In recent years, Americans have watched as banks collapsed, small businesses failed, homes were foreclosed upon, and friends and family lost their jobs. As we continue to move toward recovery, we must ensure that we take to heart an important lesson from this crisis: big government is not the answer.
Each year, American taxpayers spend 6.1 billion hours and $163 billion preparing their taxes. Small businesses spend 1.9 billion hours and $19 billion complying with our income tax code every year. The IRS itself costs nearly $12 billion dollars to operate for one year. Our corporate taxes are amongst the highest in the world, and this system hinders American businesses' competitive edge. What's worse, our current tax system perversely taxes the productivity, savings and investment of Americans. I know of a better solution.
I support the FairTax, a national consumption tax placed on all new goods and services sold in the U.S. that would completely replace the current patchwork of federal income, excise, and payroll taxes that are currently used to collect revenue for the federal treasury. The FairTax would drive economic growth, quash tax-evasion, empower taxpayers to determine how much they will pay in taxes each year, foster saving and investment, and enable American companies to compete fiercely in the global marketplace. If you'd like to learn more about the FairTax, please read H.R. 25 the FairTax Act and visit www.FairTax.org.
Remarks on FairTax
- King: Three is Not a Magic Number
- King: Democrats Oppose Balanced Budget
2210 Rayburn Office Building
Washington, DC 20515
1421 S Bell Avenue
Ames, Iowa 50010
723 Central Avenue
Fort Dodge, Iowa 50501
202-1st Street SE
Mason City, Iowa 50401
Sioux City, IA 51101
Spencer, IA 51301
I am very interested in hearing your views on issues of importance to you. Please use the drop down menu below to select the type of inquiry you'd like to make.