Replace all other taxes with FairTax
To the editor:
Tax season starting already? KFVS12 aired a piece a few days ago about how we need to start arranging our finances for the upcoming April 15 tax deadline. This waste of time and dollars ($265 billion-plus) could be avoided if our legislators would do away with the tax on income (penalty for producing) and adopt the FairTax (consumption tax on using). This change would stimulate production (the economy) and would save money instead of using today's costly bailouts in a failed attempt to stimulate our economy.
The FairTax is a progressive 23 percent consumption tax at the point of sale of new goods and services. This simple method of paying our dues to the government would eliminate the IRS and all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare and self-employment taxes and would replace them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.
All these income taxes plus the expense of complying with the complicated income tax system adds 20 percent or more to the price of all goods and services. Do away with these taxes and decrease the price of goods by 20 percent.
The FairTax is progressive by only taxing spending above the poverty level. A family of four would only be taxed on spending above $24,130. Spending of $48,260 for this family would be taxed at an effective rate of 12.5 percent.
See rest of the story at FairTax.org. Call your federal representative and senators.
DAN DICKERSON, Jackson