- Business notebook: Cape native goes from farm to mobile-food operation (3/20/17)1
- Three out, including city administrator, at Scott City; two resigned, one fired (3/16/17)1
- Several tournaments already booked at Sportsplex (3/16/17)6
- Legal discrimination complaint, ethics complaint filed in Scott City government (3/22/17)9
- Former Scott City administrator: 'I was forced to resign' (3/21/17)6
- Cairo man pleads guilty to bank murders (3/17/17)1
- Two people found dead in Advance house fire (3/21/17)
- Triplett manslaughter case set for July 2018 (3/21/17)2
- Two local lawmakers back charter school bill; Perryville lawmaker objects to measure (3/19/17)19
- Two Cape men charged with second-degree murder of Grandi (3/21/17)2
Fair Tax Act would abolish U.S. income tax
To the editor:
I am writing to inform the public about the Fair Tax Act that has been introduced into the U.S. House of Representatives. It is a consumption tax that is designed to abolish all payroll and income taxes.
According to the Fair Tax Act Web site, hidden income taxes make up 20 percent to 30 percent of all retail prices. American taxpayers on average pay 15.3 percent of their paychecks in payroll taxes and another 28 percent in federal income taxes. In other words, the average American worker pays 43 percent of his earned income in taxes.
The proposed consumption tax would exempt taxation of those living in the poverty level and exempt necessities from the consumption tax. The Fair Tax Act would provide a prepaid monthly rebate (up to 23 percent), to cover any consumption tax paid on necessities. The proposed tax reform would also help the business community because all items purchased for business purposes would be tax-free. Since consumption is more constant than income, it would stabilize and strengthen government operations like Medicare and Social Security.
I urge all Southeast Missourian readers to write Sen.-elect Jim Talent, Sen. Kit Bond and Rep. Jo Ann Emerson to support this proposed tax reform and to encourage President Bush to support this proposal.
The Republican Party has control of the House, Senate and the presidency. Now they have the chance to accomplish great things. The question is will they take this opportunity?
CLINT E. LACY
Marble Hill, Mo.