Herman Cain on FairTax and Government Spending
Self-made black millionaire Herman Cain — nationally syndicated talk-show host, author of They Think You’re Stupid, and former president of Godfather’s Pizza — weighs in on the urgent need for tax reform in his latest column “Spend-and-tax epidemic.”
From the article:
We must also fundamentally change how we raise revenues to fund the activities of government. Currently we are taxed on our earned income. The amount of taxes we pay is dictated by an overly complex tax code, which is manipulated by the government to favor prospective voters and campaign donors. A national consumption tax — also know as the FairTax — would allow citizens to determine the amount of tax they pay based on what they spend, instead of what they earn. The advantages of a consumption tax are compelling and irrefutable.
The FairTax would unleash the full economic potential of the U.S. economy, un-tax the poor and make domestically produced goods and services more competitive in the global market place. The FairTax would be simpler and fairer for everybody and eliminate the wasted and costly trillion-dollar burden of compliance costs on workers and businesses.
When we place limits on how much state and federal governments can spend, and allow people to determine how much they pay in taxes based on their spending decisions, the spend-and-tax epidemic will begin to subside. Yes, there are other big issues we must fix such as the dysfunctional Social Security structure, and we must continue to place top priority on national security. But a well-defended nation with an anemic and dysfunctional economy will collapse from within, and become vulnerable to the whims of our enemies and foreign economic competition.
It is time for the rabbit to chase the hound dog, where by law revenue continuously exceeds spending. The combination of state and federal spending limitation laws and the FairTax would do just that. But it cannot happen without believing that we can make it happen, just as our Founding Fathers believed we could be a free and independent nation. Fundamentally changing our tax system and limiting government spending will require engaged and persistent citizens in every state and community.
Until the public puts a legal collar on government spending, we will continue to have runaway taxation. It’s an epidemic we must stop. Then, and only then, can we ensure a healthy economy for our grandchildren.
See the full article for more information.
Check out his book They Think You’re Stupid, too.
