Tax Reform Supporters Say Ways and Means Hearing Ignores Most Important Competitiveness Problem
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Summary
WASHINGTON, June 22 /U.S. Newswire/ -- The hearing held today by the House Ways and Means Committee Subcommittee on Select Revenue Measures on the Impact of International Tax Reform on U.S. Competitiveness ignores the most basic competitiveness problem caused by the current tax system, according to three key proponents of tax reform. It neither addressed the fact that the U.S. is the only major trading country worldwide not using a destination- principle consumption tax, nor the large advantages of replacing the income tax with a destination-principle consumption tax.
"Tinkering around the edges of the income tax system cannot remediate the serious erosion in competitiveness that is forcing more and more quality jobs to be outsourced. That is because the income tax itself is the problem. We need to move to a tax system that places foreign-produced goods and U.S.-produced goods on an equal footing rather than according a nearly 20-percent tax advantage to foreign-produced goods courtesy of the U.S. tax system. The FairTax is the fairest and simplest system that achieves this goal," said Leo Linbeck, chairman of FairTax.org.See the full content of this document
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Tax Reform Supporters Say Ways and Means Hearing Ignores Most Important Competitiveness Problem
Robert D. Fowler, president and CEO of the Small Business Association of Michigan, st...
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