Posted on 10/11/2005 7:55:22 PM PDT by mysterio
No - not at all. Their recos go to John Snow at Treasury and could be further altered there.
It is, however, not beholden on Congress to follow any of those recommendations. The House originates all bills such as this and that's where the first decision point lies.
That would be sweet. It would also accomlish something else, over-spending by the government as a significant percentage of people would not pay.
That would be sweet. It would also accomlish something else, over-spending by the government as a significant percentage of people would not pay.
I would be all for that except for the fact this committee eleminated that idea
No - they didn't "eliminate" it at all. The recommendations the Panel makes go to Secretary of the Treasury John Snow and he will then either accept, change, or ignore them and send Treasury's recommendations (whatever they might be) on to Congress and the President.
In turn, these recommendations may be changed, ignored, or adopted but it is quite unlikely that any such recommendations would be any sort of fleshed-out tax bill as is the FairTax.
The FairTax is very much still on the table; make no mistake about it.
Many say,..."Well I got money back last year!!"
LOL!!
If this goes through, it actually may be the pin that pops the housing bubble. MANY people are buying beyond their means today using Interest Only loans, and even then are only affording their houses because IO's are tax deductible (your entire mortgage payment is interest). Eliminate that deduction and you'll send at least a quarter of the IO's in the country into default within a few months. Since more than half of loans drawn in California today are Interest Only, the effects here would be devastating. I don't know what the percentages are in the rest of the country, but I'd assume that they would be somewhat similar in the urban areas.
Messing with mortgage deductions would immediately push a LOT of homeowners right back towards apartments. And it would wipe out the housing market.
Check the sort of comments the tax panel's fiasco is generating:
http://www.freerepublic.com/focus/news/1501413/posts?page=1
There you have it in a nut shell! Absolutely correct!
Reminds me of a favorite quote (very old).
“Just because you do not take an interest in politics doesn't mean politics won't take an interest in you.”
Pericles (430 B.C.)
You should ask Ancient_Geezer to add you to his tax reform ping list.
The sad thing is, we WON'T see a revolt. I think we NEED one but average people just don't care enough.
Couldn't have said it better myself.
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