Seniors will not be subject to being taxed on any Social Security earnings and retirement income under this plan.
Furthermore, the fair tax can be a significant step to safeguard Social Security, Medicare and other entitlements. It would be revenue-neutral; thus its consumption tax rate on only new products and services can be set up so that priority entitlements are fully funded.
The fair tax could eliminates the Internal Revenue Service, which alone will boost our GDP annually by at least $430 billion in tax compliance cost.
Finally, its zero percent federal corporate income tax rate will position the United States overnight as an entrepreneurial-friendly haven. Foreign and domestic investors and venture capitalists will take advantage of this. This will accelerate much needed economic growth.
All these results together will then increase the probability that entitlements which seniors citizens value will be fully funded for decades. This will render retirement planning a much more stable and pleasant process.
Above is short version of my letter to Gloucster County Times – published Jan 17.