Welcome to a damp, cold, and slightly icy #FairTaxFriday. In this week’s edition, we get this presser from U.S. Senator Saxby Chambliss’ office:
Last night, U.S. Sen. Saxby Chambliss, R-Ga., introduced S.122, The FairTax Act, which would implement a simpler, less-cumbersome tax code. Chambliss has introduced the FairTax legislation every year he has been in the Senate.
“The current tax code has become too burdensome and complex, and is filled with provisions that only benefit a few Americans at the expense of everyone else. That’s simply not right,” said Chambliss. “The FairTax Act would create a fairer, simpler tax code that allows every American the freedom to determine his or her own priorities and opportunities.”
The FairTax would shift the federal government’s method of revenue collection from income to personal consumption. It would abolish the Internal Revenue Service, and repeal all federal personal income taxes, corporate income taxes, payroll taxes, self-employment taxes, capital gains taxes and gift and estate taxes. It would replace those with a revenue-neutral, personal consumption tax on all retail sales of new goods and services.
Original co-sponsors of the bill are U.S. Sens. Richard Burr, R-N.C., Jim Inhofe, R-Okla., Tom Coburn, R-Okla., John Cornyn, R-Tex., Jerry Moran, R-Kan., and Ted Cruz, R-Tex.
To watch Sen. Chambliss introduce the bill on the floor of the Senate, click here.
Georgia’s dominating the legislative FairTax football, so discuss how this may or may not affect its passage.
Just as a friendly reminder for all the FairTax Folks out there, Boortz has until Feb. 7th to get at least 25,000 signatures to generate a response from the White House on his petition to sit down with President Barack Obama to discuss tax reform. He’s around 7,000 signatures shy of the goal.