Congressman Chaka Fattah To President Obama: Change the Tax Code

From the Emails 032709

Hey folks,

Happy Friday to you. Time to go to the Emails. I got this following letter from Congressman Chaka Fattah (D-PA), to President Obama about changing the tax code. His idea is to eliminate all Federal taxes on Individuals and Corporations and replacing the taxes with a fee on transactions. Sounds good to me. Can you imagine how much it would help you out getting your GROSS PAY? Look at your check the next time you get paid.

Seriously, with all the extra money, you would be willing, and able, to go out and buy more goods and services. It sounded almost too good to me so I Googled it, and found this in SEVERAL Different places. So I just picked one for the link. Here is the letter.

March 25, 2009

Mr. Barack Obama
President
United States of America
1600 Pennsylvania Avenue
Washington, DC 20500

Dear Mr. President:

I am writing to applaud your decision to appoint a Presidential task force to review and overhaul the nearly century old U.S. Tax Code. Costly, convoluted and confusing, the current code has left the American taxpayer to spend countless hours and dollars trying to comply with an antiquated system.

As the task force begins to examine ways to simplify revenue collection so that it works better for the American people, I ask that you direct the Treasury to analyze the objectives embodied within H.R.1703, the Comprehensive Transform America Transaction Fee Act of 2009, as they could be helpful in pursuing two of your goals; improving revenue collection and reduction of both the national debt and the deficit. It is legislation that I introduced today calling for Treasury to conduct a comprehensive analytical study on the viability of eliminating all federal taxes on individuals and corporations and replacing the taxes with a fee on transactions.

The transaction fee would be equivalent to current revenues generated by all federal taxes, and could provide addition revenues to reduce the national debt and the deficit. The transaction fee would help close tax loopholes and protect progressivity. Experts at the Congressional Research Service (CRS) have reviewed the transaction fee and find along with other tax policy organizations, that eliminating all federal taxes would further stimulate the economy and spur job growth by allowing businesses to expand their operations and hire more employees. CRS also estimates that with implementation of a transaction fee of less than half a percent, the nation could get to revenue neutrality.

As your Administration investigates avenues to eliminate the nation's escalating debt and deficit, the transaction fee offers a viable funding solution. In whole or in part, the transaction fee would also serve to support some of your other critical initiatives such as universal health care, an equitable public school system and investment in the infrastructure of urban and rural areas.

Should you or the tax review task force need additional information on the Comprehensive Transform America Transaction Fee Act, I will be more than happy to answer your questions.

Very truly yours,

Chaka Fattah

Member of Congress
cc: Mr. Rahm Emanuel

Here is the Link I chose: Yahoo News - Fattah to White House: Task Force Should Look to Transforming Tax Code With Transaction Fee. I see it is originally from PRNewswire-USNewswire. That makes sense.

Anyway, I think this is an idea that is really worth considering. What say you?

Have a great Weekend. I'm off to a Pow Wow tomorrow. Josh's first. See you Sunday.
Peter

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