America' label". Under the FairTax, American companies doing business internationally would be able to sell their goods at lower prices but at similar margins, and this would bring jobs to America. In addition, U.S. companies with investments or plants abroad would bring home overseas profits without the penalty of paying income taxes, thus resulting in more U.S. capital investment. This would result in imports and domestic production competing on a level playing field. Exported goods would not be subject to the FairTax, since they would not be consumed in the U.S.; but imported goods sold in the U.S. would be subject to the FairTax because these products would be consumed domestically. Repatriation of offshore accounts John Linder asserts that an estimated 11 trillion dollars is currently held in foreign accounts, largely for tax purposes, and is growing by $800 billion per year. Former Federal Reserve Chairman Alan Greenspan predicts that enactment of the FairTax would result in a large portion of those funds being transferred to U.S. banks, where they would become available to U.S. capital markets, bringing down interest rates, and otherwise promoting economic growth in the United States instead of the countries where those funds are currently held. Transition effects Because the FairTax proposal would replace various taxes with a single sales tax, several areas may experience unique effects through the transition. Repeal of Sixteenth Amendment If the FairTax bill were passed, permanent elimination of income taxation would not be guaranteed; the FairTax bill would repeal much of the existing tax code, but the Sixteenth Amendment would remain in place. Cases decided by the United States Supreme Court after the ratification of the Sixteenth Amendment have established that Congress has the power to enact an income tax even if the amendment did not exist. The elimination of the possibility that income taxation would return (through a separate Congressional bill), requires a repeal of the Sixteenth Amendment to the United States Constitution along with expressly prohibiting an income tax. This is referred to as an "aggressive repeal". The Constitution, however, does not require an income tax, it only allows one. Separate income taxes enforced by individual states would be unaffected by the federal repeal. Since passing the FairTax would only require a simple majority in each house of the United States Congress and the signature of the President, and enactment of a constitutional amendment must be approved by two