Invitation to Attend Third Thursday Taxpayers’ Toolkit Meeting
“The Fair Tax Bill, HR25 / S13, A Formula for Prosperity”
Speaker: Jim Donnell is the Volunteer California State Director for the Fair Tax and has been a Fair Tax advocate for over 10 years. Mr. Donnell received his BSEE from Purdue University and has worked in the semiconductor industry for 25 years. The bill contains a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment.
The FairTax Act (HR 25, S 13) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax (not a VAT) administered primarily by existing state sales tax authorities. The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn.
Besides bringing transparency and accountability to tax policy, the FairTax would create tremendous economic growth in the United States, result in smaller government by abolishing the IRS, and reduce government intrusion into our financial affairs. Workers would keep their entire paychecks, retirees would keep their entire pensions, and U.S. products would compete favorably in world markets.
A question-and-answer period will follow Mr. Donnell’s remarks.
