Posted on 11/05/2003 5:52:58 AM PST by SJackson
Edited on 04/22/2004 11:50:17 PM PDT by Jim Robinson. [history]
WASHINGTON -- The Bush administration is crafting a sweeping election-year proposal to boost individual savings through two new tax-exempt accounts, which together would allow family members each to sock away as much as $15,000 a year, say people familiar with the plan.
(Excerpt) Read more at online.wsj.com ...
Sure, and why not? If you bought gold coins and stuffed them in a mattress, you wouldn't have to pay tax on it would you? (I don't recomment that.) Why should it matter how much you want to save?
The government shouldn't be into regulating people's savings. Another reason to hope for tax simplification.
Sorry about the mis-spelled word. (I'd fix it, but I don't want to re-comment on it.)
I have a better idea, just change the rules on the existing plans.
Watch the savings rate rise substantially.
H.R.25
SPONSOR: Rep Linder, John (introduced 01/7/2003)
A bill to promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national retail sales tax to be administered primarily by the States.
Refer: http://www.fairtax.org & http://www.salestax.org
No special savings plans monitored or regulated by government.
No family income of any kind reported to government.
No SS/Mediscare tax witholding.
No income or estimated tax witholding.
No IRS
One totally visible tax, one rate, no exemptions, no exceptions, paid on the retail products and services only.
- It is fairer to tax people on what they extract from the economy, as roughly measured by their consumption, than to tax them on what they produce for the economy, as roughly measured by their income
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