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To: GoLightly

Taxing spending is NOT double Tax - because you get rid of the INCOME tax! Your assuming that the income tax remains.

SAVING is NOT spending. But I ddi hear of one plan that would tax ALL transactions including moving money from checking to savings, or savings to checking, then checking to store, etc etc etc.

And that was supposedly a republican plan??


7 posted on 07/29/2004 11:56:51 AM PDT by steplock ( www.spadata.com)
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To: steplock

At some point you would be right, as you would be dealing with "new", previously untaxed dollars in people's savings. How would you handle money that someone earned, paid income taxes on & put into savings before your change was enacted? With your idea, the moment that person pulled any of that previously taxed money out of savings & spent it, they would be paying taxes on it again.


10 posted on 07/29/2004 12:08:45 PM PDT by GoLightly
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