Posted on 08/02/2004 6:39:26 PM PDT by RWR8189
Would be interesting to see how they will untangle existing 401k's (not yet taxed, to be taxed later) and Roths (already taxed, not to be taxed again)?
roths would be taxed at the consumption level...so so long as you are taking out post income tax income, you are getting the double whammy...but that is short term.
the up side is that 401's which were not taxed at the income level before will remain so forever...they will be taxed at consumption level.
but dont forget that if this happens, all of your income becomes the same as a 401k....no income tax.
this is a worthwhile trade off.
not to mention how much capital would flow into the us from socialist countries.
Surprising.
I've always favored (if thats the right word) a flat tax over a consumption tax since the latter seems to "punish" and discourage the very root of capitalism- consumption. A flat tax also takes away the Dems big modus operandi, wealth redistribution. But I'm open to ideas by someone who knows something about the subject.
Matsui is estimating 22% tax.
As long as they don't tax malaria, I'll be ok with it.
PS If it is such a priority then why haven't they done anything in the past ten years the Republicans have run the congress?
Tax Ping...
There is the possibility that the deficits are so huge that income taxes fail to get us out of the hole. A consumption tax could ultimately raise more money than the IC because any figure under 100% could be levied. I pays to be skeptical when new taxes are proposed.
Go back to DU you scumbag terrorist-supporting Libertarian voter.
Bush promised school vouchers and a privitized Social Security system and we got those didn't we? didn't we? errr maybe not.
Tax reform bump
"I do not believe the lower income tax people which make up the majority will support an effective increase in their taxes."
Payroll taxes are the most regressive element of the current system; many at the lower end of the economic scale pay more in payroll taxes than they do in personal income taxes.
The FairTax plan completely untaxes the poor by providing a rebate for all sales taxes up to the poverty level. Economic studies have shown that pre-tax prices would drop by 15 - 30% as competition drives out the cost of the current system from the pricing model. That means a 15 - 30% increase in purchasing power for those living at or below the poverty level.
The poor should be clamoring for the FairTax proposal. Too bad not enough understand it to do so.
They're still working on the Balanced Budget Amendment.
BTTT for a hopefully *VERY* exciting bit of news...
Actually, the root of capitalism isn't spending money, it's making money.
An income tax is Marxist. A tax on spending is not.
Connect the dots.....
Long an advocate of a national sales tax, a confident DeLay told a conference of tax lobbyists that House Republicans will have hearings and push the issue in 2005 and 2006.
He said that replacing the income tax, payroll and other related federal taxes would provide more money for people to use, and he endorsed a proposal from Rep. John Linder, R-Ga., for a national sale tax
As we stroll down memory lane ==> DeLay calls for national sales tax
A Taxreform bump for you all.
If you would like to be added to this ping list let me know.
John Linder in the House & Saxby Chambliss Senate, offer a comprehensive bill to kill all income and payroll taxes outright, and provide a IRS free replacement in the form of a retail sales tax:
H.R.25, S.1493
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 for additional information: http://www.fairtax.org & http://www.salestax.org
Ouch! ;)
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