Saturday, September 24, 2011

What candidates favor the FairTax legislation?

Below are the candidates stands on the Fair Tax. My comments will follow the candidates remarks.

Michelle Bachman: Favors - "I love the FairTax. If we were starting over from scratch, I would favor a national sales tax." However, she has refused to co-sponsor HR 25 because she believes "we would end up with a dual tax, a national sales tax and an income tax."

I personally think that she might favor it, but she's afraid to commit to it. Ending up with a dual tax seems to be a common thread among those who don't understand that the legislation provides for repeal of the IRS tax codes. She, and others, need to actually read the bill.

Herman Cain: Favors – He strongly supports the FairTax but advocates a gradual transition to it through his 999 plan which eliminates most federal taxes and combines a 9% individual flat tax with a 9% national sales tax.

I'm okay with this - as long it's transitional.

Gary Johnson: Favors - “The fair tax is leading my list” for tax code reform but also promotes simplification such as untaxing savings and investment while eliminating corporate income taxes.

Gary who?

Ron Paul: - Favors - "I'll vote for the FairTax if it comes up because I have made a promise that I would do anything to get rid of the income tax and the IRS, and repeal the 16th amendment and that FairTax certainly moves it in that direction."

He gets it.

Rick Perry: – Favors - “Another option would be to repeal the Sixteenth Amendment to the Constitution… altogether, and then pursue an alternative model of taxation such as a national sales tax or the Fair Tax."

Again, someone who hasn't read the bill.

Newt Gingrich: Neutral - Although briefed multiple times by FairTax experts he maintains “...the FairTax is a good idea but I’m not yet convinced it’s a doable idea...” He supports a dual system of the current tax code and an optional flat income tax which keeps payroll taxes and the IRS.

Huh? Apparently he wants to keep the status quo.

Jon Huntsman: Unknown – Supports removing loopholes and deductions and combing the income tax into three rates while eliminating capital gains taxes, dividends taxes and the AMT and lowering the corporate tax rate.

Thaddeus McCotter: Unknown - Proposes to “Reform our tax system to reduce the burden on working families and small businesses by cutting taxes, while eliminating loopholes.” (dropped out of the race 9/22/2011)

President Barack Obama: Unknown - His economic team was briefed on the FairTax and he has stated a sales tax would be regressive.

Again - hasn't read, doesn't understand. What he does understand is that by giving people their power back in the form of money, they lose their hold over a vast majority of their base. They'd rather have that hold than free the citizenry from taxation.

Mitt Romney: Neutral – Likes the idea of a consumption based tax but wants it to be structured in a way that it doesn’t provide a windfall for the wealthiest or burdens middle income Americans.

Again, doesn't understand the FairTax.

Rick Santorum: Unknown – Supports lower taxes in general and none on manufacturers.

No comments: