Thursday, June 01, 2006

More Fair Tax fun

General Electric filed their corporate tax return...and it was 24,000 pages long! For the first time they filed electronically, and it cost them between $500k and $1 million to create a system to do that. They report that the expenditure will yield millions in savings.

It seems like a good time to bring up the Fair Tax, a concept that is explained pretty clearly at the site of the Americans for Fair Taxation. I have bought into the concept fully, as it:
  • Provides greater incentive for savings and investment
  • Eliminates double taxation of consumer (during production and purchase)
  • Could eliminate the underground economy, fueled by illegal immigration, involving many individuals that receive services without paying in. With the Fair Tax every consumer has to pay.

Check out the site for more information.


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