should be that accounting and tax regulations should follow how businesses evolve rather than the opposite, where in our current system companies are making business-altering decisions based on arbitrary and ever-changing regulations.
Class warfare
Our modern presidential campaign cycle just wouldn’t be the same without a healthy dose of pitting one American against another. One of the single largest intangible benefits of enacting the FAIRtax would be the elimination of one of the most used instruments of class warfare, that being the income tax code. If only the rich were to pay their fair share, the country could thrive, etc. The ugly human tendency to envy our neighbor’s success, possessions, and status is used brilliantly against us all, every single campaign cycle. While our human tendency to envy, which is one of the seven deadly sins, will undoubtedly continue to be part of our human DNA, the FAIRtax would at least cause those who would pit us against each other to have to find a new avenue to exploit our envious nature.
Economic growth
Current polling shows that the economy and inflation are two of the largest issues voters are thinking about this cycle. Think of the benefits of campaigning on the FAIRtax. I could see the speeches now, “No more IRS or its $12 billion annual budget, no more income tax returns, no more saving receipts in a shoebox all year, no more regressive payroll tax that hits the working class the hardest, etc.” However, the real FAIRtax benefit that a shrewd politician would seize upon is the massive economic growth that PhD’s and world-renowned economists all agree on. These analyses show that real GDP, job growth, wages, purchasing power, domestic investment, capital stock, and even consumption all increase over the long term.
Illegal immigration
Another campaign issue this cycle is our southern border and people from all over the world illegally entering the U.S. at unprecedented rates. One of the most elegant features of the FAIRtax is its inherent effect on illegal immigration. The FAIRtax prebate (family consumption allowance) where the tax paid on life’s basic necessities is refunded to us, only applies to legal U.S. residents meaning that those in the U.S. illegally would not only be deprived of this benefit, but would in effect be paying more of the U.S. federal tax burden than the average citizen. What a concept! We’d go from the preponderance of people currently residing in the U.S. illegally who do not file a Form 1040 tax return and pay zero to us into our U.S. Treasury, to a system where anyone here illegally would not only pay federal tax on their consumption, but pay significantly more than legal residents. We’d go from no-share to beyond fair share. This is the elegance, where our policy would encourage “legal” immigration and by the way, with the economy booming as indicated in the preceding paragraph, we’ll need all the legal immigrants we can take to meet the demand of a diverse, vibrant U.S. economy!
When I consider the topics above, the FAIRtax would be a winning campaign strategy. Our hope for our country’s future, however, would be that glorious day after FAIRtax enactment, where many of the campaign issues above would melt away into the annals of history and the income tax is thrown onto the scrapheap of history. Let’s make this hope a reality!
CONCLUSION
Randy clearly shows the benefits of the FAIRtax and why it is a winning strategy with the public.
The choice is easy—do we want a system for funding the federal government:
- That is so simple everyone can understand it.
- That shows the costs of the federal government on every retail receipt so all of us understand what we are paying.
- That helps U.S. companies compete with foreign competitors.
- That keeps jobs in the U.S. rather than exporting them to other countries.
- That permanently establishes the solvency of Social Security and Medicare.
- THAT IS THE LARGEST TRANSFER OF POWER FROM D.C. TO THE PEOPLE SINCE THE CONSTITUTION WAS ADOPTED.
D.C. is ignoring the one real solution that allows us to remain citizens and not subjects, the FAIRtax. The FAIRtax is simple, non-invasive, but most of all, IT WORKS!
THE SOLUTION—PASS THE FAIRTAX!
Please go to this link to invest in AFFT and help us pass the FAIRtax. It’s an investment in your and your family’s future.
THE SOLUTION—PASS THE FAIRTAX!
Why would D.C. pass the FAIRtax and give up this almost unlimited source of donations? The only way that they will is if the rest of us demand it!
Isn’t it time to end this ludicrous tax collection system and the IRS?
There is going to be a vote on the FAIRtax in the House of Representatives.
We now have the opportunity to force all Members of the House to show where they stand. They can:
THE SOLUTION—PASS THE FAIRTAX!
Please go to this link to invest in AFFT and help us pass the FAIRtax. It’s an investment in your and your family’s future.
THE SOLUTION—PASS THE FAIRTAX!
Why would D.C. pass the FAIRtax and give up this almost unlimited source of donations? The only way that they will is if the rest of us demand it!
Isn’t it time to end this ludicrous tax collection system and the IRS?
There is going to be a vote on the FAIRtax in the House of Representatives.
We now have the opportunity to force all Members of the House to show where they stand. They can:
- Vote for the present income/payroll tax system or for the FAIRtax.
- Support the corrupt income tax and the IRS or eliminate it. It can’t be any simpler than that.
- Hide the true cost of their government or pass the FAIRtax and show everyone the true cost of government on each retail receipt.
- Support the largest transfer of power from government to the people, the FAIRtax, or not.
If Members think that the FAIRtax needs to be amended to address a problem, then they can propose the change. Don’t let reject the entire bill because it has a perceived “flaw” that can be addressed.
HELP BRING ABOUT REAL TAX REFORM AND STOP FUTURE IRS ABUSES
By contributing (investing) $10.40 per month, you help provide a financial base to AFFT. If you can make larger contributions (investments), these will be used not for salaries, as we are all volunteers, but for the needed updates to our economic studies which will be vital for all future years.
Please go to this link to invest in AFFT and help us pass the FAIRtax. It’s an investment in your and your family’s future.
HELP BRING ABOUT REAL TAX REFORM AND STOP FUTURE IRS ABUSES
By contributing (investing) $10.40 per month, you help provide a financial base to AFFT. If you can make larger contributions (investments), these will be used not for salaries, as we are all volunteers, but for the needed updates to our economic studies which will be vital for all future years.
Please go to this link to invest in AFFT and help us pass the FAIRtax. It’s an investment in your and your family’s future.