Axing IRS & Fed Key to U.S. Economic Recovery
• Former Ohio Rep. Jim Traficant tells what he would do if he were elected president of the United States . . .
The National Retail Sales Tax program (NRSTP) I have offered up as a solution to our country’s economic troubles would replace the current income tax scheme with a flat 25% national retail sales tax on all new goods and services. There would be no tax on used goods under my plan, and all tax withholding would stop. Workers would be paid their full wage, minus only state and local taxes. Once again, the American people would decide how to use and spend their own money.
This factor alone would be a major step toward true freedom and independence.
My NRSTP plan would abolish all taxes on savings, investments, inheritances, capital gains and corporations, as well as taxes on Social Security and Medicare.
Without the oppressive tax code, our businesses and industries would begin to expand and prosper, thus creating jobs. American companies and factories that have moved overseas would begin to come home to a more hospitable commercial environment.
Everybody would pay the tax. No exceptions.
Think about it. A drug dealer (who often qualifies for Social Security disability) would even be paying taxes. Visitors from other countries who visit Broadway or Vegas would pay the retail sales tax. Even welfare recipients would pay the tax.
How can people afford this tax? A study performed by Harvard economist Dr. Dale W. Jorgenson showed there would be little, if any, increase in existing prices. Thus, a welfare recipient would not be affected by an increased cost of living. There would be no harm in paying this totally inclusive participatory tax.
Be advised that only 53% of eligible taxpayers pay income tax under our current, failing system.
The politicians in D.C. keep preaching how every American must participate in order for us to succeed, yet 47% of eligible taxpayers pay no income tax. Half of America is dependent on the other half. Does this make sense? Of course it doesn’t.
As Jorgenson concluded: When we throw out the tax code, we reduce production costs in America by 25%. Companies will reduce prices to garner market share. This phenomenon will allow the new 25% retail tax to be included in current pricing without additional cost burden to Americans, thus making it affordable to all.
Even illegal immigrants will pay this tax.
There will be no more receipts, keeping of “books and records,” tax courts, accountants, attorneys, deadlines, penalties, late fees, tax judges, audits or IRS in our lives. There will be no more levies, liens or garnishments.
Investors will speculate with their money under favorable capital gains terms. Yes, we want their money circulating in America, where it will create jobs, without the government having to “stimulate” while piling more debt on our backs.
I have conferred with multiple financial experts, who have contributed to my plan to eliminate the Fed and remove the international bankers’ hands, which have been in our pockets for too long. My plan would repudiate all debt owed to the Federal Reserve bankers except that amount owed to other countries or individuals. The Fed’s interest rate constitutes usury, and it would be prohibited from printing money.
America would create a national governmental, not private, bank. This bank would have credit offices in all American cities and counties and would be totally transparent. It would print and issue money to our citizens and our companies without interest. The National U.S. Bank would print and issue money on the basis of the goods and services that our nation produces. Our money will be backed by the value possessed by our nation through tangible assets and the strength of our service and productive sectors.
When a family buys a car for $20K, their loan would be interest free. They would only pay closing costs. And when a family buys a house for $150K, their mortgages would be interest free.
You may laugh at first, but this program will not only save America, it will produce budget surpluses instead of deficits.
Imagine our nation with a balanced budget and surpluses. Under my plan, that surplus will be returned to the people in the form of a national dividend, to be determined at the end of each fiscal year. Why would we do this? Are we not the owners and stockholders in our great nation? In the event of a $200B surplus, 100M U.S. households would each receive a $2K dividend check.
You may ask, what if we have a $200B deficit? Our bank would print the money necessary, just like the Fed does now. The only difference would be that we would pay no interest on it. After all, no one loans money to himself.
Think about it. Cleaning up this mess we face in Washington is not rocket science. The current scheme must be thrown out.
Send me your suggestions and please get back at me!
James A. (Jim) Traficant Jr.* was born in Youngstown, Ohio on May 8, 1941. He received BS and MS degrees from the University of Pittsburgh. He also received an MS from Youngstown State University in 1976. From 1981-1985 he served as sheriff of Mahoning County, prior to his election to the U.S. Congress in 1984. He was reelected by overwhelming margins every year up until 2002 when, following his conviction on trumped up corruption charges, he was expelled from the House of Representatives.
The outrageous never-before-told inside story of how the Justice Department, the Israeli lobby and the mass media conspired to set up and take down Ohio’s outspoken Congressman Jim Traficant . . .
. . . From the pen of AFP correspondent Michael Collins Piper—the only journalist Jim Traficant agreed to speak to from prison after being convicted on trumped-up corruption charges. Traficant wouldn’t even speak to The New York Times!
In Target: TRAFICANT, veteran author Piper—whom Jim Traficant has said was the only journalist to tell his story truthfully and correctly from the beginning—has assembled this eye-opening and disturbing overview of the campaign by high-level forces to set up and take down the no-nonsense populist congressman.
If you have ever had any doubts about Traficant’s integrity—doubts instilled by a long-standing media cacophony attacking Traficant—you’ll soon realize that the Traficant case represents one of the most outrageous and thoroughly illegal hit-and-run operations ever orchestrated in our “democracy.” It is perhaps all too representative of the high-level corruption for which the “Justice” Department has been found responsible time and time again.
Piper dissects the intrigues of the DoJ and the FBI (as well as the maneuvers by the federal judge who oversaw the Traficant trial) and demonstrates, beyond any doubt, that Traficant was absolutely innocent of all of the charges on which he was convicted . . .
Softcover, 163 pages