Americans For Fair Taxation
 

 

 "The tax rate of 35 percent is impossible to provide an incentive to the large corporations, that have $1.7 trillion offshore, to put their money back in the United States." - Frederick W. Smith

"The U.S. Is Alone" And Why It Hurts

In March of 2011, Pfizer Pharmaceutical CEO Ian Read told The Wall Street Journal, "There should be a tax rate that allows us to compete... in the global marketplace."  

Later that year, H.R. 25, “The FairTax Act” co-author and economist Dan Mastromarco testified before the Joint Economic Committee that America’s corporations were paying “a national statutory marginal [tax] rate of 35 percent, which masks the fact that the return on capital is taxed repeatedly. These rates impose efficiency costs of as much as $728 billion.”

Mastromarco added, “The U.S. is alone in applying its punishing rates – the highest in the OECD and 50 percent higher than the average OECD rate of 23 percent -- to domestic and foreign earnings alike.”

Congress failed to heed these and other warnings and as a result, a flood of companies has continued move their production and headquarters operations outside the United States.

In fact, after 165 years, America’s pharmaceutical giant Pfizer is merging with British competitor AstraZeneca and moving their headquarters offshore to avoid our punitive, corrupt and totally politicized income tax system; a tax system that Congress continues to protect with the fervor of a mother bear standing guard over her cubs. A system Pfizer itself helped create with an army of the best loophole lobbyists their earnings could buy.

Adding insult to injury, this week Financial Times made national news with their headline story, “China poised to pass US as world’s largest economic super power this year.”

And yet, Congress continues blindly advocating politically polarizing, pro-income tax economic policies that are driving this nation and her people straight into the economic ditch.

There is a tough love solution to this problem that eliminates the primary enabler of Washington’s lust for power, greed and control. That solution - the FairTax® Plan.

The FairTax eliminates all forms of taxation on income, funds the federal government from a national sales tax on new goods and services only, and provides eligible taxpayers with 12 monthly, Prebate checks to purchase essential goods and services tax-free. 

This provision provides a significant windfall for low-income families who will take home the full spending power of their entire paycheck. The FairTax also disbands, defunds and eliminates  the IRS in its entirety.

Just as importantly, the FairTax will negate corporate America’s need to move offshore in order to avoid America’s punitive tax code.

It is past time that corporate executives turn their focus away from the special interests, loophole gravy train of the past and present, and towards the economic boon they can enjoy when the FairTax is enacted.

This is where you have a tremendous opportunity to make a major difference for the FairTax campaign.

You are corporate America’s customers – you buy their products and services. And unlike our Congress that only seems to respond to special interests and large donors, corporations do listen to the lifeblood of revenue – the customer.

Think about your favorite products and or services and make a list of your five most favorite, publicly traded corporations. Go to the company’s website investor page and you will find the name and mailing address for their executives and board of directors. 

Take a few moments and write some good, old-fashioned snail mail notes. Share why you support the FairTax and why they should too. Send them a copy of Dan Mastromarco’s white paper, “The FairTax: The Key to Restoring America’s International Competitiveness,” which you can download on the right hand side of this newsletter under “Featured Document”. The mere fact that you send a note through the mail will get their attention. 

And let us know if you get a response. If possible, send us a copy your outgoing note. You can send this to info@fairtax.org or AFFT, PO Box 27487, Houston, TX 77227-7487.

It is indeed painful to read today’s business headlines. America is hungry. She needs jobs, she needs her corporations brought home and she needs our getting the FairTax enacted. 

Finally, please help us keep the bonfires of FairTax economic freedom burning by sending your most generous donation as we continue our quest for simple and fair taxation for all. 

Yours in the FairTax,

 Cynthia T. Canevaro - Cindy

Cindy Canevaro

Executive Director

PS: Special thanks to Earl Long, President of the FairTaxKC, for his outstanding assistance in preparing this article.


Corporate Exits Accelerating, Taking Jobs with ThemTax Foundation

It’s been a busy week for corporate mergers and acquisitions, many of which appear to be driven by the extremely high U.S. corporate tax rate and the desire to get out from under it...

Another factor is that most developed countries outside the U.S. have a much better treatment of multinational foreign earnings. These countries use a territorial tax system that largely exempts foreign earnings of multinationals from domestic taxation, leaving them to pay corporate tax only in the countries in which the profits are earned. The U.S., in contrast, tacks on an additional repatriation tax if foreign earnings are brought back to the U.S. This is known as a worldwide tax system… Only 5 other developed countries tax multinationals on a worldwide basis, and none of them at such a high corporate tax rate.

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The FairTax Act In The Media

In support of the Fair TaxTimes-Herald

…We all have an equal stake in the success of our nation and for the services our tax dollars provide. However, manipulation and abuse are more prevalent in a complicated tax system because of its difficulty for even experts to navigate. The recent abuse from the IRS is another shining example of why the Fair Tax is needed. With a simplified tax code, there isn’t a need for the large agency.

I am a cosponsor of H.R. 25, the Fair Tax Act of 2013, which currently has 75 cosponsors. In fact, each Congress since I have been elected, I have supported and co-sponsored the Fair Tax Act and will continue to do so as long as I have the privilege to serve in public office.

- Congresswoman Lynn Westmoreland

Flat tax not the answer - Austin American-Statesman

Senator Cornyn,

Under no circumstances “reform” our tax code with any “Flat Tax” or any other fancy name that leaves the IRS in charge. The Fair Tax crushes and eliminates everything you state you are for and includes, among many other delights, the end of the IRS and April 15. Have your staff read the 133-page Fair Tax bill and verify these statements. The only opposition to The Fair Tax that I know of is “lobby money.” Time to have spine for what is right and end corruption!

- Darwyn Hanna

Understanding The FairTax Webinar

With May's Additional Topic: The true cost of our income tax - or why the current income tax is so inefficient

When: Thursday, May 22, 2014

Time: 8 pm Eastern, 7 pm Central, 6 pm Mountain, 5 pm Pacific

Where: At your personal computer, anywhere!

Why: To provide a LIVE, interactive forum for people who cannot get to local meetings to learn about the FairTax and to present special topics that are frequently misunderstood or not generally discussed.

Who: Join Marc Manieri, Webinar Producer & Host from Orlando, Florida. Our webinars are vital to educating honest tax payers. We help build the knowledge base of those on the front lines as well as those wanting to know what the FairTax is about.

Join: To participate, register here and watch for the confirmation email. For more information contact Larry Walters at repeal_16@earthlink.net

Link for May 1, 2014

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Featured Video:

FairTax senior strategist Denis Calabrese

What is the impact of the FairTax on business?

 Ways to Engage:

- Contact Congress

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- Donate to the cause

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- Understand basics

FairTax Facts:

The FairTax adds trillions of dollars to our economy by making America the place to invest!

Featured Document:

International competitiveness

The FairTax: The Key to Restoring America’s International Competitiveness

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FairTax Friday Archive

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The FairTax® Friday newsletter is copyrighted by Americans For Fair Taxation®. All articles may be reprinted with proper attribution to the newsletter and the author's article.

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