Posted on 05/24/2005 2:19:27 PM PDT by yoe
...and some asbestos underoos. (He's gonna need it)
Form 6251 needs to go.
Also, it is against the rules of English grammar to use "Challenged" in the same sentence as "Republican Senator". The most we can hope for any more is "Wet himself and then ran home."
Could someone please explain to me why-oh-why everytime a tax cut is mentioned that it somehow "costs" the government something? No, my Dear Uncle Sam, taxes cost us all something. If it's money you shouldn't have, then it doesn't cost you a thing.
I really don't mind paying taxes near as much as I mind the "compliance costs" in terms of money and hassle and recordkeeping. I paid way too much taxes this year because I do not know the cost basis of stock purchased for me as a child. The company was reorganized, so there is a different number of shares now than when it was purchased. So I had to declare the cost basis as zero.
Yes, this is rare and it is our fault for not having kept all records. Imagine how it must be for people who lose documents in theft or flood or fire? Yes, there are precautions one can take (safe deposit box, fire proof safe), but sometimes things just don't get done perfectly, and we pay for that.
Great idea to eliminate the AMT, and of course it should be done pronto, but it won't because both establishment parties are addicted to tax money. They need it to keep buying votes. (And yes, Republicans are almost as bad as the Dims on this.) And, as we consistently see, when they run out of the hundreds of billions they confiscate from us, they keep on taxing us by deficit spending.
Gotta love the idiot voters who support this insane racket.
Is Jason Blair still working at the Red Lady? Taxes "cost", tax repeals and rate reductions "save" money.
The problem with the repeal of the AMT is that politicians talk the talk of rpeal but probably won't walk the walk. The AMT was set up to make sure that the uber rich didn't get out of paying their taxes by finding deduction after deduction. Unfortunately, its breadth is so wide that it takes in people who were never intended to "qualify for it."
It is such a cash cow now, that Congress will never actually fully repeal it, but just talk about it. Its hard to see that the govt. will turn away the excess money IMO.
"Senator Charles Grassley of Iowa, chairman of the Senate Finance Committee, has teamed with senior Democrats to introduce a bill that would repeal the tax and forgo hundreds of billions of dollars in additional revenue the tax is expected to generate."
Grassley... Democrats... $600 billion in Tax cuts??? Why do I feel like I'm in bizarro world? This is a good opportunity for Bush to cut taxes without opposition.
a repeal of the alternative minimum tax at a cost of at least $611 billion over 10 years
Every dollar in tax cuts now, means that much lower "revenue neutral" target for whatever taxreform bill comes later :O)
Go Grassly, and while yer at it, lets make the other Bush administration tax cuts permanent.
refer Tax Freedom Day 2005 report PDF: Special Report No.134, April 2005
|
Total Effective Tax Rates by Level of Government |
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| Year | Federal | State | Total |
| 1996 | 21.3% | 10.4% | 31.6% |
| 1997 | 21.8% | 10.3% | 32.1% |
| 1998 | 22.4% | 10.4% | 32.8% |
| 19990 | 22.5% | 10.4% | 32.9% |
| 2000 | 23.1% | 10.4% | 33.5% |
| 2001 | 22.2% | 10.5% | 32.7% |
| 2002 1 | 19.6% | 10.2% | 29.8% |
| 2003 2 | 18.8% | 10.1% | 28.9% |
| 2004 3 | 18.4% | 10.2% | 28.6% |
| 2005 | 19.0% | 10.1% | 29.1% |
| Notes: Leap day is omitted to make dates comparable over time. Since depreciation is not available to pay taxes, GDP is an overstatement of spendable income for the purpose of measuring tax burdens. Depreciation is netted out of NNP. "Overall, NNP provides the best statistical representation of the common notion of “spendable” resources. In 2004 NNP was $10,371.6 billion. Like GDP and PI, NNP is a component of the National Income Product Accounts (NIPA). These accounts are computed and compiled annually by the Commerce Depart-ment’s Bureau of Economic Analysis (BEA)." 0 First year introduction of HR2525(Fair Tax legislation). 1 Economic Growth and Tax Reform Reconciliation Act of 2001 Sources: Office of Management and Budget; Internal Revenue Service; Congressional Research Service; National Bureau of Economic Research; Treasury Department; and Tax Foundation calculations. |
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If you would like to be added to this ping list let me know.
