ATR Supports H.R. 99, the<br> "Fair and Simple Tax Act"
April 1, 2009
The Honorable David Dreier
U.S. House of Representatives
Washington, DC 20515
Dear Congressman Dreier:
Congratulations on your re-introduction of H.R. 99, the “Fair and Simple Tax (FAST) Act.” This pro-growth tax plan would be the largest tax cut in history, and all Members of Congress should become co-sponsors.
The FAST Act would implement many pro-growth policy measures, including:
• Making permanent the 2001 and 2003 Republican tax cuts on families, investors, and small business owners
• An alternate personal income tax structure with three brackets, a 30% top marginal rate, and only the most popular deductions retained
• Permanently killing the death tax
• Indexing the AMT to inflation, with an eye toward eventual repeal
• Cutting the corporate income tax top rate from 35% to 25%
• Cutting the capital gains and dividends rate from 15% to 10%
• Indexing the basis of capital assets to inflation when calculating gain
• Implementing retirement savings accounts, lifetime savings accounts, and lifetime skills accounts
• Creating a “standard deduction” for health insurance premiums of $7500 for individuals and $15,000 for families
• Making permanent the research and development tax credit
It’s important that the FAST Act be re-introduced at a time when taxes are being pushed to record levels by President Obama and Congressional Democrats. H.R. 99 provides a strong vision of a better and more prosperous America, and I encourage its broad support by pro-taxpayer Congressmen.