"Get'Er Done" Economists Nationwide endorse the FairTax Plan
HOUSTON, April 12 U.S. Newswire -- More than 75 economists nationwide endorsed the FairTax in a letter delivered to the House, Senate, Treasury, tax reform panel and the President today.
Tom Wright, executive director of FairTax.org, stated, "Nearly seven months ago an idea was born in the mind of a FairTax supporter who is an economics professor at the University of Virginia's College at Wise. He wants the broad public to know just how many economists have examined and recommend the FairTax plan. That idea became a project that has finally come to fruition. Over 75 economists, one of whom is a Nobel Prize winner, have now endorsed, specifically, the FairTax HR 25 and S 25, in writing. We call this a direct validation of our more than $22 million in academic and market research completed over the past 10 years. This economist endorsement letter was delivered to the offices of every single tax aide on Capitol Hill this week. We also made sure the President, his tax panel, and Treasury Secretary Snow had a copy. This letter further evidences the fact that Americans realize the inefficiencies of the current system and see the FairTax, HR 25 and S 25, as the proper replacement."
David L. Kendall, Ph.D., professor of economics and finance from the University of Virginia's College at Wise, stated, "I support the FairTax -- and I asked other economists to join me with their support -- for a very simple reason: The FairTax offers Americans substantial and very real advantages over the income tax system we have now. Our federal income tax system is inefficient, far too costly, and simply not the best way to pay for government. I think all Americans are dismayed, outraged, and disgusted that our federal tax code contains millions of eye- glazing words spread across more than 60,000 pages. We all know it's a disgrace, and we all know it must be changed. Like most economists, I know that our income tax system slows economic growth, discourages work, and encourages current consumption over saving -- saving that is needed to spur economic growth, which creates more jobs. Most economists agree that a consumption tax is less costly and more efficient than an income tax. Simply put, that's why I support the FairTax and that's why other economists endorsed my letter."
Wright added, "The income and payroll tax systems are job- destroying travesties. Not only does the American public have the political will to replace them, the FairTax plan is viable (ask Texas and Florida), historically proven (ask the Phoenicians), acceptable (ask American voters), and now, endorsed by economists nationwide. The FairTax offers long-needed simplicity, efficiency, and fairness to all Americans by eliminating the income and payroll taxes. FairTax.org with a membership and supporter base of almost 600,000 strong is dominating the tax reform battle with thousands of American taxpayers' voices demanding relief."
Laurence Kotlikoff, Ph.D., chair of the economics department at Boston University, and co-author of The Coming Generational Storm, has stated, "Our tax code is a mess for a reason. Special interests pay for special favors. And with thousands of pages and counting, there are plenty of places for our politicians to hide the kickbacks. Meanwhile, all the exemptions, deductions, exceptions and special provisions reduce the tax base, which means higher tax rates and smaller incentives for individuals and companies to produce income. And whether the tax breaks are set in fine print or spelled out in bold type, they generally favor the rich, making our tax system less progressive than is generally believed. No tax system is perfect, but ours is so awful that fundamental reform is the only option. Fundamental reform is not just a necessity, it's also an opportunity to stop taxing income and start taxing consumption. My colleagues and I have been studying income and consumption taxation via computer simulations for some time now. We've found that switching from taxing wage and capital income to taxing consumption can significantly improve economic efficiency and growth. What's more, it can make our tax system much more progressive and generationally equitable. Fundamental tax reform is long overdue. Consumption taxation is the way to go."
Wright thanked the volunteers who organized the effort to inform economists and asked for their input on the FairTax legislation by stating, "FairTax.org is a grassroots organization. Nearly 50,000 really active volunteers across the country are rallying behind the FairTax bill for various reasons. We thank Dr. Kendall and his efforts on behalf of the FairTax legislation and the economic principles it encompasses. HR 25/S 25 is the answer for our income and payroll tax burden. It is open, accountable, simple to understand, and fair to all Americans." Added Wright, "No loopholes, no exceptions, and no American pays any federal taxes -- hidden or obvious -- up to poverty level consumption. This letter is an historic milestone for the FairTax concept. It coincides nicely with Federal Reserve Chairman Greenspan's comments and the good words by esteemed economist Milton Friedman when testifying before the President's tax reform panel in favor of consumption taxation. We believe after more than a decade of work, over $22 million dollars and hundreds of thousands of volunteer actions, our time is coming and the American people are fast becoming ready for the full tax replacement alternative - the FairTax."
View the letter in its entirety at http://www.fairtax.org/eco_endorsements.html or you may request a copy of the letter by fax or e-mail by calling Gloria Garza at 1- 800-FAIRTAX ext. 106 or e-mailing gloria@fairtax.org.
