For Immediate Release from Congressman
WAYS AND MEANS HEARS TESTIMONY ON FAIRTAX
WASHINGTON, DC – On Tuesday, July 26, 2011, as part of a hearing on the economic impact of consumption-based tax models, the House Committee on Ways and Means heard testimony on the FairTax. Introduced in the House as H.R. 25, the FairTax is the most widely supported piece of tax reform legislation in Congress, with 62 co-sponsors.
The FairTax would provide a complete overhaul of the nation’s 67,000-page tax code and replace it with a simple 23% consumption tax on the purchase of new goods and services, which would be collected at the completion of a sale. Under the FairTax, individuals would be able to choose when and how they pay taxes.
Former Governor Mike Huckabee, Boston University Professor Laurence Kotlikoff, Sufolk University Professor David Tuerck, and columnist Bruce Bartlett all testified on the FairTax panel.
Congressman Rob Woodall (R-GA), author and sponsor of H.R. 25, said, “Today’s hearing is a giant step forward not only for the FairTax, but for the legislative process. The American people are calling for tax reform, and the leaders in Washington are responding. By holding hearings and by learning as much as we can about how to move this nation forward in the right fiscal direction, I am certain that the FairTax will rise to the top as the most sensible tax reform solution.”
Woodall continued, “I would like to thank Ways and Means Chairman Dave Camp for his leadership in bringing the FairTax before his committee. I would also like to thank the American people for exercising their political will and calling for a hearing on this important piece of legislation. The FairTax will return power to the American people, and I will continue to work for its success in Congress.”