Tax Relief and the FairTax
Throughout Senator Chambliss' career in Congress, he has worked hard to deliver tax relief. In the spring of 2003, Senator Chambliss supported, Congress passed, and President Bush signed into law the "Economic Jobs and Growth Package," one of the most historic economic growth and tax relief measures in a generation. By putting money back into the pockets of working American families, there will be more money to spend on school supplies, school clothes, needed home improvements, or other important family necessities. Allowing working men and women to keep more of their hard-earned money means families will buy more products--hopefully Georgia products -- that will in turn help create jobs and boost the economy. Congress must also continue working to eliminate the marriage penalty, the capital gains tax on investments, the death tax, and further lower marginal tax rates across the board for working men and women.
Chambliss is also the primary sponsor of S. 296, the FairTax Act of 2009, in the Senate. The FairTax would shift the federal government's method of revenue collection from income to personal consumption. It would repeal all federal personal income taxes, corporate income taxes, payroll taxes, self-employment taxes, capital gains taxes and gift and estate taxes, and would replace those with a revenue-neutral personal consumption tax on all retail sales of new goods and services. In this time of economic volatility, the need for the FairTax is even more apparent. American families and small businesses are confronted with difficult decisions when it comes to managing their budgets. The FairTax would give them the freedom to choose how much to pay in taxes and would bring fairness and simplicity to our unwieldy and bureaucratic tax code -- that's what taxpayers deserve.