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HOUSTON, May 12 /PRNewswire/ -- In his testimony before the President's
Advisory Panel on Federal Tax Reform Wednesday, FairTax.org Executive Director
Thomas Wright asserted that the FairTax plan stimulates strong economic growth
and high employment that lead to higher investment and higher consumption.
"But that's not all," continued Wright. "That economic growth puts
millions of Americans back to work, making products in America."

Under the FairTax:

* Retailers now collect sales taxes in 45 states and the District of
Columbia. The FairTax requires stores in the other five states to
initiate collections.
* On the other hand, every retailer in every state enjoys the
termination of all forms of income tax and their employees' Social
Security matching -- a significant, overnight cut in retailers' cost
of doing business. Compliance costs do not end with the stroke of a
pen, but they do taper down to a negligible amount.
* Retailers' domestic suppliers all experience an estimated similar drop
in the cost of doing business of 12 to 25 percent, depending on the
location and type of retailing. This initiates a manufacturing boom
in the U.S., fully employing the customers of America's retailers.
* Retailers are paid -- 1/4 of one percent for collection.

For a complete discussion of the FairTax and retailing, please go to:
http://www.fairtaxvolunteer.org/smart/PwCRebuttal.pdf .

What is the FairTax plan?
The FairTax plan is a comprehensive proposal that replaces all federal
income and payroll taxes with an integrated approach including a progressive
national retail sales tax, a rebate to ensure no American pays federal taxes
up to the poverty level, dollar-for-dollar revenue neutrality, and the repeal
of the 16th Amendment. This non-partisan legislation (HR 25/S 25) abolishes
all federal personal, gift, estate, capital gains, alternative minimum, Social
Security, Medicare, self-employment, and corporate taxes and replaces them all
with one simple, visible, federal retail sales tax -- collected by existing
state sales tax authorities. The FairTax taxes us only on what we choose to
spend, not on what we earn. It does not raise any more or less revenue; it is
designed to be revenue neutral. So it is also cost neutral -- the final cost
for goods and services changes little under the FairTax. The FairTax is a
fair, efficient, transparent, and intelligent solution to the frustration and
inequity of our current tax system.

What is Americans For Fair Taxation (FairTax.org)?
FairTax.org is a non-profit, non-partisan, grassroots organization
dedicated to replacing the current tax system. The organization has hundreds
of thousands of members and volunteers nationwide. Its plan supports sound
economic research, education of citizens and community leaders, and grassroots
mobilization efforts. For more information visit the web page:
http://www.fairtax.org or call 1-800-FAIRTAX.



SOURCE Americans For Fair Taxation
Web Site: http://www.fairtax.org
http://www.fairtaxvolunteer.org/smart/PwCRebuttal.pdf


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