Posted on 03/25/2009 12:02:16 PM PDT by mnehring
WASHINGTON (AFP) — The White House Wednesday announced a new task force headed by former Federal Reserve chairman Paul Volcker to reform the Byzantine US tax code in the hope of recouping billions in lost revenue.
White House budget chief Peter Orszag said Volcker and four other top economists will report their recommendations back to President Barack Obama by December 4, and their review will cover three main areas.
"One is tax simplification, the second is closing tax loopholes and reducing tax evasion, and the third is reducing corporate welfare," the director of the Office of Management and Budget told reporters.
(Excerpt) Read more at google.com ...
I guess they haven't heard of the AMT?
Simplification #1:
1) Dems are exempt.
Oh. To recoup lost revenue. Not because it's a burdensome, scatter-shot, impossible to comprehend, oppressive code.
Sure glad they have their priorities straight.
there is a good plan already written and ready for implementation, perhaps in need of minor tweaking, and it is called THR FAIR TAX.
Go for it!!
“One is tax simplification, the second is closing tax loopholes and reducing tax evasion, and the third is reducing corporate welfare,”...”
The third is their target.
The real issue here are the 100 senators who sit there and insert line after line of tax code that they don’t understand but it helps their buddy who owns 2,000 acres of swamp in South Carolina or the guy who imports peanuts from Brazil.
My suggestion is rather simple...one flat tax and a limit on tax code of 288 lines (call it the “288-code). You can write as much as you want as a Senator to tax code....but after 288 lines....you merely overwrite what some other idiot wrote and theirs is no longer valid anymore. This is our problem.
When companies like AIG paid little or no taxes....it was the senate that made this possible. When Ford paid little to no taxes...it was the senate that made that possible. We need to take their code away....and make this so simple....that 3,000 IRS folks could run everything across the entire nation...and they’d only need a 8th grade education to read the tax code.
there is a good plan already written and ready for implementation, perhaps in need of minor tweaking, and it is called THR FAIR TAX.
But, I wonder if the fair tax could start at say 10% and the corrupt and greedy government will vote to up it until it’s 50% - Who can trust the government anymore?
I can see offshore banking growing exponentially.
Their vision is also a flat tax, two part form.
How much did you earn?
What was your unearned income?
Add lines 1&2
Send it in.
I get hit by the AMT every year - and I have no loopholes. I do the 1040 really EZ - how much did you make? Send it in.
I get hit by the AMT every year - and I have no loopholes. I do the 1040 really EZ - how much did you make? Send it in.
"elimination of as many deductions, exemptions, credits, offsets, and depreciation allowances as we can get away with".
Hold your wallets! The rats want to find many more ways to increase your taxes in relative obscure ways. The effective tax rate will be much higher than the 39.6% BHO talks about.
I continue to be amazed that they call taking our money away at the point of a gun or threat of jail, is called "recouping lost" money. The government does not make money. The government is not a business. It does not pay taxes. It TAKES people's money for people's work for someone else. The government takes from one and gives to low lifes and lazies. Too hell with the government. They can all rot in hell for all I care. STATES RIGHTS!!!
Their simplification is to institute a 100% tax rate with no deductions for anything.
It was not your money in the first place. Translation: "hope of raising taxes by billions".
The beauty of the Fair Tax is that you pay it every time you spend money and it eliminates the dozens of hidden taxes that you pay through inflated prices.
Q: How much did your earn last year?
A: Send it in.
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