Sen. David Perdue (R-GA) said, in an essay he wrote for the Atlanta Journal-Constitution, that it is urgent to fix the skyrocketing national debt, which is now more than $18 trillion dollars.
“My generation is the first in American history to have to tell our kids and grandkids that their generation will be worse off than the previous one,” wrote Perdue.
He said it is time to take bold steps to address the problem, and “One of those bold steps is the FairTax.”
Perdue says America can neither tax, nor cut its way out of this fiscal crisis.
“We must grow our economy in order to get our fiscal situation back on track. And in order to grow, we must enact commonsense policies that allow our economy to create jobs and thrive,” he explained.
Sen. Jerry Moran (R-KS) and Perdue introduced the FairTax Act of 2015. Rep. Rob Woodall (R-GA) introduced the companion bill in the House.
“Together we can continue to grow this movement. The current FairTax proposal now has 74 cosponsors, making it one of the most widely supported fundamental tax reform bills in Congress,” Perdue said.
He believes the FairTax will help lasso federal agencies such as the IRS and prevent abuse and overreach. Perdue said the plan encourages Americans to save and invest, while creating “a level playing field with the rest of the world to support continued American growth.”
“Given my business background, I understand the conditions required for businesses to thrive and compete,” said Perdue. “Right now, the American tax system is choking growth and preventing businesses from investing, or reinvesting, in America.”
He noted that more than $2 trillion is sitting overseas from American companies. “It’s not because these businesses don’t want to invest in America. It’s because our tax system dissuades them from competing here,” he added.
The FairTax would eliminate the capital gains taxes, as well as the corporate tax.
“We can’t solve America’s debt crisis overnight, but because of its potential for economic growth, the time for serious consideration of the FairTax is right now,” Perdue concluded.