Secretary of State Hillary Clinton denies she’ll run for president in 2012 or 2016.
Ha, ya think?
Well I can’t imagine her not running, so I guess she’d have to take the dare if I was sitting in that circle.
Okay, what about this one?
Those demonizing the Fair Tax say that it wouldn’t be fair to ask Americans to pay an additional 23% in taxes at a time like this.
Well, that’s a total mis-characterization of what the Fair Tax is, so that’s another lie.
The Fair Tax is not an additional tax, it’s a replacement tax.
Unlike what’s pretty much guaranteed to come out of the bipartisan fiscal committee leaked in the news lately (a net tax increase for everyone), the Fair Tax eliminates all of these:
- Federal Income tax for corporations and individuals
- Social Security & Medicare taxes for employers and employees
- Income tax on capital gains
- Taxes on Dividends and interest income
- The Estate Tax
- The IRS!
Have I got your attention yet? Well maybe you noticed the dive the stock market took this week (the worst in 3 months!) starting with bad news from Cisco Systems whose share holders lost 16.5% of their value in an afternoon. Now before you scoff because they’re the ‘rich, white, evil people who invest in the stock market and deserve what they get’, please realize that if you have a pension, public or private, you may be a Cisco (or other corporate) shareholder too- you just don’t know it.
Ironically just last month, the CEOs of Cisco and Oracle authored a joint letter in the Wall Street Journal with a plea for lower tax rates for corporations who want to bring their overseas earnings back to the US. According to the WSJ letter, one trillion dollars is roughly the amount that could be repatriated to the US, but the Corp tax rate at 35% (the highest in the world!) is just too crippling so those companies tend to reinvest earning anywhere else -except right here in America. Most developed countries allow their corporations to bring foreign earnings home at a rate of between 0-2%.
Under the Fair Tax the corporate tax would go away (like all those listed above), replaced by a 23% consumption tax on all new goods and services at the point of sale. The federal government would prebate back to all consumers a monthly amount based on earnings (a refund if you will) so that effectively no one pays taxes on the necessities of life, so don’t be screaming it’s not fair to the poor.
Clearly a lot in our government’s financial house and the way revenues are generated has got to change and this is an idea worth serious consideration. Just don’t be taken in by the lies of an additional 23% tax on top of our already burdensome load, cause it ain’t true!