Congressman Rob Woodall's FairTax legislation recently acquired its 73rd co-sponsor, giving H.R. 25 (The FairTax) the most support the bill has had since its original introduction by John Linder in 1999. This is a significant step for the legislation that has been receiving consistent growth in support on Capitol Hill for years. Driven by a passionate grassroots movement, the FairTax would overhaul the federal tax code by replacing all existing income and payroll taxes with a one-time consumption tax on new goods and services at the point of purchase. Supporters favor the simplicity, transparency and voluntary nature of the approach stating it eliminates the complex, hidden and punitive qualities of the current structure.
"For far too long the existing tax code has been an economic drain on our country. America's job creators are handcuffed by oppressive tax regulations and consequently seek less costly environments overseas. With the United States having the highest corporate income tax rates in the entire world, it can come as no surprise that businesses are going elsewhere. It is estimated that over $10 trillion is currently being held offshore, but with passage of the FairTax we can incentivize businesses to bring that money back to our shores. When they invest and grow their business, they employ our neighbors," stated Woodall.
Woodall went on to say that with Chairman Dave Camp's announcement that tax reform is coming soon, this show of support could not have come at a better time. "This huge benchmark speaks to the dedication of everyone who has worked so diligently to advance the legislation. Not only has the FairTax gained more supporters than ever before, we have had the first hearing in the Ways and Means Committee in a decade and included FairTax language in every House Budget Resolution since January 2011. We've been promised a vote in the committee when the time comes, and everything we do until that point must be focused on bolstering that opportunity."
H.R. 25 has garnered increasing support in the House of Representatives due to a steady rise in grassroots support, and the same effect is being had on the Senate side. Senator Saxby Chambliss (GA) has sponsored the FairTax in the Senate (S. 122) and continues to be a strong voice for the legislation. "The current tax code has become too burdensome and complex, and is filled with provisions that only benefit a few Americans at the expense of everyone else. That's simply not right," said Chambliss. "The FairTax Act would create a fairer, simpler tax code that allows every American the freedom to determine his or her own priorities and opportunities."
Senator Johnny Isakson (GA) also weighed in on the matter by stating, "I believe that it is long past time to pursue fundamental changes to our tax system, and I have consistently co-sponsored the FairTax as one of the solutions. The FairTax would replace our tax code with a simpler, fairer one by repealing the income tax and other taxes, while abolishing the Internal Revenue Service, and enacting a national sales tax. Moving forward, I will continue to work in the Senate to bring tax relief to America's families and businesses."
Woodall concluded, "I am grateful to everyone who has worked so hard to advance the fundamental tax reform our country desperately needs, and consider it a privilege to partner with everyone in that effort. This is an exciting time for the FairTax, but there is still much work to be done, and I look forward to working with you all."
Woodall represents the Seventh Congressional District of Georgia, which includes the majority of Gwinnett and Forsyth counties.