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Bid Farewell to Capgains Tax

Submitted by Chad Sargent, Jan 7, 2007 12:50

The Capital Gains tax is not the only bad apple in the barrel. All the income-based taxes provide grist for the tax reform mill.

The Alternative Minimum Tax threatens middle-class citizens and industries such as farming and ranching.

The gift tax and estate taxes stir ideological debates about whether we should be able to give gifts or bequeath our wealth without handing a significant portion over to the government.

Corporate income taxes are simply passed down the consumer chain first to consumers, who pay them after paying their personal income tax via withholding, then to workers in the form of lower wages and benefits, then to investors in the form of lower returns. Finally, the company moves jobs and headquarters offshore.

Middle-class and poor wage earners fund the bulk of Social Security and Medicare. These programs will go broke by 2041 and 2020, respectively.

Tax compliance costs amounted to over $265 billion in 2005 alone.

The Founders of our country told us not to tax income. Alexander Hamilton, writing as Publius in the Federalist Papers, wrote about the "signal advantage of a consumption tax."

Good advice.

We are taxing on the wrong side of the tracks. Replacing our hodge-podge of taxes with one revenue-neutral, non-regressive consumption tax removes the tax burden on business and the economy and brings control of taxation back to the people, where the Founders wanted it.

Let's pass the FairTax. One good apple beats a barrel of bad ones.

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Other reader comments on this article

Comment	By	Date
What a no brainer. I own two apartments and an insurance business. They will never sell as long as the... [MORE]	Ernie Harper	Jan 11, 2007 16:29
Okay I've heard your arguments in favor of this tax. But to think that internet sites ran by small business... [MORE]	Jared	Aug 6, 2007 07:32
Two words - FAIR TAX! It is what a rapidly growing number of Americans want because it is fair and... [MORE]	Jason Gill	Jan 9, 2007 22:15
Approximately 40-50% of Americans pay income taxes to cover the rest of us, including illegal immigrants. By switching to a... [MORE]	Paul Morris	Jan 9, 2007 14:16
Mr Epstein certainly understands the importance of the power of a tax system to influence decision making. I agreed with... [MORE]	Dan Gutting	Jan 7, 2007 19:05
If one has studied the Fair Tax in detail it explains how lower income workers benefit more under the Fair... [MORE]	Ed Luck	Jan 7, 2007 14:11
The FairTax (Consumption tax) will replace the illegal income tax which is good. But the income tax which did not... [MORE]	Doug S.	Jan 7, 2007 13:52
Mr. Epstein, This is quite a complicated discussion of a very complex issue. Imagine what individuals and businesses who have to... [MORE]	Keith Ritzler	Jan 7, 2007 13:33
The Capital Gains tax is not the only bad apple in the barrel. All the income-based taxes provide grist for...	Chad Sargent	Jan 7, 2007 12:50
All talk about taxes should come down to one simply thing no matter what segment of taxes is talked about.... [MORE]	Tom Kropewnicki	Jan 7, 2007 11:46
In my opinion right now there are a lot of people who don't pay taxes, and if they did it... [MORE]	CJ	Jan 7, 2007 07:36
What a simply brilliant article. Concise and understandable to even the common reader. Modern tax policy is overwhelmingly complex and... [MORE]	Christian Hine	Jan 7, 2007 03:32
Last years HR25/S25 proposed doing away with all income based taxes on indivivuals and corporations and replacing them with a... [MORE]	William M Roberts	Jan 7, 2007 01:28
Thank you for that great article. Our nation needs to wake up to what is happening globally and put American... [MORE]	Kim Kilgallen	Jan 8, 2007 07:59
The current IRS and income tax on individuals and corporations is presently destroying the USA economy. A major portion of... [MORE]	Rudy Treml	Jan 6, 2007 20:26
Mr. Epstein is correct in his breakdown of consumption tax versus income tax. When people have more ot their own... [MORE]	Larry D	Jan 6, 2007 20:12
I'll make this as brief as possible. If Mr. Epstein will spend as much time at Fairtax.org, as he apparently spent... [MORE]	William M. Tidwell	Jan 6, 2007 19:05
Professor Epstein makes very valid points about social and revenue gains to be achieved by reducing taxes on earnings and... [MORE]	Wayne Jett	Jan 6, 2007 13:18
If the citizens of the United States would Quit watching American Idle, and take the time to read the book... [MORE]	Joe Rafacz	Jan 7, 2007 12:30
If nothing else gets us sooner, inflation, for which there is no excuse, will!! Something to call one's own and is... [MORE]	Arthur H. Goldkamp	Jan 5, 2007 21:00
4While I do not disagree with Mr. Epstein's fundamental position, I believe his example is so unrealistic as to seriously... [MORE]	(Fr.) Wm. D. Loring	Jan 5, 2007 13:42

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Bid Farewell to Capgains Tax