So it can be reasonable compared against like expressions of the overall federal tax rates of the federal tax systems it replaces:Right. So let's compare.
2004 federal tax = 17.9% vs. 23% FairTax
Right. So let's compare.
2004 federal tax = 17.9% vs. 23% FairTax
Guess we should keep the income tax then, huh? Thanks for that info.
You are very welcome. Glad you finally recognise the rate is a bit high for the current tax law and need to be revised downward.
You can add to your info that Linder has submitted HR25 to the Congressional Research Service for a full economic review under current tax law, and economic conditions, with the eye to appropriately adjust the rate. Last time the rate was examined was during the Clinton era, prior to the Bush administration tax cuts.
Neat how that works, but in the mean time it is sufficient to be aware of where the bill sets the rate now 23%, and where it can be expected to be reset to, 18-21% in view of the Tax Foundation's numbers based on NNP (GNP less depreciation of fixed assets) a representative of dollars available for consumption.
"Guess we should keep the income tax then, huh? Thanks for that info."
We are trying to set up some debates now, YN. That offer to extoll the numerous virtues of our current tax system is still open.