America with its democratic system, rules of law, and open market economy has produced the best living situation in the history of civilization. However, our dreams have been curtailed the last 25 years as the rising cost of doing business in this country has reduced the ability of the average household to find employment that allows the same standard of living as the last two generations have enjoyed.
There is a way to stop our slide and regain levels of employment so that we and future generations benefit. There is a bill in Congress, HR 25, the Fair Tax Act, that abolishes taxes on income and payroll and replaces them with a consumption tax on new goods and services. In addition, there is a advance rebate or "prebate" system that gives a refund on taxes for purchases by all Americans up to federally calculated levels. The poor pay less and big spenders would likely pay more.
Passage of the bill would result in the return of offshore money, more than $14 trillion, to be invested in the United States. Full employment returns as do high paying jobs. The only losers are the Internal Revenue Service, which eventually is de-funded, and the special interests groups that have helped create the income tax mess we use today. I doubt many tears will be shed.
Call your congressman today and ask that he co-sponsor the bill.
Anthony Gasbarro, Fairhope, Ala.Copyright © 2014, The Baltimore Sun