John Linder in the House(HR25) & Saxby Chambliss Senate(S25), offer a comprehensive bill to kill all income and SS/Medicare payroll taxes outright, and provide a IRS free replacement in the form of a retail sales tax:
H.R.25,S.25
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:
I agree it will never fully be repealed. Instead, it will be given a haircut. Politically, the AMT will become a major headache for the politicians as more and more middle class taxpayers are drawn into the system. Something will have to be done regardless of what party is in charge.
Every dollar in tax cuts now, means that much lower "revenue neutral" target for whatever taxreform bill comes later :O)
Uh, the Bush tax cuts increased revenue.
That's because the idiots in the Congress either don't know how to, or want to, index these things to inflation. I favor the AMT as it was initially intended. They just have to make sure that it never, ever creeps into the middle class again.
The merger mania and then resulting divorces made tracking the cost basis of stock that originated as Westinghouse stock....and absolute nightmare. You are not alone in this problem.
Uh, the Bush tax cuts increased revenue.
Do you always run around spouting nonsense?
National Income and Product Accounts Table
Table 3.2. Federal Government Current Receipts and Expenditures
[Billions of dollars]Today is: 5/26/2005 Last Revised on May 26, 2005 Next Release Date June 29, 2005
Line 2000 2001 2002 2003 2004 1 Current receipts 2,053.8 2,016.2 1,847.3 1,877.0 1,971.8 2 Current tax receipts 1,313.6 1,252.2 1,069.0 1,064.5 1,111.7
Not to mention the revenue reduction when viewed as a percentage of spendable national income:
refer Tax Freedom Day 2005 report PDF: Special Report No.134, April 2005
|
Total Effective Tax Rates by Level of Government |
|||
| Year | Federal | State | Total |
| 1996 | 21.3% | 10.4% | 31.6% |
| 1997 | 21.8% | 10.3% | 32.1% |
| 1998 | 22.4% | 10.4% | 32.8% |
| 19990 | 22.5% | 10.4% | 32.9% |
| 2000 | 23.1% | 10.4% | 33.5% |
| 2001 | 22.2% | 10.5% | 32.7% |
| 2002 1 | 19.6% | 10.2% | 29.8% |
| 2003 2 | 18.8% | 10.1% | 28.9% |
| 2004 3 | 18.4% | 10.2% | 28.6% |
| 2005 | 19.0% | 10.1% | 29.1% |
| Notes: Leap day is omitted to make dates comparable over time. Since depreciation is not available to pay taxes, GDP is an overstatement of spendable income for the purpose of measuring tax burdens. Depreciation is netted out of NNP. "Overall, NNP provides the best statistical representation of the common notion of “spendable” resources. In 2004 NNP was $10,371.6 billion. Like GDP and PI, NNP is a component of the National Income Product Accounts (NIPA). These accounts are computed and compiled annually by the Commerce Depart-ment’s Bureau of Economic Analysis (BEA)." 0 First year introduction of HR2525(Fair Tax legislation). 1 Economic Growth and Tax Reform Reconciliation Act of 2001 Sources: Office of Management and Budget; Internal Revenue Service; Congressional Research Service; National Bureau of Economic Research; Treasury Department; and Tax Foundation calculations. |
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Amen! And while they're at it.......they should take aim at the corporate AMT......an even bigger fraud perpetrated on the people.
Do you always run around spouting nonsense?
No and I don't spam the threads with the same nonsense everyother post.
Your own chart shows an inrease of revenue in 04 vs 02 and 03....You might remember 9-11-01 there was a little disruption along with a pending recession...It was in all the papers.
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