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Facts About the Tax
Townhall.com ^
| Friday, April 4, 2008
| Rich Tucker
Posted on 04/07/2008 8:04:20 AM PDT by foxfield
Lets 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.
(Excerpt) Read more at townhall.com ...
TOPICS: Business/Economy; Government
KEYWORDS: fairtax; legalextortion; tax; taxes
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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.
1
posted on
04/07/2008 8:04:20 AM PDT
by
foxfield
To: Man50D
2
posted on
04/07/2008 8:06:49 AM PDT
by
foxfield
To: foxfield
3
posted on
04/07/2008 8:07:59 AM PDT
by
VOA
To: foxfield
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.
4
posted on
04/07/2008 8:10:26 AM PDT
by
bioqubit
To: Man50D
5
posted on
04/07/2008 8:11:30 AM PDT
by
groanup
(After 20 years someone finally made money in gold. Now it's "I told you so".)
To: foxfield
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
To: Travis McGee
8
posted on
04/07/2008 8:27:52 AM PDT
by
DuncanWaring
(The Lord uses the good ones; the bad ones use the Lord.)
To: foxfield
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.
9
posted on
04/07/2008 8:55:11 AM PDT
by
M. Dodge Thomas
(Opinion based on research by an eyewear firm, which surveyed 100 members of a speed dating club.)
To: foxfield
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.
10
posted on
04/07/2008 9:11:11 AM PDT
by
M. Dodge Thomas
(Opinion based on research by an eyewear firm, which surveyed 100 members of a speed dating club.)
To: foxfield; ancient_geezer; Taxman; Principled; EternalVigilance; phil_will1; kevkrom; n-tres-ted; ...
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!
11
posted on
04/07/2008 9:27:49 AM PDT
by
Man50D
(Fair Tax, you earn it, you keep it!)
To: Man50D
12
posted on
04/07/2008 9:40:56 AM PDT
by
OKSooner
To: Man50D
13
posted on
04/07/2008 9:48:13 AM PDT
by
Gvl_M3
(Sometimes, you have to stand up for yourself, even if it doesn't look "Compassionate.")
To: M. Dodge Thomas
The ugly truth is that we spent around 35 years reducing the war-time debt ratioWhich were the "war times"?
14
posted on
04/07/2008 9:50:30 AM PDT
by
AndyTheBear
(Disastrous social experimentation is the opiate of elitist snobs.)
To: foxfield
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.
15
posted on
04/07/2008 10:00:25 AM PDT
by
socialismisinsidious
( The socialist income tax system turns US citizens into beggars or quitters!)
To: Gvl_M3
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.
16
posted on
04/07/2008 10:24:15 AM PDT
by
lucysmom
To: M. Dodge Thomas
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.
17
posted on
04/07/2008 10:26:10 AM PDT
by
socialismisinsidious
( The socialist income tax system turns US citizens into beggars or quitters!)
To: lucysmom
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.
18
posted on
04/07/2008 10:39:54 AM PDT
by
socialismisinsidious
( The socialist income tax system turns US citizens into beggars or quitters!)
To: foxfield; All
19
posted on
04/07/2008 10:44:16 AM PDT
by
mo
To: lucysmom
What do you have against living in an investment friendly environment?
20
posted on
04/07/2008 10:50:45 AM PDT
by
groanup
(After 20 years someone finally made money in gold. Now it's "I told you so".)
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