Our New Jersey FAIRtax Team members, Dave Corsi, John O’Rourke, and Pennsylvania FAIRtax-er Anthony LoCasio, attended a forum in Summit, N.J. on April 4, 2018 billed as “Rethinking Taxes” that did not deliver as advertised. At least 50 people and the press were there.
The panel was comprised of counsel, financial wealth experts and the press.
The event, despite its name, was not directed particularly at any state or federal tax proposal. Anthony LoCasio observed that the event was more an exploration of the tax system as it is rather than a discussion about the tax system as it should be.
Our John O’Rourke was one of the two people in the audience who were able to ask questions. John commented that the FAIRtax is a better solution than tariffs and then asked: has The Fairtax been considered by the panelists as a viable alternative at either level of government? The panel basically said they were not sure what he meant by The FAIRtax: how does it work?
A comment came from a panelist that there is too much government. John replied that taxing government consumption [as the FAIRtax does] would be a good way to make government smaller.
A panelist called for a proposal that would compel a taxpayer to sell an appreciating asset to pay tax. In short, take a productive asset and be forced to turn over a large portion of the asset to an inefficient government. [Editor’s note: with the FAIRtax, one would never have to sell an asset to pay taxes.]
Another panelist stated that there is no proof that lowering the tax rate brings in more revenue. [Editor’s note: the FAIRtax lowers the marginal tax rate.] Dave Corsi pointed out to the panelist that historically that has indeed been the case, i.e., Kennedy’s and Reagan's lowering of rates resulting in increased revenues.
Anthony LoCasio saw several openings for the FAIRtax, but the format did not give our FAIRtax-ers chances to dive into the breach.
Thank you, Dave, John and Anthony for attending this seminar on short notice. The host should have invited us. We have a lot of education about the FAIRtax to do here in New Jersey.
If you have any thoughts, questions, comments or ideas, please send them to me at james@jamesbennett.com or phone or text me at 908-578-4975.
Please don’t forget to send me any information to spotlight FAIRtax-ers and their activities. I would like to feature these items in future FAIRtax Fridays.
Sincerely,
Jim
Jim holds a Bachelor of Arts Degree in History from Lafayette College and a Juris Doctor from New York Law School.
Jim was a Captain in the U.S. Army Judge Advocate General’s Corps in Mannheim, Germany, a staff member of Gerling-Konzern, an insurance conglomerate in Cologne Germany and a Vice President of that company in New York, Vice President General Counsel of Colonia Insurance Company, Assistant County Counsel for the Union County, New Jersey Division of Social Services and a member of the Union County Board of Taxation. Jim had a private law practice in Summit, New Jersey, and now is retiring as a New Jersey Deputy Attorney General following 19 years of service.
Jim was a proponent of consumption taxes as a replacement of income taxes before having heard of the FAIRtaxSM. Jim heard about the FAIRtaxSM in 2005 and decided immediately it was a worthy pursuit. He now is the Volunteer Regional Director for Pennsylvania, New York and New Jersey, a member of the Board of FairTax® New Jersey, and Secretary and a board member of Americans For Fair Taxation®.