White House team to overhaul fiendish US tax code

AFP via Google ^

[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.

[ridesthemiles]

Quit worrying about the loopholes and go after the flagrant tax avoiders.

I would like to turn in a woman who hasn’t filed a tax return since about 1986. It would HAVE to be without a trace back to me.

[ridesthemiles]

Quit worrying about the loopholes and go after the flagrant tax avoiders.

I would like to turn in a woman who hasn’t filed a tax return since about 1986. It would HAVE to be without a trace back to me.

[Man50D]

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?

The Fair Tax will prevent Congress critters from raising the rate too high for two reasons.

1. The Fair Tax is transparent by showing the rate as a separate entry on the receipt. People will know immediately if Congress has raised the rate as opposed to the convoluted income tax code.

2. Tying tax collection to consumption will restore power to the people by giving them the freedom to choose how much and how often they are taxed. Raising the rate too high will result in people reducing their purchases. Fewer purchases will lessen the amount of tax collected forcing Congress to once again lower the rate. Congress can only maximize tax collection by keeping the tax rate within a reasonable boundary. This principle was brought forth by founding father and First Secretary Of The Treasury Alexander Hamilton in his Federalist Paper #21.

[patton]

You make a good point, and that is precisely why it is a lost cause.

Given that every politician in DC gets paid millions to dink with the tax code, why in heaven would they give that power up?

Note that the original US income tax WAS a flat tax.

Look where we are now.

[Secret Agent Man]

New Obama USSA Tax simplification:

1. All your money goes directly to us.
2. We will give you some back. Just don’t piss us off.
3. If you piss us off, you probably won’t get any back.
4. Remember paying higher taxes means you’re more patriotic. Thank you comrade!

[patton]

Your facts are correct, your ideal is absurd.

[Man50D]

Your facts are correct, your ideal is absurd.

Your statement is empty.

[PSYCHO-FREEP]

Ah yes, the old “Corporate Welfare” demagogue. Especially during a feeding frenzy over AIG employee bonuses.

But those executives and employee’s buy nice houses, lots and lots of new cars, $1,000 business suits, they eat at fancy restaurants, stay at expensive hotels, which all get heavily taxed locally up front, they pay maids, gardeners, clothes cleaners, and they employ lots of people that tend to their rich tastes. And if you can’t destroy them, you will surely envy them.

So by persecuting them and chasing them away because some Socialist elitist government and media went on their predictable campaign of hate for the upper class or the “Evil, Greedy, Rich” and if you bought into it, imagine an America without them.

That will soon happen, because they are being offered countless positions and new starts in other countries that see the value in what they do. And many have already made the choice to move. As have the companies they work for.

It’s the talk of all Wall Street executives these days; just what new country they would love to move to.

[Dick Bachert]

The FAIRTAX is a far better solution.

It would have kept poor little Timmy here out of trouble and...

What? Say again?? Oh, you say that because he was well connected, HE didn't GET into trouble?

NEVER MIND!!

[patton]

See #24

[CASchack]

You can guarantee that any reformulation will be heavily tilted toward the non-producers and against high earners. This is all part of Obama’s scheme to implement a plan which is the fantasy of every liberal political science professor (redundancy noted).

[Man50D]

See #24

Your thinking ignores one fundamental point. The people are the government and are therefore in charge. It also does not take into account the growing Fair Tax grassroots movement. In today's anti income tax environment the movement will only continue to grow.

[patton]

Sure. Go with that.

[Chances Are]

You forgot the 3rd line:

Balance Due:

CA....

[shibumi]

Having these guys work on the tax code is like going to Dr. Christian Szell for a toothache.

"Is the tax code safe? Is it safe?"

[EQAndyBuzz]

“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.”

What do you do with the 1 million accountants and tax lawyers?

Just askin....

[TexasCajun]

And I don’t think he’s thinking of a Flat Tax!

[shibumi]

There’s an old joke in Chicago.

“What do you call 500 lawyers at the bottom of Lake Michigan?”

- “A good start.”

[TexasCajun]

The world sees how well Affirmative Banking worked for the US.

Now we'll get Affirmative Taxation.

Question #1 on new 1040 form:

Black & Disenfranchised? Yes____ NO ____

40 Acres & a Mule? Yes ____ No _____

If you answered yes then no, pls expect a tax credit equal to the amount your white neighbor has to pay.

[Boucheau]

This is how the Commies will raise tax revenue without “raising taxes”.

Anyone ready to fight them yet?