April 13, 2022 - Participants Include:
Jim Bennet - Fair Tax
Steven Hayes Fair Tax
Joe Howard - @EndCBTNow
John Richardson - @ExpatriationLaw
On March 27, 2022 I hosted Jim Bennet of "Fair Tax" and learned about the "Fair Tax Proposal". Today, Jim Bennet returned as a guest and was joined by Steve Hayes and Joe Howard.
Mr. Hayes and Mr. Bennet are the primary movers and creators of H.R. 25 "The Fair Tax Act of 2021" which can be viewed here.
At the risk of oversimplification, H.R. 25 proposes to replace Subtitle A (Income Tax), Subtitle B (Estate and Gift Tax) and Subtitle C (Employment Tax) of Title 26 (The Internal Revenue Code) with one comprehensive consumption tax.
If enacted the "Fair Tax" would create a U.S. tax system that:
- was a territorial (tax imposed on activity in the US only) based on a consumption tax (tax imposed on consumption and not income)
- allowed certain low income people to apply for tax abatements
- made the U.S. a more attractive location for foreign investment and business activities
- ended the tax filing requirement for individual taxpayers (and therefore ended the "Regulatory Oppression" experienced by individuals in general and Americans abroad in particular)
- ending the relevance of "tax residency" because taxation would be based on spending only
- solved the problems of citizenship tax as experienced by US emigrants and accidental Americans
The adoption of the "Fair Tax" would result in a major change in US society. As the great tax historian Charles W. Adams taught:
As goes taxation, so goes civilization!
I strongly suggest that Americans abroad support the "Fair Tax" movement!