What is the FairTax plan?
The FairTax plan is a comprehensive proposal that replaces all federal income and payroll taxes with an integrated approach including a progressive national retail sales tax, a rebate to ensure no American pays federal taxes up to the poverty level, dollar-for-dollar revenue neutrality, and the repeal of the 16th Amendment. This non-partisan legislation (HR 25/S 25) abolishes all federal personal, gift, estate, capital gains, alternative minimum, Social Security, Medicare, self-employment, and corporate taxes and replaces them all with one simple, visible, federal retail sales tax - collected by existing state sales tax authorities. The FairTax taxes us only on what we choose to spend, not on what we earn. It does not raise any more or less revenue; it is designed to be revenue neutral. So it is also cost neutral -- the final cost for goods and services changes little under the FairTax. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.
What is Americans For Fair Taxation (FairTax.org)?
FairTax.org is a non-profit, non-partisan, grassroots organization dedicated to replacing the current tax system. The organization has hundreds of thousands of members and volunteers nationwide. Its plan supports sound economic research, education of citizens and community leaders, and grassroots mobilization efforts. For more information visit the web page: http://www.fairtax.org or call 1-800-FAIRTAX.
April 15th can become a day just like any other with no complicated tax forms; no wasted hours in tax preparation and compliance and no more tax code for lobbyists to take advantage of.
The Presidents Tax Reform Panel has met several times and is beginning to see the economic drag that the current tax system puts on our economy. Their latest press release indicates that the panel just can't tinker with the current code and solve all we need to solve.
Democrats are seeing the tremendous pain their constituients are feeling with the alternative Minimum tax or AMT. But what can provide a revenue neutral replacement? The FairTax!
American Manufacturers and Unions see that our tax code makes them less competitive in the world market.
The Fair Tax eliminates the AMT, income tax, capital gains, payroll taxes while providing enhanced tax savings for mortgage holders;home owners and for charities.
The FairTax solves all those problems and much more. Those that know the Facts Love the Fair Tax. Read more at www.fairtax.org
The Fair Tax Legislative package is fully researched and in full legislative form as House Bill HR25 and Senate Bill S25. Nationally known economists agree it is the best option for our country so as Larry the Cable Guy says "Let's Get'ER Done! Call your Congressmen and tell them you support HR25/S25 as a 2005 priority. The next April 15th can just be another spring day!
Tom Wright, executive director of FairTax.org, stated, "Nearly seven months ago an idea was born in the mind of a FairTax supporter who is an economics professor at the University of Virginia's College at Wise. He wants the broad public to know just how many economists have examined and recommend the FairTax plan. That idea became a project that has finally come to fruition. Over 75 economists, one of whom is a Nobel Prize winner, have now endorsed, specifically, the FairTax HR 25 and S 25, in writing. We call this a direct validation of our more than $22 million in academic and market research completed over the past 10 years. This economist endorsement letter was delivered to the offices of every single tax aide on Capitol Hill this week. We also made sure the President, his tax panel, and Treasury Secretary Snow had a copy. This letter further evidences the fact that Americans realize the inefficiencies of the current system and see the FairTax, HR 25 and S 25, as the proper replacement."
David L. Kendall, Ph.D., professor of economics and finance from the University of Virginia's College at Wise, stated, "I support the FairTax -- and I asked other economists to join me with their support -- for a very simple reason: The FairTax offers Americans substantial and very real advantages over the income tax system we have now. Our federal income tax system is inefficient, far too costly, and simply not the best way to pay for government. I think all Americans are dismayed, outraged, and disgusted that our federal tax code contains millions of eye- glazing words spread across more than 60,000 pages. We all know it's a disgrace, and we all know it must be changed. Like most economists, I know that our income tax system slows economic growth, discourages work, and encourages current consumption over saving -- saving that is needed to spur economic growth, which creates more jobs. Most economists agree that a consumption tax is less costly and more efficient than an income tax. Simply put, that's why I support the FairTax and that's why other economists endorsed my letter."
Wright added, "The income and payroll tax systems are job- destroying travesties. Not only does the American public have the political will to replace them, the FairTax plan is viable (ask Texas and Florida), historically proven (ask the Phoenicians), acceptable (ask American voters), and now, endorsed by economists nationwide. The FairTax offers long-needed simplicity, efficiency, and fairness to all Americans by eliminating the income and payroll taxes. FairTax.org with a membership and supporter base of almost 600,000 strong is dominating the tax reform battle with thousands of American taxpayers' voices demanding relief."
