Some 150 years ago, Alexis de Tocqueville wrote: “The greatness of America lies not in being more enlightened than any other nation, but rather in her ability to repair her faults.”
Today, America’s financial well-being is threatened by its continued reliance on an antiquated regimen of tax laws and regulations to generate the revenue needed to support our government’s spending priorities.
Many of these provisions served their purposes well when enacted and implemented. For most, that time has passed.
The House Committee on Ways and Means recently examined itemized deductions for charitable contributions as part of its tax reform deliberations.
Some will applaud the committee for focusing on a high-visibility deduction such as charitable giving. We at Americans For Fair Taxation feel strongly that by looking at single provisions of the tax code, the committee is effectively abdicating its responsibility to analyze and critique the current tax code as a whole to determine whether it is the right tool to vouchsafe America’s economic viability in the 21st century.
Instead, we urge the committee to discard this aging taxation infrastructure and replace it with the FairTax plan, an approach without the revenue-depleting deductions and exemptions that are relevant to the economic needs of our nation today.....To Read More...
My Take – The only “fair” tax system is a national sales tax that excludes nothing and no one. For a tax system to work properly everyone has to have skin in the game. That acts as a restraint versus an effort by politicians to generate class struggles for political gain. This should be a tax on the sale of all products and materials, at each stage. The secondary benefit – and these are big - for society will the three fold. The IRS will largely be eliminated; the elimination of the need to file income tax returns; corporate and death taxes will be eliminated. Corporate taxes are nothing more than a hidden tax on the poor and death taxes are immoral.