By now we’ve all heard the candidate’s comments about redistribution of wealth and 47 percent of Americans not paying income taxes.
Those comments yet again highlight the fact that our income tax system is broken and our nation is suffering, most especially young Americans ages 18 to 29. I’m 23.
In fact, 1.7 million of us have been jobless during the past year. That is the highest unemployment rate for this age group since World War II.
This is a generation in danger of becoming the “lost generation.”
I believe FairTax is the solution. FairTax is a comprehensive plan to replace federal income and payroll taxes with a consumption tax on new goods and services.
While permitting no exemptions or exceptions, FairTax would provide a monthly, universal “prebate” or rebate that would ensure that each household could consume tax-free up to the poverty level, thereby making FairTax progressive.
With FairTax, consumers would pay the actual price of a product or service with no hidden taxes, and workers would keep 100 percent of the wages they earn, minus any state or local taxes.
What would this mean to America? The answer is powerful economic growth and desperately needed job creation.
FairTax provides hope for bringing hundreds of thousands of lost jobs back to America, for the young and old. And who wouldn’t want to keep 100 percent of his or her paycheck?