Time to junk income taxes?

Reuters ^ | