John Rice Carter: “Again, here you have a businessowner. He knows all about taxes. When he talks about a business that is one of the most…”

“Again, here you have a businessowner. He knows all about taxes. When he talks about a business that is one of the most regulated in the country, he and our previous speaker, Representative Clyde, boy, you talk about regulated businesses, both of them have regulated businesses. Both of them understand firsthand and have personal experience, real-life experience, about the IRS and taxes. I will address one more myth here, the myth that the FairTax Act will unfairly punish senior citizens living off their retirement income. Unfairly punish senior citizens living off of their retirement income? Wrong. Retired individuals living on fixed incomes will benefit from the FairTax Act, just like all other Americans will benefit. The new system will eliminate the current income tax on Social Security benefits. Have you looked at your Social Security check lately? It is not what it started out at because they take out taxes on it. It will also eliminate the income taxes on investment income, something a lot of retirees have and depend on. It eliminates taxes on pensions, benefits, and individual retirement account, IRA, withdrawals. It eliminates all of that, so don't tell me it is going to punish retirees. It is going to do just the opposite. The monthly prebate will offset the taxes paid by seniors on essential goods. I hear this: Old people aren't going to be able to afford groceries, and they are not going to be able to afford shelter. Wrong.…”