August 15, 2008.
Before you read this, purge your mind of all of the negatives that you have ever heard about the Fair Tax Plan (FTP) and then focus on the following facts.
Under our present system:
FACT. In 2006 there were 135,660,000 individual tax returns filed. Of those 43,363,000 paid NO Federal Income Tax. This comes to about 32%.
A recent study by the Governmental Accountability Office reported that:
FACT. 23% of LARGE corporations DO NOT pay Federal Incomes Taxes in any given year; (Ford, GM, all of the airlines to name a few)
FACT. For large corporations (gross receipts in excess of $50 million) 25% paid no federal income taxes in 2005;
FACT. 72% of LARGE FOREIGN OWNED CORPORATIONS THAT DO BUSINESS in the US paid no taxes in a least one year during the period studied (1988 to 2005).
How does that grab you???
How can anyone defend the current system? AND if you listen to the campaign rhetoric, each candidate has some hair brained scheme to confuse it even more.
FACT. Under the FTP, EVERYONE, including the Federal Government, pays a tax (about 23%) when they buy anything. No one ever files a tax return. The IRS is abolished and the Constitution is amended so that Congress can never again re-institute an income tax.
Think about it and the next time you see your Congressmen ask them the same question. Better still write to them today and ask the question.
PS Over and above the 32% non paying individuals shown above, there are also thousands of foreign tourists, foreign business persons, as well as criminals, drug dealers and others who pay not a dime. This, alone, should really make you critical of our current system and a least curious about alternatives.