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The following is a ” Letter To The Editor ” contributed by Barb Momyer.
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LETTER TO THE EDITOR:
Media is abuzz with news that Mitt Romney has offshore accounts, as if there is something wrong with that. There is nothing illegal and it’s a strategy to reduce tax liability that was even utilized by the Democratic Chairwoman Debbie Wasserman-Schultz. What seems to have escaped media attention is that we have a tax code so onerous that it drives money outside the country.
Romney was only doing what most of us do – trying to make the most of his money and pay the least amount of taxes. Do you claim dependents, use your home mortgage interest, or donations to reduce your tax liability? Why not pay more in taxes? The government has done such a good job spending your money; give them more!
The tax code in 2011 was 72,536 pages long. That’s ridiculous and every year it increases. How can anyone really be sure what’s in there? What if in your next pay you didn’t pay any payroll tax? This could happen if the Fair Tax were enacted. In its place would be a national sales tax that would be lower than the combined lowest income tax bracket and payroll tax, both of which would be eliminated. We would then be taxed on our consumption rather than penalized for our hard work. The more we consume the more we’d be taxed. Now you may think that penalizes the poor. Not so, each month every American would receive a prebate check, determined by the number in your household, that would pay the taxes on necessities. Social security tax would no longer be deducted from your paycheck and taxed multiple times. Right now you are taxed when it goes to the government and when you collect it from the government.
The Fair Tax would ensure those here illegally, foreigners working in our country, and those who derive their income from illegal activities would pay taxes based on consumption. Currently these people enjoy the benefits of our taxes, but don’t pay their “fair share”.
The cost of labor and tax compliance costs for business would go down allowing for a more level playing field with foreign imports. Business could then afford to increase salaries, reduce product prices, or hire more workers.
Additionally, wiping out the current tax code would reduce the need for the IRS, except to enforce Obamacare. Check out http://fairtax.org for more info.
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