More than ever we need the FairTax
As we deal with the worst financial situation in generations, we are going to need bold, new thinking to address how Washington and our economy function. For that reason, I hope you’ll give proper consideration to the FairTax, which is the answer that America needs now more than ever.
Here are some key reasons why the FairTax is critical to the American economy:
1. Rescue the homeowner and you rescue the economy
The FairTax will end the harmful practice of withholding taxes from paychecks, and millions of Americans will see a huge boost in their take home pay–enough to save their homes and pay mortgage bills.
2. A $10 trillion dollar stimulus program funded with private investments
Economists say the FairTax will attract literally trillions of dollars into our economy from offshore. That means new jobs right here in America (a point I know you readily appreciate), higher wages and a stock market that goes up instead of down.
3. Bring Back the “Made in America” Label
The FairTax ends the retail price disadvantage American producers suffer under the income tax system. The income tax system adds up to 20% to the price of American products and that chases our manufacturing and service industries offshore. The FairTax gives American companies–and jobs–a fair chance.
4. Our economy works when wage earners prosper
The FairTax makes our economy works again and restores consumer confidence by putting more money in wage earners’ pockets. It attacks the problem at the base of the pyramid where average people live–not at the pinnacle. It ends the tax disincentives to upward mobility, savings, investment and capital formation.
For these reasons and more, I urge you to consider the FairTax. This comprehensive reform plan is embodied in H.R. 25 and S. 296. The taxpaying public – individuals, farmers, schoolteachers, seniors, small business owners, and others – will thank you for it.