Among many virtues, like the effect the FairTax will have on bringing trillions of private, job-producing investment dollars into our economy, the FairTax restores critically needed transparency to government spending. Because the taxpayer sees the cost of government on every receipt, the relationship between personal earnings and government spending becomes crystal clear. This will inevitably lead to public pressure to restrain spending -- and not a moment too soon.
Workers take home paychecks free of federal withholding and FICA taxes under the FairTax. This is a stimulus idea that we all need. Congressional corruption of the tax code disappears under the FairTax because there are no exemptions that can be expanded and sold for profit and power by tax writing committees to the favored few. In essence, those who spend more pay higher taxes.
Instead of exemptions that can manipulated by Congress, the FairTax issues a monthly "prebate" check that covers the taxes we will pay on the necessities of life and which wipes out all federal taxes on spending up to the poverty level. In addition, hidden income-tax costs now embedded in the price of products we pay will also be eliminated and brought into the bright light of public scrutiny.
When you consider that fat cats, illegal immigrants and the underground economy all become part of the tax base, as consumers, it is easy to see that we can all pay less of a share for government. It's just a better, more honest and simple way to collect federal taxes, and one that makes April 15 just another spring day.
It's time for the second American tax revolt and that's why I am helping lead the FairTax national movement and encouraging everyone to join the cause by visiting www.fairtax.org.
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