Fair Tax and Seniors

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.

About economics501

1 - free market Capitalist; 2 - Fitness Entrepreneur; 56 years old, VP at an Investment Bank in NYC, ex Venture Capitalist, happily married with 2 girls. Education: Rutgers and NYU. I allow Ted Hruzd, my friend to blog at will here. He has many posts here. I have known Ted since we were both students at NYU. Ted also works for an Investment Bank as a VP in Equity Global Markets. ------------------------- I was very very Socialist leaning as a 22 year old. I then strongly believed in Gov role in helping the poor. However, as a USDA Child Nutrition Programs, I personally accounted for millions of fraud, abuse, and waste of tax payer money. I came to believe that the poor would be best served with less Gov programs and more with direct aid via tax system. Then after 5 years I became a free market capitalist, was a venture capitalist in 2007 and helped start 2 high tech companies. I dedicate this site to champion free market capitalism as the best road to Prosperity. Please join in. If you disagree, fine, but please post with dignity and class and be civil. Argue with facts always.
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