Yup. Cut now. And cut deeply. And I’d go for excluding the mortgage interest deduction. In fact I’d go for eliminating all deductions. Just take a flat 10 percent of gross income across the board and be done with it. If the government can’t be run on 10 percent of our income, then it needs to be cut until it can.
Yep! The only way to do this, is to FORCE THE ISSUE by NOT APPROVING a debt ceiling increase! Period!
The 'HOUSE' has all the cards that count!
House Republicans - STAND FIRM and DON'T GIVE IN to the reckless spender's pressure!!!
I’d also go for the immediate imposition of a 25% tariff surcharge on imports from China. It is worth $91 billion first year to the Treasury. Hopefully it would decline each year as more production returned to the US.
Though I think eliminating deductions is a good long term goal, I don't think it is either fair or economically advisable to just - Wham! - slam the door on them. People have based their lives and their budgets on the current rules and should be given time to adjust - a phase out over at least five years.
I don't understand why there is a provision to prevent Medigap policies from covering the 1st $500 - aren't medigap policies private policies bought and paid for by individuals. Let's get the government out of the business of dictating the terms of private contracts (except to prevent fraud).
By the way, my recollection is that at the time the 16th amendment was crafted, there was discussion of limiting the tax to a maximum of 10% - but the thought was that 10% was such a ridiculously high figure that it would never be reached. (Maybe someone with a better memory can confirm or refute.) Maybe this time we DO need to put it in the Constitution.
I'd agree with you on principle, but whenever I hear of flat taxes, I never see the subject of FICA addressed. With your 10% flat tax, along with your 7.2% FICA tax, that would end up being a %17.2 total tax right off of the top. For me and my modest income, mortgage, and a family of four, it would equate to a 70% tax increase. If my 7.2% portion of FICA is included in your 10% figure, then my total federal tax payments would stay the same, but that would mean that everything other than Social Security and Medicare would have to be funded with a 2.8% income tax.
The “fair” tax national sales tax crowd is always throwing out the figure of 23%, and that is completely unacceptable at any level.
Agreed. And 10% of all earned income for everyone, even the so-called “poor”. That way everyone will care about how our tax dollars are spent!!
Government can, it's the politicians in government that can't!
How about:
2 percent national sales tax
0 income tax
2 percent should pay the rent and keep the lights on, but everything else the government wants to do must be paid by the people, voluntarily sending dollars to specific programs/departments. Picture ad campaigns and telethons. Millions would also set up auto deductions directly to those things they think should be paid for.
Clinton and Obama seem particularly adept at fundraising, so they could turn their talents to whatever programs catch their fancy, and I won’t have to pay a nickel. Sweet!
Too sensible. Too much Liberty! Never gonna happen.
Amen.
Oh, yeah, some will want a welfare program for tax preparers, but our free market will provide some charity for them until they can re-train in something productive...