Chairman's Report

This week, the Chairman's Report pauses to reflect on why we're persisting with our efforts to replace the income tax with the FAIRtax, and to wish everyone a happy 4th of July.

It looks like the spirit of Lois Lerner is still alive and well at the IRS. A religious group in Texas was recently denied tax exempt status because the principles it teaches would lead people to vote Republican. This continued pollicization of the IRS one of the many reasons we need to replace the income tax with the FAIRtax and exterminate the IRS forever.

Recently, confidential tax return information on some of America's wealthiest individuals was leaked in an effort to drum up support for raising taxes on the rich, and there's a good chance the leakers will not be punished. That should frighten everyone, because if it can happen to them, it can happen to you. There's only one way to stop activist bureaucrats from compromising confidential tax return information. Get rid of tax returns. Pass the FAIRtax.

This week,, Steve Hayes shares a harrowing, personal story about what can happen when a taxing authority's computer makes a mistake. With the current administration proposing to triple the IRS's budget to allow for the purchase of newer, more powerful and more sophisticated computers, it provides a chilling look into what we might expect should the IRS get its hands on this technology.

Few things within our government are more obviously broken than our income/payroll tax system. One of its worst faults is the ease with which it is evaded and defrauded. The examples noted in this week's Chairman's Report are just the tip of the iceberg. So, when something so clearly in need of replacement stubbornly continues to hang on, there can be only one reason. Follow the money. It's time that we the people realize that the people in government work for us, not the other way around. It's time that we demand that they pass the FAIRtax.

During the 2016 campaign, Donald Trump repeatedly noted to minority audiences that decades of Democrat policies had not significantly advanced their station in life. He then challenged them to vote for him by asking "What have you got to lose?" It's time to do the same with the FAIRtax. After decades of living under the income tax, many Americans are still living paycheck to paycheck and don't have the financial resources to handle an unexpected financial setback. The current system is not only not working particularly well, it's headed for disaster. So, it's time to ask everyone who wants a better economy, "What have you got to lose?' by demanding the FAIRtax.

DC wants us to be like the proverbial three monkeys--See no evil, Hear no evil, Speak no evil. In other words, just be quiet and don't question us. We know what we're doing and we have your best interests at heart. In the meantime, an old enemy is on his way back into our lives. Inflation is threatening to come roaring back and ruin our economic stability. There's a really good way to defeat inflation and maintain economic stability. Pass the FAIRtax.

The good news: A noted economist is calling for replacing the income tax with a consumption tax. The bad news: He's recommending a VAT, not the FAIRtax. Even though he's not advocating for the FAIRtax at this point, it's still a step forward that someone of his stature and professional reputation sees the need to replace the income tax. Check it all out in this week's Chairman's Report.

For decades, the Washington politicians have been misleading the American people on how much their spending proposals cost and how they can be paid for. They get away with this because the people generally have no idea how much the government actually costs them. In this week's Chairman's Report, Steve Hayes details just how dishonest some of these politicians have been in covering up the true cost of government. He also presents the solution---the FAIRtax.

When it comes to investing, it's not how much you make that counts. It's how much you get to keep after taxes. Currently, capital gains taxes are relatively low at 20%, but that might not last long. If President Biden gets his way, capital gains taxes will nearly double. This will have a crushing effect on the economy. The FAIRtax doesn't tax capital gains at all until they are spent on the retail purchase of new goods and services. Pass the FAIRtax, and the economy will soar.