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Welcome to our Library, which provides legal information on topics related to the firm's practice areas. This information is not meant to be a substitute for receiving personal legal advice from an attorney. For specific inquiries about legal issues, we invite you to contact us at (843) 626-9000. We update this section throughout the year, so please check back for new articles. We also welcome suggestions on topics for future articles and news.
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Jeffcoat Law Firm News
Allen Jeffcoat Debates Fair Tax
MYRTLE BEACH: A plan to get rid of the current federal income tax system was the subject of a debate at the Myrtle Beach Train Depot.
Sponsored by the local organization pushing the Fair Tax proposal, the debate pitted state Representative Thad Viers agains local attorney Allen Jeffcoat.
Viers, speaking for the tax change, said the Fair Tax would give taxpayers more choices on how to spend the money they earn.
Jeffcoat said the plan has too many flaws and would put the burden of paying for the government on the backs of the middle class, especially small businesses.
The Fair Tax proposal has been gaining momentum the last couple of years but still hasn’t garnered enought support in Congress for serious discussion or passage.
In a nutshell, the plan calls for abolishing the IRS by getting rid of all federal personal and corpporate income taxes as well as gift, estate, capital gains, Social Security, Medicare and self-employment taxes.
The revenue stream would be replaced with essentially a federal sales tax which would take 23 percent off every dollar spent on new goods and services.
The plan also would pay a prebate each month to every American to cover the costs of necessities and help with the increased sales tax.
Viers argued that this would make the plan more equal for everyone, regardless of income level.
"The system we currently have punishes production and success," Viers said.
He added that many American corporation that have moved to other countries did so becouse of the high corporate income taxes in this country.
Jeffcoat said too many of the arguments in favor of the Fair Tax had flaws that could not be explained.
"This plan does not advocate reducing what is spent by the government, so somebody still has to pay for everything," Jeffcoat said. "This puts the cost of running the government squarely on the backs of small businesses."
Small businesses whould have to cut costs by reducing the number of employees, raising their prices or going out of business, he added.
Viers said the plan would lessen the current bureaucratic system we now have that collects and adminsters the tax code.
Jeffcoat said that even with the plan, there has to be some kind of system set up to collect the taxes that would be coming in.
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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.
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