In the last couple of years the domestic economy has soared to record heights. Employment, GDP, stock market, real personal income, etc. All up significantly.
... and then came COVID-19.
But there is a "shovel ready" plan for a return to business as usual. It's called the FAIRtax. Here's how it would work:
- Under The FAIRtax, business pays no income tax, no capital gains, no compliance costs and no input costs on material or labor. In a world where every nation would be competing for investment capital, The United States suddenly becomes the destination of choice for much of it
- The FAIRtax "prebate" reimburses everyone for sales taxes paid for necessities up to HHS poverty guidelines. Under the current circumstance, the prebate could be augmented temporarily by relief monies and direct deposited like Social Security checks are deposited now, with a minimum of fuss.
- As we have seen from its recent gyrations, the stock market hates uncertainty. With The FAIRtax, businesses large or small would know exactly what to expect in the way of federal taxes - zero.
- The president has suggested a moratorium on payroll taxes, that most regressive of all taxes. The FAIRtax removes them permanently, giving the poor and the middle class a boost of a minimum of 7.65% for discretionary spending.
While the term "shovel ready" has a different meaning in rural areas than it has in the cities, The FAIRtax is ready to go. It is the most thoroughly researched tax proposal in history. It used to be merely a great idea, now it's an absolute necessity.
David Boone, Houston