The I.R.S. budget costs American taxpayers $10+ billion a year. Compliance with federal income tax complexities costs taxpayers $100+ billion a year for tax filing, record keeping and professional tax avoidance advice. These unnecessary tax costs undermine the ability of families to make ends meet and the ability of businesses to be profitable (which translates into lost jobs or lower wages for American workers).
There have to be better ways to fund the federal government. And there are.
The Fair Tax. Under the Fair Tax, all wage earners keep 100% of their paychecks. The Fair Tax eliminates 90% of compliance costs (a $100+ billion savings to taxpayers). The Fair Tax eliminates the individual income tax, the payroll income tax, and the estate and gift tax, the capital gains tax, the self-employment tax and the corporate tax. It is replaced by a uniform consumption tax with no exceptions or exclusions. All taxpayers are treated fairly and equally. There are no loopholes for anyone.
More information on the Fair Tax can be found at www.fairtax.org.
The Flat Tax. Unlike the current income tax code, the flat tax is a simple and fair tax method. It disallows special breaks for the politically influential and eliminates much of tax filing, record keeping and tax avoidance costs (costs which benefit no one and hinder the ability of American employers to compete in an international economy). Instead of requiring hundreds of different forms, the flat tax would require two small forms (one for labor income and one for investment income). In sum, a flat tax imposes a flat, fixed-rate percentage tax on a taxpayers’ income that is above the family exemption (typically in the $30,000 range).
As your Congressman, Mo Brooks is committed to supporting the Fair Tax, the Flat Tax and any other option that streamlines tax collection costs and spreads out tax burdens as fairly as possible.
