Chairman's Report

Many of us have labored for years to pass the FAIRtax. Progress has been slow and sometimes we get discouraged. President Theodore Roosevelt never heard of the FAIRtax, but his words spoken in 1910 can serve as an inspiration to us today. Check it all out in this week's Chairman's Report.

In this week's Chairman's Report, AFFT president Steve Hayes looks at a recent Wall Street Journal editorial about reducing tax evasion. Not unexpectedly, the editorial writer gets it wrong by not advocating for the FAIRtax.

Recently, a group of millionaires and billionaires published a letter claiming that the rich don't pay their fair share in taxes and calling on governments around the world to tax them more. Unfortunately, there are some glaring omissions in that letter. Listen as AFFT president Steve Hayes breaks it all down in this week's Chairman's Report.

AFFT board member and CPA Jade Walle guest writes this week's Chairman's Report. In it, he looks at some of our past leaders' words in order to determine how they would feel about both the income tax and the FAIRtax

It sounds unbelievable, but it's true. Many high tax states are helping their wealthiest taxpayers avoid the $10,000 cap on the deduction for state and local taxes. Check out the IRS's reaction, and then see how the FAIRtax puts an end to this blatant evasion in this week's Chairman's Report.

IRS Publication 17 makes it clear that people are supposed to report income derived by illegal means on their tax returns. Of course, very few people making illegal money are reporting and paying taxes on it. So, how do we turn these tax evaders into taxpayers, pass the FAIRtax.

How long would the income payroll tax system remain if tax professionals and politicians weren't supporting it? Not long. If the system had to survive on its own merits, well, it wouldn't. In this week's Chairman's Report, AFFT president Steve Hayes, a "recovering" tax attorney himself, calls on his colleagues who are propping up a bad system to put the country, and the rest of the American people first. Get on board with the FAIRtax.

This week's Chairman's Report is guest written by CPA Jade Walle. In it, he examines the effect the FAIRtax would have on businesses with respect to the conventional thinking "you can have any two, good, fast, and cheap". Not surprisingly, the FAIRtax is vastly superior to the current income tax system.

The FAIRtax may be languishing in Congress, but the FAIRtax message is being heard and acted upon in several states. Alabama, Georgia and Nebraska lead the way as states that have legislative proposals in their state houses to replace their state income tax with a consumption tax modeled after the FAIRtax. Steve Hayes sums it all up in this week's Chairman's Report.

Some people believe that it will be extremely difficult to pass the FAIRtax in the Senate because normal Senate rules require 60 votes to end debate on a measure and bring it up for a vote. Therefore, a minority of just 41 Senators could block the FAIRtax in the Senate. However, in this week's Chairman's Report, Steve Hayes discusses a special Senate procedure called budget reconciliation under which the FAIRtax could pass with just 51 votes.