CHINA’S WORST NIGHTMARE : USA Fair Tax legislation.
• With the US progressive tax system, all US manufactured items are taxed multiple times by personal income and corporate income tax before they leave the plant. China India, Russia and others are emerging from progressive taxes to a national sales tax which only taxes consumption.
• Items shipped to China leave here fully taxed and are TAXED AGAIN when they are sold over there.
• Items shipped from China are NOT TAXED there or over here. Our products have NO CHANCE TO COMPETE.
• The longer we keep the current progressive tax system here the more manufacturing will be lost to governments that only tax consumption.
• USA at least for now, has the work ethic, raw materials, technology, training and infrastructure that would out- manufacture any and all competing countries if our government would adapt Fair Tax.
• Adding a 20% sales tax in lieu of the income tax would drop the price of the taxable item at least 30%.
• The best advantage is it would remove the vast hidden taxes received by the government exposing to everyone the true cost of government. If voters new what they were truly paying in tax they would vote conservatively.
• Millions of US tax consultants and IRS agents would be free to obtain jobs that add to the US gross national product instead of drawing from it.
• Billions of hours spent by US taxpayers calculating their taxes every year would now be free to work and innovate adding further to the wealth of the US.
• The TAX calculated that would buy the essential of living would be refunded to every tax payer, reimbursing the poor and rich alike., not illegal immigrants, they would actually have to pay tax if they live and work here.
• Taxing consumption not production will place Made in USA on Chinese shelves. NO FLAT TAX, FAIR TAX ONLY.
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