Chairman's Report

Most people would consider it bad news when unemployment goes up, wages stop increasing, gas prices rise, interest rates rise and home purchases decline. Not so in DC. Those things are cheered in DC because it means more people will have to depend on the government for their existence. It's the same insane thinking that "bad is good" that keeps the income tax system in place when there's a much better way to fund the government--the FAIRtax.

Of all the objectionable provisions in the recently passed Inflation Reduction Act, giving $80 billion to the IRS has to be one of the worst. The agency has a long history of mismanagement and incompetence to go along with its history of bullying honest taxpayers and demanding money from people who don't have the resources to challenge them in court. This is an especially grievous in light of the fact that we don't need a bigger IRS. In fact, if we enacted the FAIRtax, we wouldn't need the IRS at all.

This week, we celebrate labor in America. But it looks like the politicians still haven't gotten the message. Instead of celebrating and rewarding labor, they continue to punish it with heavy taxation. If the politicians really wanted to reward labor (and thereby get more of it), they would quit taxing the money we receive in exchange for our labor. They would replace the income tax with the FAIRtax.

This week's Chairman's Report is guest written by CPA Jade Walle. He notes that given the choice, people will choose continuity and calm over chaos and disorder every time. Comparing the FAIRtax to the income tax, it's easy to see which one brings calm and continuity and which one brings chaos and disorder. With the IRS set to become bigger and meaner than it's ever been, it's time to demand that the income tax be abolished and replaced with the FAIRtax.

Is it a coincidence that both James Comey and Andrew McCabe, two FBI directors deemed traitors by then President Trump, were both selected for the most intense and invasive audit that the IRS conducts? It's possible that this was a random occurrence, but the odds are less than the odds of winning the Texas Powerball lottery. Regardless of party affiliation or ideological leaning, everyone should agree that using the IRS to persecute political opponents is wrong and must stop. There's only one way to do that. Put the IRS out of business by replacing the income tax with the FAIRtax.

In this week's Chairman's Report, AFFT president Steve Hayes reveals some shocking statistics about the state of education in the United States as it relates to basic literacy. Then, he shows how some of those problems are the result of our system of taxation, and how the FAIRtax can improve education for everyone.

The Summary of the 2022 Annual Reports published by the Social Security and Medicare Boards of Trustees has some grim news. Both programs are running out of money, and inflation is only going to hasten then day when they go broke. Congress has introduced a "rescue plan" that's guaranteed not to work. That's because it's based on inaccurate numbers and unrealistic assumptions. In this week's Chairman's Report, AFFT president Steve Hayes presents the real solution to keeping these two programs solvent--the FAIRtax.

This week's Chairman's Report is guest written by Jade Walle, a partner in a CPA firm, and a board member of Americans for Fair Taxation. With inflation and high interest rates set to send the US economy into recession, Jade looks at the research that shows what effect replacing the income tax with the FAIRtax would have on the economy--especially one in recession.

John W Childs is a billionaire who would stand to pay much more in federal taxes under the FAIRtax than under the present income tax. Still, he believes that the FAIRtax would be better for his children, his grandchildren and the country in general. See why as this week's Chairman's Report reprints an article the Mr. Childs wrote for the New York Sun.

Members of Congress clearly believe that the rules that govern the financial lives of ordinary people don't apply to them. In this week's Chairman's Report, AFFT president Steve Hayes documents yet another instance that proves that Congress and the Federal government not only live by their own rules, but they have no idea how changes in the tax law affect their spending. The solution is to make the true cost of government clear to everyone by passing the FAIRtax.