Who will benefit most under the Simple Tax?
All citizens will benefit from the Simple Tax because the United States will again become the “center of the world” for domestic and international business. This expands our economy and keeps upward pressure on wages and good-paying jobs.
Further, the Simple Tax adheres to Constitutional principles by preventing politicians from practicing class warfare, social engineering, and picking winners and losers in our free market economy.
All citizens will benefit from reduced prices for goods and services because the Simple Tax cuts the cost of tax compliance by 90%. All consumers, including lower income and senior citizens, will see prices cut by up to 22% without any reduction in their income.
All citizens will no longer need to maintain tax records, fill out tax forms, or pay someone else to do it.
Seniors will benefit because they will not be taxed on their interest, dividends, and capital gains, or on income distributions from most Qualified Retirement Plans.
Younger citizens will benefit from the Simple Tax when personal accounts for retirement and healthcare pay 3 to 5 times what is paid currently.
The bottom line is that by paying the 9% Simple Tax, every taxpayer saves at least 22% on the cost of all goods and services.
Opposition to this plan would only be from those benefiting from the current tax code, from the politicians who would be losing their power to reward friends and punish enemies, or those who say someone else would benefit more.