Sales, Business Tax Reform on Meeting Agenda
The panel will also hear testimony on the “Transform America Transactions Fee Act of 2005” or H.R. 1601, submitted by Rep. Chaka Fattah (D-PA). The proposal calls for the elimination of all federal taxes on individuals and businesses replacing it with a fee on all transactions.
The Federal Reserve estimates the value of the daily volume of transactions at more than $3 trillion. That’s an estimated annual value of more than $750 trillion. The estimated transaction fee needed to meet the federal governments annual budget of $2.6 trillion would be less than 0.4 percent.
Senator Connie Mack, Chairman of the Advisory Panel will deliver opening remarks each day of the meeting. Other speakers include: Ernest S. Christian, executive director of the Center for Strategic Tax Reform; Thomas A. Wright, executive director of Americans for Taxation; Stephen Forbes, President and CEO of Forbes and even small business owners like Jim Baker, chairman of Baker & Co. LLC.
The general public has been invited to join the discussion as well. Earlier this year Americans were asked to submit comments on what was wrong with the tax code. The public could also submit proposals on fixing the tax code in a period ending May 6, 2005. Americans can also give their opinions on ideas offered to the Panel and read transcripts from the meetings on www.taxreformpanel.gov .