Chairman's Report

Usually, the IRS looks to catch and punish those who are evading their federal income taxes. But you may be astounded to know that the IRS is actually helping the wealthy and well connected among us to skirt the law and evade millions of dollars in taxes. Read all about it in this week's Chairman's Report.

The income tax has always taxed our income as we receive it. Money we haven't actually received, like an increase in value of a stock we hold, isn't taxed until the stock is sold and we actually have the money in hand. But now, Congress is trying to tax us on these unrealized gains. This fall, the Supreme Court will decide if that's legal or not. If the Court rules in favor of the government, that will be just one more reason why we need to replace the entire income tax system with the FAIRtax.

Usually, the IRS looks to catch and punish those who are evading their federal income taxes. But you may be astounded to know that the IRS is actually helping the wealthy and well connected among us to skirt the law and evade millions of dollars in taxes. Read all about it in this week's Chairman's Report.

Ideally, a tax code should focus exclusively on setting up the laws that define how a government will raise the revenue it needs to operate. Unfortunately, our Internal Revenue Code goes well beyond just raising the money the government needs to run. Congress has turned the Internal Revenue Service into a welfare agency. Check it out in this week's Chairman's Report.

This week's Chairman's Report is guest written by Tom Patterson. Tom is a member of the AFFT Advisory Board. His article makes a compelling case for replacing the income tax with the FAIRtax.

The IRS wants to implement an online system where people can file their tax returns electronically for free. Sounds like a good idea on the surface given that American taxpayers shell out millions of dollars every year getting their taxes done. However, there's a sinister goal lurking under all the rhetoric about making it easier and cheaper for taxpayers to file their taxes. Check it out in this week's Chairman's Report.

Criminals stole at least a trillion dollars during the pandemic. Astoundingly, none of the additional $80 billion allocated to the IRS is earmarked for reducing fraud or even catching the thieves. Instead, the additional funding will be used to harass honest taxpayers in the name of catching tax cheats. Why would DC do this? Find out in this week's Chairman's Report.

It should come as no surprise that a recent Inspector General's report has found more problems at the IRS. Specifically, the IRS is failing to meet even minimum standards for care and efficiency, and it is not properly protecting the confidentiality of our personal data. These problems can't be fixed. The only real solution is to abolish the IRS by replacing the income tax with the FAIRtax.

Recently, newstrail.com published a wildly inaccurate report on the FAIRtax. This week's Chairman's Report is AFFT board member Jim Bennett's thoughtful response to that article.

Hunter Biden is definitely a member of the DC elite Ruling Class. So, it should come as no surprise that according to whistleblower testimony obtained by the House Ways and Means Committee, Mr. Biden ignored tax laws and failed to pay millions of dollars in income taxes. Sadly, this is far from an isolated incident illustrating the corruption inherent in our income tax code. It's time to replace a corrupt and inefficient system with one that works and is fair to all taxpayers. It's time for the FAIRtax.