Chairman’s Report - August 30, 2019

Congress Should Follow The Example Of The Business Roundtable

The Business Roundtable is an association whose members are the “chief executive officers of leading U.S. companies.  Collectively they represent every sector of the economy and bring a unique and important perspective to bear on policy issues impacting the economy.  Roundtable members are thought leaders advocating for policy solutions fostering U.S. economic growth and competitiveness.”

On their website they list the following about their members who:
  • Employ more than 15 million people
  • Give more than $8 billion in charitable contributions 
  • Invest $147 billion annually in R&D
  • Pay $296 billion in dividends to shareholders
  • Generate more than $488 billion in revenues for small, medium-sized businesses
  • Provide health care, retirement benefits to tens of millions of Americans and their families

Similarities Between Congress & The Business Roundtable

There are many similarities between the duties of members of congress and the duties of a large public corporation’s board of directors.
  • Congress represents the American people and the directors of public corporations represent their shareholders
  • Both the members of Congress and the corporation’s directors are elected in principle by their Constituents in free elections.  People in their districts elect members of Congress and the shareholders elect the corporation’s board of directors
  • In reality, because of manipulations of their districts, gerrymandering by members of Congress along with their large campaign war chests, incumbent Congressional candidates have a huge advantage over any challengers.  This is why the reelection rate is over 90% for the House of Representatives
  • Also corporate directors are almost always chosen by the larger shareholders of a corporation and the wishes of the majority of smaller shareholders are often ignored
  • Congress and the directors of large corporations are both responsible for the administration of vast operations and for spending money wisely.  Both delight in spending “other people’s money” to do “good”.

Guiding Statement of Business Roundtable

In 1997, the Roundtable published this statement of their duties and obligations.

“The notion the board must somehow balance the interest of stockholders against the interests of other stakeholders fundamentally misconstrues the role of directors.  It is, moreover, an unworkable notion because it would leave the board with no criterion for resolving conflicts between the interests of stockholders and of other stakeholders.”

The Roundtable has now issued this statement signed by 181 chief executive officers:

“Americans deserve an economy allowing each person to succeed through hard work and creativity and to lead a life of meaning and dignity.  We believe the free-market system is the best means of generating good jobs, a strong and sustainable economy, innovation, a healthy environment and economic opportunity for all…"  “While each of our individual companies serves its own corporate purpose, we share a fundamental commitment to all of our stakeholders.  We commit to:
  • Delivering value to our customers.  We will further the tradition of American companies leading the way in meeting or exceeding customer expectations
  • Investing in our employees.  This starts with compensating them fairly and providing important benefits.  It also includes supporting them through training and education which help develop new skills for a rapidly changing world.  We foster diversity and inclusion, dignity, respect
  • Dealing fairly and ethically with our suppliers.  We are dedicated to serving as good partners to the other companies, large and small, which help us meet our missions
  • Supporting the communities in which we work.  We respect the people in our communities and protect the environment by embracing sustainable practices across our businesses
  • Generating long-term value for shareholders who provide the capital allowing companies to invest, grow and innovate.  We are committed to transparency and effective engagement with shareholders
  • Each of our stakeholders is essential.  We commit to deliver value to all of them, for the future success of our companies, our communities and our country.”

The members of Congress should read this statement from the Roundtable carefully.  The idea their actions should be beneficial to all of us is now a strange concept to them.  Most members believe the purpose of Congress is to do “good” but they define “good” as activities benefitting themselves and The Swamp.

The viewpoint of the Members is accurately summed up by this quote.  In his 1977 book entitled “The Age of Uncertainty”, economist John Kenneth Galbraith said, “People of privilege will always risk their complete destruction rather than surrender any material part of their advantage".

Aren’t the members of Congress and their friends in The Swamp the real “people of privilege” in our society?  Yes they are!

Last week we discussed the Convention-Of-The-States approach which will force Congress to change.  Hopefully, they will see doing things for the benefit of everyone is the correct thing to do.

Instead of being vilified by all of the public opinion polls, members of Congress can be placed on a pedestal and honored by all of us if they start acting in our best interests.

