Take three steps back to go forward – The Commercial Appeal
The next step is to raise tax revenue. The best way to do this is to enact the “Fair Tax” and eliminate the federal income tax. This approach taxes the underground economy, whether it is from illegal aliens, drug dealers or people who barter their services. Everyone pays his or her fair share. Also, the Fair Tax would eliminate Internal Revenue Service employees for additional savings. Finally, a domestic (only) consumption tax will lower the cost of our goods on the international market. A temporary consumption surtax could also be enacted to pay off the debt. As the debt is paid off, the annual interest payment is lowered.
Tom Wheeler, Memphis, TN