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An Investor's View Of The Fair Tax: A Resolution
By Steve Selengut
The vast majority of Americans are investors, although many don't realize it. The vast majority of Americans are creative with their 1040 numbers, although most won't admit it. The majority of Americans would agree that investing, retirement planning, and estate preservation would be easier to manage if the Internal Revenue Code was comprehensible. A landslide of American voters would elect any candidate championing IRC replacement surgery.
All of us aspire to some degree of economic security and none of us would be so critical of the wealthy if we had a shot at joining their ranks. One side of the legislative mouth encourages savings and investment while the other treats it with totally "unearned" disrespect. One wealthy political party wants us to hate anyone with indoor plumbing while the other (wealthier) one spends most of its time trying to protect its diminishing turf and powerful cronies. All levels of government view businesses small and large as their all-purpose Reserve Accounts and, as a result, both prices and taxes suffer from a terminal case of "downward stickiness". Not surprisingly, in a DC crowded with 10,000 combative fiefdoms, nowhere can a PhD in dot connecting be found. We can change this!
It is likely that most of you are more familiar with the controversial Fair Tax Legislation than I am, but what I have found most shocking is just how thoroughly The Act's refreshingly new ideas have been swept under the congressional carpet. Neither political party really wants to change the sacred IRC, and why are our media heroes keeping their heads in the sand on this one? Let's squeeze some meaningful change out of the next administration. From an Investor's point of view, implementation of just three elements of the Fair Tax would be an outstanding starting point, even without the more sweeping changes that the Bill addresses.
[The Fair Tax Act of 2003 was authored by Representative John Lindner and co-sponsored by 54 others. Its purpose is: To promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States.]
Now this is pretty heady stuff, for sure, but every bit as easy to implement as real Social Security reform would be. The three changes reviewed briefly below would be an excellent Phase One.
1) Eliminate the Corporate Income Tax, and all other nuisance fees and taxes that businesses must pay just for existing. Whatever any business is charged in fees, taxes, and mandatory assessments is translated into higher prices for goods and services... and at more than a 1/1 ratio. Governments need to look at businesses as employers and wealth generators, not as rateables. Lower expenses should result in lower prices and higher profits, and this would be comparatively easy to monitor for compliance.
Corporations would have more incentive to control their general expenses if such savings would actually make it to a bottom line that could be used to grow the business, compensate owners, and reward employees. More, higher paid, employees and more spendable (untaxed) corporate dividends are good for the economy. How many billions in lobbyist fees would be removed from corporate pricing formulae? With no income taxes or mandated charges to fork over, corporations could focus on growth and innovation. Investors would own more viable companies, selling more competitive products, to a more affluent population. Additionally,
British Pound / US Dollar 03-11
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/technical/elliott_wave/gbp-usd/2010-03-11-1544-British_Pound___US_Dollar.html" style="font-size:1.2em">British Pound / US Dollar 03-11</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">1 hour ago </span>
<div style="width:80%;">After meeting resistance from former support / the 38.2% of the decline from 15825 / channel resistance, the GBPUSD has rolled over. I favor a drop below 14780 in a 5th wave. Risk can be moved to ...</div>
</div>
British Pound Outlook Turns Neutral
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/technical/ssi/gbp-usd/2010-03-11-1554-British_Pound_Outlook_Turns_Neutral.html" style="font-size:1.2em">British Pound Outlook Turns Neutral</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">1 hour ago </span>
<div style="width:80%;">GBPUSD ? Much like with the Euro/US Dollar, recently range-bound price action in the British Pound/US Dollar pair has led to fairly lackluster readings in our SSI. The ratio of long to short ...</div>
</div>
British Pound Forecast Bearish versus Japanese Yen
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/technical/ssi/gbp-jpy/2010-03-11-1554-British_Pound_Forecast_Bearish_versus.html" style="font-size:1.2em">British Pound Forecast Bearish versus Japanese Yen</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">1 hour ago </span>
<div style="width:80%;">GBPJPY ? The ratio of long to short positions in the GBPJPY stands at 1.63 as nearly 62% of traders are long. Yesterday, the ratio was at 1.48 as 60% of open positions were long. In detail, long ...</div>
</div>
British Pound Advances as Inflation Expectations Push Higher, Euro Holds Tight Range
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/us_open/2010-03-11-1156-British_Pound_Advances_as_Inflation.html" style="font-size:1.2em">British Pound Advances as Inflation Expectations Push Higher, Euro Holds Tight Range</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">6 hours ago </span>
<div style="width:80%;">The British Pound halted the three-day slide against the greenback as a Bank of England survey showed a rise in inflation expectations, and the currency may continue to retrace the sell-off from ...</div>
</div>
British Pound exchange rates helped by Brown comments
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.economy-news.co.uk/pound-exchange-rates-11201003.html" style="font-size:1.2em">British Pound exchange rates helped by Brown comments</a>
<br> <span style="color:#888888;">Economy News</span> - <span style="white-space:nowrap">7 hours ago </span>
<div style="width:80%;">The pound euro exchange rate and the pound dollar exchange rate are both higher in morning trade. Yesterday was a mixed bag for the British Pound: Here is our analysis. Yesterday was a day of ...</div>
<a href="http://www.nuwireinvestor.com/articles/british-pound-tumbles-over-past-month-54825.aspx">British Pound Tumbles Over Past Month</a> - <span style="color:#888888">NuWire Investor</span><br>
</div>
Market exchange rates -- March 11
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.istockanalyst.com/mobile/viewarticle.aspx?articleid=3937501" style="font-size:1.2em">Market exchange rates -- March 11</a>
<br> <span style="color:#888888;">istockAnalyst.com</span> - <span style="white-space:nowrap">15 hours ago </span>
<div style="width:80%;">BEIJING, Mar. 11, 2010 (Xinhua News Agency) -- The central parity rate of the RMB against five major currencies announced March 11 by the China Foreign Exchange Trading System: Currency Unit ...</div>
</div>
British Pound / US Dollar 03-10
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/technical/elliott_wave/gbp-usd/2010-03-10-1646-British_Pound___US_Dollar.html" style="font-size:1.2em">British Pound / US Dollar 03-10</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Mar 10, 2010 </span>
<div style="width:80%;">After meeting resistance from former support / the 38.2% of the decline from 15825 / channel resistance, the GBPUSD has rolled over. I favor a drop below 14780 in a 5th wave. Risk can be moved to ...</div>
</div>
GBP and JPY Under Selling Pressure
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.forexyard.com/en/market-analysis/afternoon/gbp_and_jpy_under_selling_pressure-2010-03-10" style="font-size:1.2em">GBP and JPY Under Selling Pressure</a>
<br> <span style="color:#888888;">Forexyard</span> - <span style="white-space:nowrap">Mar 10, 2010 </span>
<div style="width:80%;">The leading events in the forex market today have been the sudden dip in the value of both the British Pound and Japanese Yen. With the GBP already facing sell-pressure from a string of bad data ...</div>
</div>
Plummeting British Pound Leads to Worries of Another Currency Market ?Black Wednesday?
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://moneymorning.com/2010/03/10/plummeting-british-pound/" style="font-size:1.2em">Plummeting British Pound Leads to Worries of Another Currency Market ?Black Wednesday?</a>
<br> <span style="color:#888888;">Money Morning</span> - <span style="white-space:nowrap">Mar 10, 2010 </span>
<div style="width:80%;">By Jon D. Markman, Contributing Writer, Money Morning Outside of the earthquake rescue efforts in Chile and the Greek-rescue efforts in Brussels, the big news in the world economy last week ...</div>
</div>
USD Makes Gains Against the GBP and the EUR
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.fxstreet.com/technical/analysis-reports/daily-currencies-report/2010-03-10.html" style="font-size:1.2em">USD Makes Gains Against the GBP and the EUR</a>
<br> <span style="color:#888888;">FXstreet.com The Forex Market</span> - <span style="white-space:nowrap">Mar 10, 2010 </span>
<div style="width:80%;">by UFXBank Research USD Dollar (USD) ? The Dollar gained versus the Euro and the Pound and weakened versus the high yielding commodity linked currencies. Stock markets finished higher but weak ...</div>
</div>
fewer jobs would be exported, more foreign companies would invest in the US of A, and GNP would rise at a faster pace. Rising profits would increase dividend payouts, stock repurchases, debt retirement, and employment opportunities.
2) Eliminate the Capital Gains Tax: I've often referred to taxes (or tax avoidance decisions) as one of two "Tails" that "Wag the Investment Dog". Every year, millions of people go out of their way (with professional encouragement) to lose money on perfectly good securities. Those who take profits too soon are punished severely and those whose behavior is tax-wise may severely damage their investment portfolios' future. Although it is clear that the Capital Gains Tax was originally designed to pick the pockets of those terrible folk wealthy enough to play the stock market for profit, it now inflicts considerable pain on all of us... particularly those who foolishly subscribe to the archaic Buy 'n Hold investment (mismanagement) strategy. Times have changed, and the average investor is now a pretty average guy indeed, willing to build a future if Uncle will let him.
A Government that bemoans the population's low savings and investment rates has only itself to blame, and Wall Street Institutions are happy to exacerbate the problem with their own financial pandemic of products, strategies, and tax deferral/avoidance schemes. Fair Tax advocates estimate that Billions of Dollars, Hours, and Antacids could be allocated more productively every year, just from eliminating this portion of the tax form preparation process... not to mention the trees.
3) Eliminate taxation on all forms of investment and Retirement income: Dividends, Interest, Rents, Royalties, Social Security, Pension, IRA, 401(k), etc. It just makes abundant sense, doesn't it? Without taxation, interest rates, rents, and professional's fees, just to name a few, could fall. Personal disposable income would rise and a much larger number of retirees would be able to live comfortably. Isn't this what periodic IRC tinkering is all about? Wouldn't it be cool if all of those different IRAs and self directed plans could be combined and relabeled: "My Untouchable Retirement Plan"? We would all save more and spend more if we had more to deal with.
No one expects a hundred million taxpayers to agree 100% on the final plan. I have problems with taxing education and health care spending, for example, and there is no doubt that displaced IRS bureaucrats will populate new compliance entities that monitor corporate operations. And most would agree that three separate sales taxes would be unacceptable. But real win/win/win change is in sight. We just need a positive leader with some...
Here's my proposed 2006 (and beyond) Voting Resolution for anyone with even the smallest start-up IRA account: "I promise to never, ever, cast my vote for any incumbent, at any level of government and from any political party, that has not clearly demonstrated that the repeal and replacement of the existing IRC is at the very top of his or her political agenda." It's time to reinvent this wheel!
About the Author
Steve Selengut
http://www.sancoservices.com
http://www.valuestockbuylistprogram.com
Professional Portfolio Management since 1979. Author of "The Brainwashing of the American Investor: The Book that Wall Street Does Not Want YOU to Read", and "A Millionaire's Secret Investment Strategy"
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British Pound / US Dollar 03-11
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/technical/elliott_wave/gbp-usd/2010-03-11-1544-British_Pound___US_Dollar.html" style="font-size:1.2em">British Pound / US Dollar 03-11</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">1 hour ago </span>
<div style="width:80%;">After meeting resistance from former support / the 38.2% of the decline from 15825 / channel resistance, the GBPUSD has rolled over. I favor a drop below 14780 in a 5th wave. Risk can be moved to ...</div>
</div>
British Pound Outlook Turns Neutral
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/technical/ssi/gbp-usd/2010-03-11-1554-British_Pound_Outlook_Turns_Neutral.html" style="font-size:1.2em">British Pound Outlook Turns Neutral</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">1 hour ago </span>
<div style="width:80%;">GBPUSD ? Much like with the Euro/US Dollar, recently range-bound price action in the British Pound/US Dollar pair has led to fairly lackluster readings in our SSI. The ratio of long to short ...</div>
</div>
British Pound Forecast Bearish versus Japanese Yen
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/technical/ssi/gbp-jpy/2010-03-11-1554-British_Pound_Forecast_Bearish_versus.html" style="font-size:1.2em">British Pound Forecast Bearish versus Japanese Yen</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">1 hour ago </span>
