Spending Our Way Out of Bankruptcy?

VP Joe Biden may be telling us that we have to spend more to keep from going bankrupt, but there is another way out of this financial recession…one that actually makes sense.

The answer is the FairTax.

The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment.

The FairTax Act (HR 25, S 296) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.

The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.

The FairTax:

– Enables workers to keep their entire paychecks
– Enables retirees to keep their entire pensions
– Refunds in advance the tax on purchases of basic necessities
– Allows American products to compete fairly
– Brings transparency and accountability to tax policy
– Ensures Social Security and Medicare funding
– Closes all loopholes and brings fairness to taxation
– Abolishes the IRS

Published in: on July 17, 2009 at 8:53 pm  Leave a Comment  

Energy Bill Riddled with Problems

The fact that a 300-page amendment to the cap-and-trade energy bill was added at 3am on the morning of the vote, shows that 1) there’s a lot of information to go through when regulating CO2 and energy  2) some politicians want quick, impulsive votes and 3) they will use sneaky tactics to get their legislation passed.  I would like to ask how many of the 435 Representatives read all 300 pages of the amendment, much less the original bill itself.  Admittedly, I have not read the entire bill either, only excerpts as well as analysis from political commentators and news agencies.  But it is not the content itself that I’m concerned with, it is what the content is based on that matters most.

What troubles me is that a scientific/economic report by EPA analyst Alan Carlin urging for more research was ignored by the EPA.  You see, the Intergovernmental Panel on Climate Change (IPCC) issued it’s findings in the Fourth Assessment Report (AR4) back in 2005, and it is this document upon which the energy bill and the EPA’s support was based.  Carlin’s report debated many of the findings of the AR4.  However, he was silenced and asked not to speak of his findings.  (Click here.)

Also, the AR4 was released in 2005.  According to an internet search of articles related to ‘general circulation model’ (which is what computer models that project global warming are called), almost half a million documents have been released since the IPCC report.  Thats half a million pieces of information related to climate change that the IPCC was not privy to when it came out with the AR4.  So that means the billed that passed the House is going off of climate data from 4 years ago.  Technologies and science rapidly advance as we learn better and more accurate ways to accumulate and process data.   Shouldn’t such a large overhauling of our environmental policies and regulations receive as much information as is available?  According to the IPCC website, the AR5 is currently in the outlining stage and will not be released till 2014.  So if Congress just can’t wait 5 more years, then at least use data from the past 5 years to construct a more timely and informative piece of legislation.

Did the Congress rush to judgment on a issue which is hotly debated and still up for interpretation?  Yes.  Did they do so for the country’s benefit or their own?  Only time will tell.

 

Thank you to Thomas Fuller and Examiner.com for covering this developing story in much more detail.

Published in: on June 27, 2009 at 1:54 pm  Leave a Comment