The IRS said today that their tax revenues are down 25% from last year. No problem, those of us left that are still working will just pony up. Remember, according to Vice President Joe Biden, paying taxes is an act of patriotism.
A teaching moment here. Under the Fair Tax, there would be no 25% decrease in taxing revenue. Why? Because the revenue is not taken from the worker’s income. The revenue is instead, taken upon consumption of goods and services, not on your income. And, because income and investments are not taxed under the Fair Tax plan, businesses that have moved off shore to escape the current tax system will have a reason to return and put their $13-15 trillion to use right here in the United States.
Not to mention the unknown trillions of new business from companies around the world that have not yet done business in the United States, that would see the United States as a relative tax haven and locate here.