<div style="width:80%;">GBPJPY ? The ratio of long to short positions in the GBPJPY stands at 1.63 as nearly 62% of traders are long. Yesterday, the ratio was at 1.48 as 60% of open positions were long. In detail, long ...</div>
</div>
British Pound Advances as Inflation Expectations Push Higher, Euro Holds Tight Range
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/us_open/2010-03-11-1156-British_Pound_Advances_as_Inflation.html" style="font-size:1.2em">British Pound Advances as Inflation Expectations Push Higher, Euro Holds Tight Range</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">6 hours ago </span>
<div style="width:80%;">The British Pound halted the three-day slide against the greenback as a Bank of England survey showed a rise in inflation expectations, and the currency may continue to retrace the sell-off from ...</div>
</div>
British Pound exchange rates helped by Brown comments
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.economy-news.co.uk/pound-exchange-rates-11201003.html" style="font-size:1.2em">British Pound exchange rates helped by Brown comments</a>
<br> <span style="color:#888888;">Economy News</span> - <span style="white-space:nowrap">7 hours ago </span>
<div style="width:80%;">The pound euro exchange rate and the pound dollar exchange rate are both higher in morning trade. Yesterday was a mixed bag for the British Pound: Here is our analysis. Yesterday was a day of ...</div>
<a href="http://www.nuwireinvestor.com/articles/british-pound-tumbles-over-past-month-54825.aspx">British Pound Tumbles Over Past Month</a> - <span style="color:#888888">NuWire Investor</span><br>
</div>
Market exchange rates -- March 11
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.istockanalyst.com/mobile/viewarticle.aspx?articleid=3937501" style="font-size:1.2em">Market exchange rates -- March 11</a>
<br> <span style="color:#888888;">istockAnalyst.com</span> - <span style="white-space:nowrap">15 hours ago </span>
<div style="width:80%;">BEIJING, Mar. 11, 2010 (Xinhua News Agency) -- The central parity rate of the RMB against five major currencies announced March 11 by the China Foreign Exchange Trading System: Currency Unit ...</div>
</div>
British Pound / US Dollar 03-10
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/technical/elliott_wave/gbp-usd/2010-03-10-1646-British_Pound___US_Dollar.html" style="font-size:1.2em">British Pound / US Dollar 03-10</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Mar 10, 2010 </span>
<div style="width:80%;">After meeting resistance from former support / the 38.2% of the decline from 15825 / channel resistance, the GBPUSD has rolled over. I favor a drop below 14780 in a 5th wave. Risk can be moved to ...</div>
</div>
GBP and JPY Under Selling Pressure
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.forexyard.com/en/market-analysis/afternoon/gbp_and_jpy_under_selling_pressure-2010-03-10" style="font-size:1.2em">GBP and JPY Under Selling Pressure</a>
<br> <span style="color:#888888;">Forexyard</span> - <span style="white-space:nowrap">Mar 10, 2010 </span>
<div style="width:80%;">The leading events in the forex market today have been the sudden dip in the value of both the British Pound and Japanese Yen. With the GBP already facing sell-pressure from a string of bad data ...</div>
</div>
Plummeting British Pound Leads to Worries of Another Currency Market ?Black Wednesday?
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://moneymorning.com/2010/03/10/plummeting-british-pound/" style="font-size:1.2em">Plummeting British Pound Leads to Worries of Another Currency Market ?Black Wednesday?</a>
<br> <span style="color:#888888;">Money Morning</span> - <span style="white-space:nowrap">Mar 10, 2010 </span>
<div style="width:80%;">By Jon D. Markman, Contributing Writer, Money Morning Outside of the earthquake rescue efforts in Chile and the Greek-rescue efforts in Brussels, the big news in the world economy last week ...</div>
</div>
USD Makes Gains Against the GBP and the EUR
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.fxstreet.com/technical/analysis-reports/daily-currencies-report/2010-03-10.html" style="font-size:1.2em">USD Makes Gains Against the GBP and the EUR</a>
<br> <span style="color:#888888;">FXstreet.com The Forex Market</span> - <span style="white-space:nowrap">Mar 10, 2010 </span>
<div style="width:80%;">by UFXBank Research USD Dollar (USD) ? The Dollar gained versus the Euro and the Pound and weakened versus the high yielding commodity linked currencies. Stock markets finished higher but weak ...</div>
</div>
An abbreviated name for foreign currency. See also FX
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