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FAIRTAX FRIDAY & CHAIRMAN’S REPORT – FEBRUARY 24, 2017

COSTS OF TAX EVASION TO U.S. HOUSEHOLDS
 
Many of us have been offered opportunities to save on the price of services if we paid in cash. The people offering these discounted services often readily admit, or even boast, that they are able to offer this reduced price because they are not going to report the money they receive as income.  This means that they will not pay Social Security, Medicare and income taxes on the money they receive. 
 
More and more people are accepting these offers.  Generally, the savings are relatively small but in some cases the savings can be hundreds or even thousands of dollars. Under the present income/payroll tax system, there is nothing illegal associated with paying cash to anyone.  It is up to the person receiving the cash to report the income in the same way it would be reported if it were a credit card payment or check.  Of course, if you know the person is not going to report the income for sure, then you are a co-conspirator to tax evasion under the U.S. Criminal Code and liable to prosecution. 
 
The National Tax Research Committee (“NTRC”) is a non-profit corporation that funds research on federal taxation.  Their most recent study is entitled Estimated Future Lost Tax Revenues to the IRS under the Income Tax and Prospects for Tax Evasion under the FairTax: New Perspectives by Richard J. Cebula, Ph.D., Walker/Wells Fargo Endowed Chair in Finance, Jacksonville University (FL) and Fiorentina Angjellari-Dajci, Ph.D., Florida State College at Jacksonville, Florida.
 
Last week we pointed out that the study showed that the income/payroll tax evasion amount will likely be $9 trillion over the next ten years.  Also, this study on federal tax evasion was to examine not only evasion but who pays for it. According to Nina Olson, The National Taxpayer Advocate, dividing the Total Tax Gap by the number of households gives a measure of the annual “surtax” being assessed on the average household to enable the federal government to raise the same level of revenue it would collect if all taxpayers were to report their income and pay their taxes in full.  This so-called “surtax” amounts to a shift of the tax burden from households who don’t pay their taxes to the households that do. The chart below shows average tax burden shift for American households  as evasion escalates during the next decade.   In 2017, the average U.S. household will need to pay an additional $5,365 in federal taxes to offset the evasion of those taxes.    This number will grow to $8,526 by 2026 according to this study.   Clearly this chart shows that each time someone evades their federal taxes, it directly impacts the rest of us who are paying the costs of our government.



Conclusion
 
Your Members of Congress should be sent the above table.  Ask them to explain how they are going to address the issue of federal tax evasion and prevent honest Americans from having to carry the burden of evasion that will be a total of $9 trillion in the next ten years.  Once the NTRC has released the entire evasion study, we will be making it available for you to send to your Members of Congress. 
 
We should ask these Members to explain if they are going to support the hiring of tens of thousands of new IRS auditors and dramatically increase penalties necessary to reduce tax evasion.  

DON’T MISS YOUR CHANCE TO HELP BRING ABOUT REAL TAX REFORM

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We may only have a limited time to stop the fake tax reform being promoted by some in Congress.  If it passes, then the Elites will say that we need to wait before we consider any more changes.  To stop this fake reform, we must be able to ensure that our message is clearly heard not only by Congress but also by President-elect Trump.  To do this we need your help.

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The FAIRtax Guys do a free weekly podcast just for you.  Though the “Hope and Change” of the last eight years and the promises to “Make America Great Again,” what is Congress and the new administration offering us as tax reform? At this point, both President Trump and the Speaker Ryan are offering a modification of the current failed system. As Kerry Bowers, one of The FAIRtax Guys interviewees, said about Speaker Ryan’s “A Better Way” plan, “It transforms the tax plan from a personal income tax, a corporate income tax and a payroll tax enforced and administered by the IRS to a system that includes a personal income tax, a corporate income tax and a payroll tax enforced and administered by the IRS.”  Is this REAL reform?  No!
 
As The FAIRtax Guys discuss in their weekly podcasts, this plan does not represent “Hope and Change” and is not the way to “Make America Great Again.” We need true tax reform; we need the FAIRtax. And we provide the listener new and novel ways to discuss the FAIRtax with your friends and neighbors every week. 
 
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The next Facebook LIVE event for FAIRtax Power Radio will be held Monday, March 6 at 8 PM ET. It’s also free and it’s LIVE so you can interact with us and get an immediate response.  In fact, you can become part of the event. The February LIVE event was quite successful and this one well be even better. Keep tuned for more in and checkout our Facebook page: https://www.facebook.com/thefairtaxguys/ 
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