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Fair Tax will restore nation's economic growth - TriCities.com: Opinion/Columns

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Letter to the Editor Fair Tax will restore nation's economic growth

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Posted: Wednesday, February 20, 2013 9:05 am

Poverty should never be the goal of a government tax structure yet our income tax is designed to keep working people poor. Hidden corporate taxes raise the wholesale cost of goods and services while the 7.65 percent payroll tax ensures less take-home pay for buying goods and services.

The Fair Tax (HR25) restores economic prosperity while ending the income tax.

Although the wealthiest avoid paying federal income taxes thanks to deductions, their investment capital needed for job creation is forced overseas to avoid capital gains taxes. Not only do we forfeit investment dollars, our industries can’t compete globally. Capital gains taxes are 11.5 percent higher than the average tax rate for the 34 nations in the Organization for Economic Cooperation and Development. And with our corporate tax being the highest in the world, there is little incentive for foreign investment to come to the U.S.

A consumption tax, The Fair Tax Act of 2013, filed in the House on Jan. 3 with a record number (53) of first day co-sponsors, ends personal income taxes, business income taxes, payroll taxes, capital gains taxes, estate and gift taxes and the alternative minimum tax. It generates equal tax revenues while creating jobs. Learn more at www.fairtax.org.

Beverly A. Martin | Fulton, Mo.

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