Jessica Wexler (D): ‘Why Democrats Must Support FairTax’
p.
2
June 13, 2009 Speech, Colombia, MO –YouTube (
) Transcript
• People who once used accountants, attorneys,and financial advisors to find the
loopholes
in our current [income tax] system
[will] pay taxes
.• Everyone in the U.S. who buys anything new
[at retail, will] pay taxes
.
Audience:
(Whistles, applause)
Wexler:
With the FairTax, I will finally havecontrol over
my
money. Managing a non-profit, inKansas City, earning $30,000 a year, I wasbringing home $418 a week. With the FairTax inplace, I will be bringing home my entire paycheck of $576 a week.
Audience:
(Whistles, applause)
Wexler:
That's an increase of $632 per month,totaling $8,216 for the year. A college graduatewith $21,000 in student loans would be able topay off those loans within three years using onlythe increase in salary. I will no longer have towait a year to receive a refund on the money Iearned, that the government borrowed interest-free. My money will be there
every
payday.
Audience:
(Shout-outs, whistles, applause)
Wexler:
Fellow Democrats
must
support theFairTax. It:•
simplifies our tax system
,•
boosts our economy
, and• is far
more progressive than our current [income tax] system
. We
all
agree that our current [income tax] systemis complex and hard-to-understand - with over 70,000 pages of tax code. According to MoneyMagazine, 99 percent of us will pay a taxprofessional to file an incorrect [income] taxreturn.Democrats want a simplified tax system; theFairTax
is the
simplified tax system:• Pay a tax once, on new [retail] itemspurchased –
that’s it!
• By
anything
used
- clothing, books, car, house- there is
no
federal tax.
Audience:
(Applause)
Wexler:
The FairTax will boost our economy ina number of ways. The
most important
way, dueto our current unemployment, is
it will createjobs
.There is over $13 trillion in off-shore accounts.The FairTax will bring back an estimated $2 to$3 trillion, in the first year alone, to be investedhere at home.
Audience:
(Applause)
Wexler:
The third reason why Democrats mustsupport the FairTax is that it is far more
progressive
. Under the FairTax, low-incomehouseholds experience 5 times the benefitincrease, as do high-income households. Thisgives them a greater opportunity to move up theeconomic "ladder" and achieve the "Americandream."
Audience:
(Applause)
Wexler:
It is
crucial
that the FairTax have
non
-partisan support. On the national level,
theFairTax can not pass without bi-partisansupport
. Our current Senate [111th Congress2008-10] is made up of 57 Democrats, 2Independents, and 40 Republicans. The House