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Linder statement on Greenspan's comments before President's advisory panel on federal tax reform

Washington, D.C. (Mar. 3) - Today, Congressman John Linder (R-GA), a member of the House Ways and Means Committee, made the following statement on Federal Reserve Chairman Alan Greenspan's comments before the President's Advisory Panel on Federal Tax Reform:

"Chairman Greenspan today discussed the importance of having a tax system in place that does not hinder the U.S. economy and its ability to generate economic success. He pointed out that many economists believe that a consumption
tax would be best from the perspective of promoting economic growth, because a consumption tax is likely to encourage saving and capital formation. I applaud Chairman Greenspan for his insight on this important issue.

"My FairTax proposal (H.R. 25), a bill which would repeal federal income, corporate income, self-employment, payroll, capital gains, gift and death taxes and replace them all with a personal consumption tax. Right now, there are
trillions of U.S. dollars stranded overseas because it is cheaper to borrow at 6 percent than to repatriate at 35 percent. That money would come home to add liquidity to our economy. Enacting the FairTax would make the U.S. a magnet
for investment from around the globe." I am hopeful that the President's Advisory Panel on Federal Tax Reform
will give careful consideration to Chairman Greenspan's comments about the value of a consumption-based tax system."

For more information on the FairTax, please visit Congressman Linder's web site at http://linder.house.gov/.

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