One of the most tangible ways Congress can show its acting in our best interests is to pass The FAIRtax, the only “Fair Tax”!

Anyone who truly cares about the American people  say, “It is time to pass The FAIRtax, the only “Fair Tax”!

The author George Bernard Shaw said, "You see things; and you say “Why”.  But I dream things that never were; and I say “Why Not”.
We say to you President Trump, “Embrace The FAIRtax and real tax reform!  Stand up to The Swamp.  They will oppose you anyway because they see you as a threat.  What have you got to lose?”
The truth is the truth.  Remember, if we don't continue to tell the truth and demand a change, then this quote from George Orwell's 1984 may foretell our children's future: “If you want a picture of the future, imagine a boot stamping on a human face—forever.”

Take Back America Again!  Pass The FAIRtax Now!
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Read Evasion Study Summary
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Digital TV & Podcasts are available on The FAIRtax Guys - Past Shows

This week's Episode #175 - "Pros and Cons Part II?"

The FAIRtax Guys continue to address the items in the blog on, “20 Big Fair Tax Pros and Cons”.  Some of the author’s claims are correct and some are wrong.

For instance:  “It would encourage international purchases.”  Really?  Actually if you understand how the FAIRtax works, you know it gives our companies an advantage over foreign companies.  Under the FAIRtax, business will be booming at home.

And how about: “It would create a used product marketplace.”  Actually, this would be a good thing since used products are not subject to The FAIRtax.  Another industry is born.  And it would all be above board.

Tune in to see how The FAIRtax Guys use this blog to help people have a better understanding of The FAIRtax, how it works and how it will help our country.

We try to provide something in every episode to help our viewers and listeners become educated about The FAIRtax.  So please do what you can to help us create a groundswell of support for The FAIRtax across the entire country.  Enjoy this episode and please Share it with others you know.
What Can Each Of Us Do?
Call the local and DC offices of your Representative and 2 Senators.  Use the following script:
  • I am sure Representative ____ or Senator ____ is in favor of everyone obeying the income tax laws.
  • After they assure you their boss is not in favor of anyone breaking the law, ask if they are aware of the Cebula study showing $9 trillion of evaded income-payroll taxes over the next 10 years.
  • Since most will say they don’t believe their boss has seen the study, drop off a copy, email a copy or click Read Evasion Study Summary and copy/paste the link into an email.
  • Say you are going to call back in a week and ask what the Representative or Senator is going to do to stop this evasion.
  • In a week, call back and ask specifically what the Representative or Senator is going to do to enforce the law.
  • They probably will say their boss believes simplifying the income tax will handle the problem.
  • Explain, when people evade income taxes, they are also evading the 15.3% payroll/Medicare tax and state income tax.  So, it’s unlikely they are going to pay 30-40% when they were paying 0% because they have already decided it’s okay to cheat.
  • Say, the only way to reduce evasion is to increase by tens or hundreds of thousands the number of comprehensive IRS audits done each year.
  • Point out Evaders do not self-identify by putting an “E” on their income tax return.
  • 80% of the people likely to be audited are trying to comply, but they will be forced to endure these IRS audits as well.
  • Ask if the Member is in favor of this?
  • If they say no, then ask again how the Member proposes to stop people breaking the income tax laws.
  • Then explain the way to handle evasion without unleashing the IRS audits is The FAIRtax.
  • If you meet with your Representative or attend a town hall and ask these questions, you will be even more effective.

American's Big Solution - The FAIRtax Primer America Needs
Hard to believe but there still are people who have not heard of The FAIRtax.  For those people, America’s Big Solution provides a starting point in their study of The FAIRtax and is meant for any age.
America’s Big Solution is an introduction to The FAIRtax written by Terry Tibbetts, author of “A Spartan Game: The Life and Loss of Don Holleder”, with help from Ron Maiellaro, President The Florida FAIRtax Educational Association.  You can buy an electronic version for only $2.99 for the Amazon Kindle, the Barnes & Noble Nook and Apple iOS.  You can purchase a print copy at the same Amazon link above for $9.25.
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Thank you for staying FAIRtax strong!
Steve Hayes
Chairman, Americans For Fair Taxation

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