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Economists nationwide endorse the FairTax plan.

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  • Sam Wright
    From: Genie Hayes View Subject: Please Circulate to all YAHOO GROUPS! Date: Tue, 12 Apr 2005 15:44:04 -0500 Print and Broadcast
    Message 1 of 1 , Apr 12, 2005
      From: "Genie Hayes" <geniehayes@...> View
      Subject: Please Circulate to all YAHOO GROUPS!
      Date: Tue, 12 Apr 2005 15:44:04 -0500

      Print and Broadcast News Media, Talk Show Hosts and

      Contact: Tom Wright, Executive Director or Genie
      Hayes, Communications Director, 1-800-FAIRTAX, both of

      Date: April 12, 2005

      Economists nationwide endorse the FairTax plan.
      The plan includes HR 25/S 25, repealing and replacing
      the income and payroll taxes with a progressive
      national sales tax, as well as
      HJRes 16, repealing the 16th Amendment.

      Houston � Over 75 economists nationwide endorsed the
      FairTax in a letter delivered to the House, Senate,
      Treasury, tax reform panel and the President today.
      Tom Wright, executive director of FairTax.org, stated,
      �Nearly seven months ago an idea was born in the mind
      of a FairTax supporter who is an economics professor
      at the University of Virginia�s College at Wise. He
      wants the broad public to know just how many
      economists have examined and recommend the FairTax
      plan. That idea became a project that has finally
      come to fruition. Over 75 economists, one of whom is
      a Nobel Prize winner, have now endorsed, specifically,
      the FairTax HR 25 and S 25, in writing. We call this
      a direct validation of our more than $22 million in
      academic and market research completed over the past
      10 years. This economist endorsement letter was
      delivered to the offices of every single tax aide on
      Capitol Hill this week. We also made sure the
      President, his tax panel, and Treasury Secretary Snow
      had a copy. This letter further evidences the fact
      that Americans realize the inefficiencies of the
      current system and see the FairTax, HR 25 and S 25, as
      the proper replacement.�

      David L. Kendall, Ph.D., Professor of Economics and
      Finance from the University of Virginia�s College at
      Wise, stated, �I support the FairTax � and I asked
      other economists to join me with their support � for a
      very simple reason: The FairTax offers Americans
      substantial and very real advantages over the income
      tax system we have now. Our federal income tax system
      is inefficient, far too costly, and simply not the
      best way to pay for government. I think all Americans
      are dismayed, outraged, and disgusted that our federal
      tax code contains millions of eye-glazing words spread
      across more than 60,000 pages. We all know it�s a
      disgrace, and we all know it must be changed. Like
      most economists, I know that our income tax system
      slows economic growth, discourages work, and
      encourages current consumption over saving � saving
      that is needed to spur economic growth, which creates
      more jobs. Most economists agree that a consumption
      tax is less costly and more efficient than an income
      tax. Simply put, that's why I support the FairTax and
      that's why other economists endorsed my letter."

      Tom Wright added, �The income and payroll
      tax systems are job-destroying travesties. Not only
      does the American public have the political will to
      replace them, the FairTax plan is viable (ask Texas
      and Florida), historically proven (ask the
      Phoenicians), acceptable (ask American voters), and
      now, endorsed by economists nationwide. The FairTax
      offers long-needed simplicity, efficiency, and
      fairness to all Americans by eliminating the income
      and payroll taxes. FairTax.org with a membership and
      supporter base of almost 600,000 strong is dominating
      the tax reform battle with thousands of American
      taxpayers� voices demanding relief.�

      Laurence Kotlikoff, Ph.D., chair of the
      economics department at Boston University, and
      co-author of The Coming Generational Storm, has
      stated, �Our tax code is a mess for a reason. Special
      interests pay for special favors. And with thousands
      of pages and counting, there are plenty of places for
      our politicians to hide the kickbacks. Meanwhile, all
      the exemptions, deductions, exceptions and special
      provisions reduce the tax base, which means higher tax
      rates and smaller incentives for individuals and
      companies to produce income. And whether the tax
      breaks are set in fine print or spelled out in bold
      type, they generally favor the rich, making our tax
      system less progressive than is generally believed.
      No tax system is perfect, but ours is so awful that
      fundamental reform is the only option. Fundamental
      reform is not just a necessity, it�s also an
      opportunity to stop taxing income and start taxing
      consumption. My colleagues and I have been studying
      income and consumption taxation via computer
      simulations for some time now. We've found that
      switching from taxing wage and capital income to
      taxing consumption can significantly improve economic
      efficiency and growth. What�s more, it can make our
      tax system much more progressive and generationally
      equitable. Fundamental tax reform is long overdue.
      Consumption taxation is the way to go.�

      Tom Wright thanked the
      volunteers who organized the effort to inform
      economists and asked for their input on the FairTax
      legislation by stating, �FairTax.org is a grassroots
      organization. Nearly 50,000 really active volunteers
      across the country are rallying behind the FairTax
      bill for various reasons. We thank Dr. Kendall and
      his efforts on behalf of the FairTax legislation and
      the economic principles it encompasses. HR 25/S 25 is
      the answer for our income and payroll tax burden. It
      is open, accountable, simple to understand, and fair
      to all Americans.� Added Mr. Wright, �No loopholes, no
      exceptions, and no American pays any federal taxes �
      hidden or obvious � up to poverty level consumption.
      This letter is an historic milestone for the FairTax
      concept. It coincides nicely with Federal Reserve
      Chairman Greenspan�s comments and the good words by
      esteemed economist Milton Friedman when testifying
      before the President�s tax reform panel in favor of
      consumption taxation. We believe after more than a
      decade of work, over $22 million dollars and hundreds
      of thousands of volunteer actions, our time is coming
      and the American people are fast becoming ready for
      the full tax replacement alternative � the FairTax.�

      Please view the letter in its entirety at
      http://www.fairtax.org/eco_endorsements.html or you
      may request a copy of the letter by fax or e-mail by
      calling Gloria Garza at 1-800-FAIRTAX #106 or
      e-mailing gloria@....

      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:
      www.fairtax.org or call 1-800-FAIRTAX.

      - 30 -

      To schedule an interview with one of our
      spokespersons, call Gloria Garza at 1-800-FAIRTAX,
      extension 106 or Genie Hayes at 1-800-FAIRTAX,
      extension 137. For more information on the FairTax,
      please visit www.fairtax.org.

      To be removed from this list please call 1-800-FairTax
      (324-7829), fax 713-963-8403, or e-mail

      Genie Hayes

      Grassroots and Communications


      1-800-FAIRTAX #137

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