We believe smaller government, consumption taxes not person income and corporate taxes and reformed government retirement programs will turn the economy around.
The Fair Tax proposal has been in Congress for several years. You have a hand full of Representatives and Senators that actually support this proposal. In fact some of the candidates are talking about a consumption tax. Check this link.
For the first time in recent history, American workers will get to keep every dime
they earn; including what would have been paid in federal income taxes and payroll
taxes. You will get an instant raise in your pay!
Benefits will not change. The FairTax actually puts these programs on a more solid funding foundation. Instead of being funded by taxes on workers’ wages, which is a small pool, they’ll be funded by taxes on overall consumption by all residents.
I will bring the smartest minds together to see how we can change the economic woes of America but do it without the IRS. The FairTax bill in Congress brings jobs back to America by allowing companies to operate on our soil tax free rather than paying the current corporate income tax of 35 percent. Under the FairTax, various economists have predicted higher economic growth ranging from 7 to 14 percent over the current system, more jobs, and higher wages. Such growth will create jobs for American citizens and legal immigrants.
Our entire economy is not dependent on the income tax. Instead, our economy is held back by the income tax. There was no income tax for the first 124 years of our history — that’s more than half the time we have existed as a nation. A study by the Government Accountability Office estimated that the federal tax system imposed efficiency costs on the U.S. economy of two to five percent of GDP. Under the FairTax, within ten years average Americans will be at least 10 percent and probably 15 percent better off than they would be under the current system. That translates to an increase of $3,000 to $4,500 per household, per year.
The U.S. Government is out of control. It seems once a Federal Agency or Department has been established it is there forever. The first week in office I will have a special (temporary) task force formed with the mission of looking at every Federal Agency that is paid tax payer dollars. Recommendations for reduction or elimination will be made and I will do everything within the power of my office to act on those recommendations. I believe this should be accomplished every year and agencies no longer needed should be closed down. The Congress and the Federal Government should look at dollars as if they are taking food out of their children’s mouth.
Privatize Federal Retirement System and Social Security
I will recommend to the Congress a bill that will privatize the Federal Retirement System and Social Security. The Federal Government pays it’s retirees billions, if not trillions of retirement benefits from tax payer dollars. By designing a retirement system based on the features (not the insurance) of Indexed Universe Life programs, and Indexed Annuity programs retirement would be paid by the financial services industry and not cost the tax payer. This would reduce the cost of government and give the retirees more money at retirement tax free. I would eliminate taxable retirement programs from the Federal Government. This would also include our military retirement programs.
The bottom line is the Federal Government does not make money but only spends money. Individual retirement programs must be taken away from the Federal Government and be placed with industries that make money and or required by law to have reserves to back up what they hold for the American people. Insurance companies do just that.
The Best Argument For Fair Tax