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IT’S TIME FOR A FAIR TAX

Monday, March 8th, 2010

In this month’s article, I talked about the estate tax, the capital gains tax, and how they seem to change every year for no good reason. The really frustrating thing is, how your assets will be taxed after your time on earth is over is only one small example of how little sense our tax laws make.

The other night, my wife and I were talking about health care, and how doctor’s offices have to employ people just to fill out insurance forms. It’s a whole new profession to just navigate through the insurance claim side of the business. And I looked at my wife and said “this is wrong.” Why should we have to hire people, whether it’s a business or an individual, to fill out insurance forms? It should be simpler than that.

Well, the same holds true for taxes. Why do we have to hire people just to fill out our tax returns, or have to buy special software to fill out our taxes? The process has just gotten too complicated.

So right now, I want to ask every American taxpayer reading this to do me a favor. If you’ve known me for any length of time, you know that I’m a fan of reforming our current tax code. I personally think the country would be a whole lot better off if we just threw the current tax code in the trash can and started over with a completely different tax system.

The best one that I’ve seen out there is something called the “Fair Tax.” Which brings me to my favor.

On our website www.brianfricke.com, at the bottom of the resources page, there’s a button that you can click to see how the fair tax would affect you. You can plug in your own information and see whether a new tax system like the Fair Tax would be beneficial to your own personal situation. I’d be interested to find out how much money the Fair Tax would save you.

The other thing that I’d like to you to do is to send a note to the Chairman of the House Ways and Means Committee to encourage him to at least have an open debate pro and con on the Senate floor regarding the Fair Tax. It’s nothing new and it’s been out and about for the past 10-15 years, but it has yet to have an open debate on the House or Senate floor.

You can go to www.FairTax.org for a link to send a letter to the Chairman of the House Ways and Means Committee requesting him to hold an open hearing. Please do this right now while it’s still fresh on your mind. Makes you wonder why they’re afraid of a good healthy debate, doesn’t it?

Tags: brian Fricke, certified financial planner, finance, financial advisor, Financial Management Concepts, financial planner, Financial planning, retirement, retirement planning