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Tax Panel Hears Fattah's Reform Plan
Congressman Fattah Speaks to the Merits of His Tax Reform Plan
WASHINGTON, Nov. 16 /PRNewswire/ -- Congressman Chaka Fattah (D-PA), testified today on the significance of his tax reform proposal before members of a subcommittee of the House Ways and Means Committee. Fattah's plan, the Transform America Transaction Fee has been praised by one of the nation's leading economist, Dr. Bernard Anderson, as a "viable solution" to the current cumbersome tax code.
The plan calls for the elimination of all federal taxes on individuals and corporations and replaces it with a fee on transactions. Eliminating federal taxes would stimulate the economy and spur job growth by allowing businesses to expand their operations and hire more employees.
The proposed transaction fee would be equivalent to current revenues generated by all federal taxes, while conceivably supplying additional income. The excess funds would serve to: eliminate the current national debt, provide universal health care, support an equitable public school finance system, and fund economic development in urban and rural areas.
When testifying Congressman Fattah said, "The Transaction Fee is simple by design, yet revolutionary in scope. When enacted, Fattah said, "The Transaction Fee Act will simplify federal tax laws, reduce the costs of compliance, share tax burdens more equitably and promote economic growth."
Ways and Means Committee Chairman, Bill Thomas says he finds Fattah's plan particularly interesting given that it could capture revenue from the underground economic activity that currently evades taxation.
Congresswoman Stephanie Tubbs Jones (D-OH), a member of the House Ways and Means Committee, stated, "As Congress studies the recent recommendations by the President's Advisory Tax Reform Panel, I praise Congressman Fattah for promoting his innovative tax reform proposal, which deserves serious study. The last time Congress reformed our tax code was almost 20 years ago -- 1986. We are overdue. Democrats have been advocating for tax reform for years, and I commend Congressman Fattah for being at the forefront of this debate."
The Transaction Fee has gained national and international acclaim. Governor's Bill Richardson and John Baldacci have both expressed strong support for the measure and the 100,000 members of the National Black Chamber of Commerce have enthusiastically endorsed the legislation.
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