FairTax proposal offers fairness and simplicity
Income tax code regulations have ballooned in excess of 75,000 pages, and the Internal Revenue Service has selectively persecuted groups that the administration deems to be political foes.
Everyone knows the federal income tax is broken beyond repair.
Rep. Dave Camp, R-Michigan, chairman of the House Ways and Means Committee, recently said the objective of his committee was to begin with a blank page to fix revenue collection. But what I hear out of the committee does not truly start with a blank page.
The FairTax, on the other hand, is the only proposal before Congress that does away with the income tax code.
The homework on true tax reform has already been done. A group of Texas businessmen decided at lunch one day back in the 1990s to fund an open-ended study of what the best federal tax system might look like, and contracts were let to some of the best economic minds in the land to answer that question.
It bears reiteration - no specific preconditions were imposed except for some very general parameters such as growth, fairness and simplicity. The result was the FairTax.
In a time when the approval rate of Congress hovers in single digits, Americans understand that their interest is taking a back seat to special interests. That point seems to me as unarguable as the need to do away with the income tax.
This article is published here.