On Saturday, October 28, 2917, the Van Wie Financial Hour will host a special “FairTax Hour,” featuring local FairTax expert Paul Livingston. Paul has been active in the FairTax movement in Northeast Florida for many years, and is constantly recruiting congressional sponsors for the FairTax bills in the House and the Senate.
For listeners who are familiar with the FairTax concept, this should be an interesting revival of discussions we have had over the years. For anyone unfamiliar with the FairTax concept, we urge you to go to the website www.fairtax.org to study the system. While simple in concept, the development and its potential consequences are vast and far-reaching. All we need is your help to make the FairTax come to fruition.
The best way we can illustrate the concept is by pretending we live in a country where the following items describe the system of taxation:
- No IRS exists
- No income tax returns are ever filed by anyone (individual and/or corporate)
- April 15th is just a spring day
- 100% of paychecks received by everyone
- “Prebate” to everyone in America on the first of the month for basic needs
- Items cost almost exactly what they cost today
- Government revenue is the same as always, but government is smaller
- Every department of government enforces the law the same way, whereby you are innocent until proven guilty in a court of law
- No court system is dedicated to taxes
- Productivity and success are rewarded by keeping all the money derived from your individual efforts
Now, would you trade that system for the following proposal? (This is actually a description of the U.S. Tax Code and system of operation:)
- IRS is huge and powerful, and most people are afraid of it
- When accused of wrongdoing by the IRS, the burden of proof is on you
- Americans spend an average of 16 hours preparing annual tax returns
- 7.65% is taken from every paycheck, and same amount taken from employer, just for Social Security and Medicare (Self-employed people pay the entire 15.3%)
- Federal tax is also withheld from paychecks, making some Americans forfeit over half of gross pay
- IRS employs tens of thousands of people at our expense
- IRS is responsible for millions of data breaches, allowing our identities to be stolen by hackers
- A separate nationwide court system, paid for by taxpayers, exists simply for tax cases
- Highest corporate tax rate in the world is in the USA
- Ours is among the highest individual tax rates in the world
- Scammers annually fleece millions from taxpayers, using fake IRS threats to scare people into doing things they wouldn’t normally do
- 70,000 pages of rules for tax preparation, and changes are made on average once per day by Congress
- IRS seizes bank accounts of innocent people, simply for an accusation being made
- Businesses and farms must be sold when owners die to pay inheritance tax (“Death Tax”)
- Success is punished by taking increasing percentages of higher earnings
If you at all intrigued by these differences, please join us for the broadcast at 10:00 Saturday morning on WBOB, 600AM and 101.1FM, when we will take calls and questions regarding the FairTax. To call the show, dial 904.222.8255.
Van Wie Financial supports the FairTax. We are fee-only, for a reason.