Sorry that is not a 4th 9.
Nice try Mr Schiff but eliminating the capital gains tax, eliminating business's share of the payroll taxes and reducing their over all tax rate from 35 to 9% plus eliminating all the other hidden taxes business pays in the current tax more will more then make up for losing the wage and salary deduction in the current code
Love the way everyone in the Junk Media has their own personal gimme in the current code they just cannot bear to part with. Seems they would rather keep all the existent corrupt failed tax policies in place then ever give up any of their current loopholes.
Well said and amen! Great post!
If businesses can't deduct wages from their tax basis, there actually is an implicit "fourth nine" in there. Eliminating the payroll tax pretty much balances the "fourth nine," but it is right there in black and white.I gotta say, tho, that any sales tax plan double-taxes savings which were taxed under the old high-rate income tax regime. So, as a retiree, I see my own personal ox getting gored in this plan. Doesn't mean I reject it out of hand, but . . .