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Wednesday, 11 January 2012 14:35

Whole tax system needs an overhaul

Written by 

To the Editor:

We have been hearing much about taxing the rich more in order to help our debt problem, and yet if you look at the statistics, even if we taxed and took “all” the money and profit away from corporations and the rich, we could only fund our country for about one year. Then, what would be the unintended consequences of the “rich” with no profit and no money?

Our debt is growing at a rate that cannot be sustained, and we cannot continue on with the current tax code. All politicians are playing games with the tax issue because they have their favored lobbyists from big corporations and the wealthy who donate to their campaigns. Money comes pouring in whenever a bill is up that will make the big corporate guys’ lives too structured. So, how do we make a difference?

Grassroots activism starting locally is a good start and a way to make a difference. We, as Americans, cannot continue to turn our heads away from the problem, because the people in power will continue to run amok, worsening America’s debt and disparity among citizens.

What America desperately needs is major tax reform. Many people see this and are in support, but the big guys like hiding the pea and have attorneys working against reform of any kind. The Fair Tax is a step in the right direction for tax reform, where each and every citizen with a Social Security number gets a prebate in the amount of defined poverty level. Income is not taxed at your employer, we would do away with the current tax system, and we would stop all the complicated tax filings that most Americans find hard to understand. Savings are not taxed, thereby encouraging more to save. Capital gains and the death tax would go away! What this would eliminate is the double and sometimes triple taxation on goods and income that is in place now.

We would all be taxed on consumption at a rate set by Congress. Hence, those who have excess money to spend would pay more (i.e., those who can afford to buy Porches, airplanes, yachts, brand new large homes).

Taxes would be collected at each state and sent to Washington, and the system is already in place for a smooth change. Don’t forget the prebate, which each citizen would receive, helping those who are most in need and paying for most of their taxes owed. State and local taxes would most likely stay the same, but some states have also implemented a system similar to the Fair Tax. Americans would be keenly aware of any significant upward change to the rate, and the people would speak up!

There is much more to this, and I urge you to go to www.fairtax.org and take a look and call. Also, take a look at the Flat Tax, the similar but opposing idea. Both have merit.

There are already 57 senators who have signed on to this idea, but I can tell you there are people with big money who want the status quo to remain, so they can hide their money under myriad loopholes and pay far less than their share. Lobbyists are alive and well fighting this change. If we simply stay with the same tax system, those with the big money will continue to find the loopholes, as our system benefits them the most. We must make the lives of Americans easier and fairer with a clear way of taxation!

Let’s get on with real change in Washington and stop the smoke and mirrors game that is currently blinding our citizens. Please do some research into this and contact your congressional members in support of major tax reform.

This real change will help America and all her citizens!

Sonja Thompson,

Franklin

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