Facts About the Tax

Townhall.com ^ | Friday, April 4, 2008 | Rich Tucker

[foxfield]

Let’s consider a time, within living memory, when the country really was dealing with a crisis. A friend recently stumbled across a 1040 from the year 1943. There were a few things going on that year.

[foxfield]

Rich Tucker's article is a good read for those interested in history of taxation. It looks at a 1943 tax return and compares it to today's situation. It mentions several tax reform possibilities.

[foxfield]

Ping!

[VOA]

bump

[bioqubit]

Plus, remember, the nation was in far deeper debt that had to be serviced, plus they had social security plus financing the war.

The notion that we would be “turning back the clock” by pushing for cuts in government spending that get us to a 5% taxation level has to be shown up for the nonsense that it is.

[groanup]

ping

[fight_truth_decay]

All Eyes on Slovakia's Flat Tax

February 2008, Vol. VIII, Issue I
The Global Flat Tax Revolution:
Lessons for Policy Makers

[fight_truth_decay]

Albania will have a 10 percent flat tax beginning in January 2008. The corporate rate also will be 10 percent, as will the payroll tax. The latter reform is particularly interesting since many of the flat tax nations in Eastern Europe retain punitive payroll tax rates - a policy that undermines the pro-growth and pro-employment effects of the flat tax. The Southest European Times (CATO)reports:

Re:Outsourcing,Taxes,CorporateIncentives,US snoozes-US loses

[DuncanWaring]

Ping.

[M. Dodge Thomas]

WWII America also had a top marginal income tax rate of 88% (it went up to 94% for the last two years of the war) and a national debt which had increased five-fold from .5 to 2.5 trillion (year 2000 inflation adjusted) dollars between 1940-1945.

[M. Dodge Thomas]

The ugly truth is that we spent around 35 years reducing the war-time debt ratio, only to see it start to climb dramatically in the 1980s and 90s. And we were racking up that debt in a much bigger and more prosperous economy.

The Democrats may be the "Tax and Spend" party, but unfortunately the Republican party since the Nixon/Ford ear has become the "Spend But Don't Tax" party, which IMO is even worse.

[Man50D]

If the purpose of the "stimulus package" is to bolster the economy only on the short term by putting more money in people's pockets then why not use the same concept as a long term solution? It is clear the tax burden on the American people has increased to the oppressive point. Tinkering with the income tax code by changing the tax due date and eliminating withholding doesn't change the fact the income tax code is beyond repair. It needs to be replaced.

The answer to the above question is to replace the income tax code with a consumption tax. Congress already has the answer before its very eyes in the form of The Fair Tax Act(HR25/S1025). Momentum is growing at the grassroots level as evident by the 74 cosponsors. It's time for the rest of Congress to get on board or risk losing their jobs in the future. Fair Tax ping!

[OKSooner]

What you said. BTTT

[Gvl_M3]

I was watching the Formula 1 race yesterday and they commented that one of the drivers had recently purchased a house in Bahrain. The reason given was the lack of income tax.

http://www.gulf-daily-news.com/Story.asp?Article=213118&Sn=BNEW&IssueID=31010

Imagine how many F1 drivers would move to the U.S. with their multi-million incomes if we were the worlds largest tax haven.

[AndyTheBear]

The ugly truth is that we spent around 35 years reducing the war-time debt ratio

Which were the "war times"?

[socialismisinsidious]

Americans will still spend more on taxes in 2008 than they will spend on food, clothing and housing combined.

There's nothing to see here, please disperse, step away from the article.

[lucysmom]

Imagine how many F1 drivers would move to the U.S. with their multi-million incomes if we were the worlds largest tax haven.

No tax on income with a high sales tax would make the US a good place for investments and a bad place to live.

[socialismisinsidious]

WHO paid that top rate? I hate the progressive income tax; it’s socialist but I would bet that during WWII very few (and only the truly rich) were hit by that top rate. Today the AMT is hitting more and more middle class and the top rate is not only for the rich (hell, the truly rich have enough money NOT to pay the top rate). Even so, the reason to get rid of the Income tax is b/c of freedom and privacy it takes from US citizens.

[socialismisinsidious]

No tax on income with a high sales tax would make the US a good place for investments and a bad place to live.

Yeah b/c we don't pay income tax now....wait a minute! If we the sheople actually look at our withholding, actually pay attention to how much we make we may just find: "Americans will still spend more on taxes in 2008 than they will spend on food, clothing and housing combined.”

Oh I get it! You meant to write that a high sales tax would make the US a good place for investment and a bad place for people who pay no FREAKING taxes now (that's not even entirely true b/c of the rebate)

Just did my taxes and I'm sick of carrying the 50% who pay no taxes in this country. Time for everyone to take responsibility for this great nation.

Aw never mind. Of course we shouldn't keep the poor down by expecting them to save and not buy a new cell phone, big screen HDTV, tattoo, new car, TIVO, computers, dinners out....only I should do that so I can pay the AMT.

[mo]

This is an eyeopener....

http://www.taxfoundation.org/news/show/22652.html

Also, it is why we now have a ruling oligarchy in the USA....

[groanup]

What do you have against living in an investment friendly environment?