The Standard Times reported:
The certified public accountant in Rep. Mike Conaway came out Monday night.
Conaway said as an accountant, he thinks the value added tax and the current tax code — which he described as overly complex — are both inefficient taxation models and suggested a fair tax, another kind of consumption tax that would put a single tax on retail products and replace the federal income tax.
Conaway said such a tax would not be a tax cut but a more efficient way to collect taxes at the federal level. “There is a better way to go at it and I’m encouraged that a fair tax is growing in support across the country.”
Odd, Mike's peers (CPA's) changed fair value accounting to take away its pro-cyclical nature. They did so under threat from fellow West Texas Congressman Randy Neugebauer. Now Conaway wants to implement a pro-cyclical tax system?
It might make sense if Congress showed the ability to set aside rainy day money during good times, but elected officials haven't displayed this capability. Mike Conaway was elected in 2002. At no point since 2003 did America come close to a balanced budget, much less run a surplus.
I attended Conaway's health reform open house and the accountant was remarkably AWOL. I'm not sure the whole CPA showed up for this one.