LETTERS: Jobs plan rests in taxationTo the Telegram: Everyone seems to be waiting for politicians to submit a jobs bill. There’s already a jobs bill in Congress. It allows workers to take home their gross pay.
To the Telegram:
Everyone seems to be waiting for politicians to submit a jobs bill.
There’s already a jobs bill in Congress. It allows workers to take home their gross pay. That’s a 15.3 percent increase from the payroll tax alone. Another 15 percent or more comes from your income tax. This is a real stimulus plan. It also eliminates taxation of businesses, which would allow companies to expand and hire employees. With the increase in take home pay and the elimination of the anchor on our businesses our economy will boom.
It’s called the FairTax and it is H. R. 25 in the House and S. 13 in the Senate.
“U.S. taxpayers pay an estimated $431.1 billion annually, or 30 percent of total income taxes collected, just to comply with and administer the U.S. income tax system, said Dr. Laffer. “Compliance is an additional hidden 30 percent tax.”
Our tax system places a tax on our goods and services while imported goods have no increased costs on them. When we send products abroad they already have our taxes in them and 140 foreign countries place an additional value added tax (VAT) on them. The foreign VAT also acts as a means of blockading American exported goods to these nations. The value-added tax is plugged on to every good and service inside their economy, making their own domestic goods cheaper. Some have discussed placing a tariff on imported goods. The FairTax places a 30 percent tax on imported goods, and the FairTax removes the 35 percent tax on American made profits. This allows trillions of dollars locked overseas to come back home.
This amount of capital infusion would lead to another booming American economy. Does that seem like a worthwhile trade? Is it time for another booming American economy?