Higher v. Lower Rates
Many politicians and tax payers believe that the best way to stimulate the economy, create jobs and generally improve the lives of all Americans, is by cutting tax rates. Conversely, others believe that raising tax rates on the wealthy is the way to accomplish these worthy goals. But, if we compare these two opposing views, we will discover that, given our current tax code, neither "solution" would achieve these desired goals. Here's why:
Lower Marginal Rates
Under our current tax code, lowering marginal tax rates (rates before deductions) without eliminating all deductions, loopholes and special credits
would be irresponsible and would, necessarily, further increase our $21 Trillion + national debt
and add $ Billions interest, making things even worse for the economy.
Higher Marginal Rates
As long as our tax code is rigged with deductions, loopholes and special credits designed to benefit wealthy campaign donors
, raising marginal rates (rates before deductions) will not change the status quo and only achieve the following:
- a rise in Inversions from corporations who already enjoy shamefully low "effective tax rates" (the rates they really pay) courtesy of our rigged tax code
- more "legal" tax-dodging by wealthy taxpayers who will avail themselves of existing "deductions"
- our 76,000-plus-page tax code will become even more complicated with the addition of more exceptions to make up for higher tax rates
- increased polarization of voters opposed to Higher Tax Rates
Other FAST Benefits
FAST simplifies the tax-preparation process for the self-employed as well.
FAST eliminates tax returns for the majority of employed tax payers, saves money on tax preparation fees
FAST, makes printing and mailing of millions of tax forms, envelopes and pamphlets unnecessary — saving the IRS $Billions