I did a search for this article, but I couldn't find it posted yet here. If I have duplicate posted, I apologize.
if this goes through - this "tax committee" is really the Hillary 2008 election committee.
Why does the POTUS need a committee? He can't express an opinion?
Hell, they've been eliminating deductions, and the ability of the average taxpayer to avail himself of their benefits, for the past 15 years. This, in conjunction with the Alternative Minimum Tax, has been a stealth increase in the taxes paid by Middle Income homeowners. For most it is getting much more difficult to avoid taxes through Itemization and that is the objective of this process.
At its last meeting in July, the commission agreed to recommend abolishing the alternative minimum tax for individual, a step that would cost the federal government $1.2 trillion in lost revenue over 10 years.
It would be a huge step forward to abolish the AMT, which the Times obviously deplores. If they abolish that, the mortgage deduction, and medical deductions, it would be a move toward simplification as well. Of course this would hit different people differently, depending on their situations. I have no mortgage, but I have a large family and large medical expenses. I also get nailed every year by the AMT, as do more and more taxpayers every year.
Tax reform is dead........might as well hang it up.
This tax system is never going to go away.
We hear the same old story every year...yeah...we are going to change the system...go to a flat tax...go to a sales tax....yeah right.
Tell us some more so we can all say...Oh look...they are FINALLY going to do something about this stupid tax system....and then wham.....they take it away.
The only way things are going to get better is when things get so bad that we all have to scream at the top of our lungs and threaten the government with revolt.
Until then....keep living in a make believe world that the Republicans or the Democrats are the answer.
Tax stuff
They're just stalling until, they hope, all the hype of the "Fair Tax" Book dies down to spring their "final results" on us. Why? Because there's going to be a lot of pissed off voters that will take their votes elsewhere for lack of support on this issue. We're watching the politicians and we want reform not TINKERING; or hasn't anyone seen the New York Times Best Seller list in the recent weeks? Resolution: How about a vote on the matter? That would be fair now wouldn't it? I'm sure the all powerful could arrange for the constituents to have a say in such a decision. Before they fumble on their "No, that wouldn't work" why don't they go give some more of my money to some lazy bum with 12 kids by 12 different mothers; all of whom are on MY insurance plan btw - guess what, I can't afford insurance. Great example of propogating the reproduction of the irresponsible, lazy and uneducated. Need I point out which population of society is growing fastest? And you wonder why our taxes keep increasing. Too many leeches will kill anything. Good job U.S. Government/Tax Panel; you've confirmed my belief in immoral spineless sellouts! What a let down; but then I guess I should have expected it.
Idiots.
If anyone would like to be added to this ping list let me know.
President Bush's tax advisory commission indicated today that it would not propose replacing the income tax with a national sales tax or a value-added tax but would recommend modifications in the popular tax deductions for mortgage interest and employer-provided health insurance.
Yep recommended removing both and keep the income payroll tax system and an even nastier federal tax system than we have now.
Can anyone one say DOA, day late and a dollar short?
Time to get on the horn with them Congress Critter's folks.
Time to make a viable suggestion to Congress.
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 replace them with with a national retail sales tax administered by the states.
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:
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.