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CONGRESS OF THE UNITED STATES House of Representatives - Jim Gibbons, 2nd District, Nevada Thank you for contacting me regarding your support for H.R. 2525, the Fair Tax Act of 2001. I appreciate hearing from you and having the opportunity to respond. Please excuse my delayed response. The discovery of anthrax-infected letters in the House of Representatives office buildings slowed the mail considerably. As you may know, the Fair Tax Act will ensure that Americans will never again have to worry about confusing tax forms, stacks of tattered receipts, or traumatic IRS audits. This legislation would create a national retail sales tax to replace all income taxes, payroll taxes, and estate taxes. It will eliminate the need for the Internal Revenue Service to exist. Today, IRS agents employed to ensure "taxpayer compliance" have the opportunity to abuse and harass American citizens. In addition, over 50% of Americans have to pay others to decipher the code and do their taxes for them. In an effort to show how complex the IRS code has become, Money Magazine created a fictional American family and asked that tax professionals prepare an IRS tax return. Incredibly, every one of the tax professionals came to different tax totals, and not one of the tax professionals calculated what Money believed to be the correct income tax. Even the IRS admits that 25% of the advice it gives to Americans calling their offices is not accurate. After 86 years of income taxes in this country, the tax code has become so complex that even the agency assigned to oversee it cannot fully understand its complexities. That should indicate to all of us that it is time to try a new way to fund our government operations and programs. The Fair Tax Act will not only eliminate your personal income tax, it will also do away with corporate income taxes, capital gains taxes, payroll taxes, the self-employment tax, and the death tax. In the place of these assorted burdens, the government would impose a sales tax on all retail sales of new goods and services. Without the income tax's stifling impediment to growth, Americans will be able to save more, and the businesses will be able to invest more. Individuals will have incentives to engage in capital formation - the real source of job creation and innovation. Businesses will have incentives to direct large amounts of capital back into the United States. The most important aspect of this legislation is that it is fair for every citizen. Americans would have the ultimate control over how much they want to spend, and therefore, how much they want to be taxed. Please know that I am committed to reducing the tax burden on Nevadans and will monitor this legislation keeping your thoughts and views in mind. Again, thank you for contacting me regarding this important matter. Please feel free to contact me in the future if I can be of any service. Sincerely, Jim Gibbons, Member of Congress WORKING TOGETHER TO ATTAIN FAIRNESS | ||
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