WakeUpAmerica.com Asks NC Tax Reform Panel To Study “Fair Tax.”

FOR IMMEDIATE RELEASE: 11/2/09

"With 9.8% unemployment, The time has finally come for NC to have a pro-economic growth tax system"

(Raleigh, NC) – On November 3rd a joint NC House and NC Senate Finance Committee meeting will discuss reforming the NC tax code. Thank goodness.

With state unemployment rates languishing near 10% for months, Federal stimulus leading to no private sector job growth, and Governor Perdue with only a 24% approval rating, the time has come to bury North Carolina’s outdated tax code with a new structure based on incentive-based growth, according to the NC-based conservative group WakeUpAmerica.com.

“A state legislative commission will meet in November to study a new approach to the state’s tax system and in that there is hope that this won’t be a grab at more tax money – but instead a discussion of a way to simplify a complex tax code and structure taxes in a way that incentivizes economic activity instead of discouraging it,” said WakeUpAmerica.com co-director Bryan Holloway – who is also a State Representative from King, NC.

“Why can’t North Carolina lead the nation in demonstrating a simpler, fairer way of taxation while at the same time unleashing the kind of dynamic economic growth in our state that will create the jobs we desperately need,” Holloway continued.

WakeUpAmerica.com supports the general principles surrounding the “Fair Tax” and would ask state leaders and economists to study a revolutionary “Fair Tax Plan for North Carolina.”

“Why can’t North Carolina be the first to unleash what is great about America and put billions of dollars into our economy and create the jobs our failed tax system has failed to?” asked Holloway.

National Fair Tax proposals favor a sales tax on new items which everyone, including illegals, or who currently circumvent taxes would have to pay. No special breaks for one group over another or for companies who can pay for expensive lobbyists, because everyone would be treated the same.

According to FairTax.org, leaders such as “Nobel Prize winning economist Dr. Vernon L. Smith have called upon Congress to pass the Fair Tax. Alan Greenspan says it "could certainly meet the fundamental criteria of being simple, fair, and pro-growth."

Retired Federal Reserve Bank Board of Governors Member Wayne Angell says, "the economic benefits of the Fair Tax Plan are compelling. The Fair Tax Plan eliminates the tax bias against work, saving, and investment, which would lead to higher rates of economic growth, faster growth in productivity, more jobs, lower interest rates, and a higher standard of living for the American people."

“It would be an injustice for the commission studying tax reform in North Carolina not to give full consideration to taking the bold, job-creating measures we need to kick our economy into high gear,” Holloway concluded.