Laurence Kotlikoff, Ph.D., chair of the economics department at Boston University, and co-author of The Coming Generational Storm, has stated, "Our tax code is a mess for a reason. Special interests pay for special favors. And with thousands of pages and counting, there are plenty of places for our politicians to hide the kickbacks. Meanwhile, all the exemptions, deductions, exceptions and special provisions reduce the tax base, which means higher tax rates and smaller incentives for individuals and companies to produce income. And whether the tax breaks are set in fine print or spelled out in bold type, they generally favor the rich, making our tax system less progressive than is generally believed. No tax system is perfect, but ours is so awful that fundamental reform is the only option. Fundamental reform is not just a necessity, it's also an opportunity to stop taxing income and start taxing consumption. My colleagues and I have been studying income and consumption taxation via computer simulations for some time now. We've found that switching from taxing wage and capital income to taxing consumption can significantly improve economic efficiency and growth. What's more, it can make our tax system much more progressive and generationally equitable. Fundamental tax reform is long overdue. Consumption taxation is the way to go."
Wright thanked the volunteers who organized the effort to inform economists and asked for their input on the FairTax legislation by stating, "FairTax.org is a grassroots organization. Nearly 50,000 really active volunteers across the country are rallying behind the FairTax bill for various reasons. We thank Dr. Kendall and his efforts on behalf of the FairTax legislation and the economic principles it encompasses. HR 25/S 25 is the answer for our income and payroll tax burden. It is open, accountable, simple to understand, and fair to all Americans." Added Wright, "No loopholes, no exceptions, and no American pays any federal taxes -- hidden or obvious -- up to poverty level consumption. This letter is an historic milestone for the FairTax concept. It coincides nicely with Federal Reserve Chairman Greenspan's comments and the good words by esteemed economist Milton Friedman when testifying before the President's tax reform panel in favor of consumption taxation. We believe after more than a decade of work, over $22 million dollars and hundreds of thousands of volunteer actions, our time is coming and the American people are fast becoming ready for the full tax replacement alternative - the FairTax."
View the letter in its entirety at http://www.fairtax.org/eco_endorsements.html or you may request a copy of the letter by fax or e-mail by calling Gloria Garza at 1- 800-FAIRTAX ext. 106 or e-mailing gloria@fairtax.org.
What is the FairTax plan?
The FairTax plan is a comprehensive proposal that replaces all federal income and payroll taxes with an integrated approach including a progressive national retail sales tax, a rebate to ensure no American pays federal taxes up to the poverty level, dollar-for-dollar revenue neutrality, and the repeal of the 16th Amendment. This non-partisan legislation (HR 25/S 25) abolishes all federal personal, gift, estate, capital gains, alternative minimum, Social Security, Medicare, self-employment, and corporate taxes and replaces them all with one simple, visible, federal retail sales tax - collected by existing state sales tax authorities. The FairTax taxes us only on what we choose to spend, not on what we earn. It does not raise any more or less revenue; it is designed to be revenue neutral. So it is also cost neutral -- the final cost for goods and services changes little under the FairTax. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.
What is Americans For Fair Taxation (FairTax.org)?
FairTax.org is a non-profit, non-partisan, grassroots organization dedicated to replacing the current tax system. The organization has hundreds of thousands of members and volunteers nationwide. Its plan supports sound economic research, education of citizens and community leaders, and grassroots mobilization efforts. For more information visit the web page: http://www.fairtax.org or call 1-800-FAIRTAX.
April 15th can become a day just like any other with no complicated tax forms; no wasted hours in tax preparation and compliance and no more tax code for lobbyists to take advantage of.
The Presidents Tax Reform Panel has met several times and is beginning to see the economic drag that the current tax system puts on our economy. Their latest press release indicates that the panel just can't tinker with the current code and solve all we need to solve.
Democrats are seeing the tremendous pain their constituients are feeling with the alternative Minimum tax or AMT. But what can provide a revenue neutral replacement? The FairTax!
American Manufacturers and Unions see that our tax code makes them less competitive in the world market.
The Fair Tax eliminates the AMT, income tax, capital gains, payroll taxes while providing enhanced tax savings for mortgage holders;home owners and for charities.
The FairTax solves all those problems and much more. Those that know the Facts Love the Fair Tax. Read more at www.fairtax.org
The Fair Tax Legislative package is fully researched and in full legislative form as House Bill HR25 and Senate Bill S25. Nationally known economists agree it is the best option for our country so as Larry the Cable Guy says "Let's Get'ER Done! Call your Congressmen and tell them you support HR25/S25 as a 2005 priority. The next April 15th can just be another spring day!
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