H.R. 25 - ”The Fair Tax” - Will Be Voted On In The House - Taxation Is Too Important To Be Left To The Political Parties

January 24, 2023 - Participants Include:

 

Jim Bennet - Fair Tax - @FairTaxOfficial

 

John Richardson - @Expatriationlaw

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On January 10, 2023 the "Fair Tax" - H.R. 25 was introduced into the House. The has provided a long overdue opportunity to rethink what taxation is for, how it should work and how it should be enforced. It's important that individuals do NOT rely on their Republican or Democrat representatives to explain the "Fair Tax". Taxation is too important to be left to the political parties.

Tax reform is about serving the interests of the American people and NOT the American political parties.

Taxation is NOT and should never be a partisan issue!

Some background ...

 

On March 27, 2022 I hosted Jim Bennet of "Fair Tax" and learned about the "Fair Tax Proposal".  On April 13, 2022, Jim Bennet returned as a guest and was joined by Steve Hayes and Joe Howard. The April 13, 2022 podcast can be heard here. On June 4, 2022 I hosted Steve Hayes 

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.

So, what is the "Fair Tax" movement?

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!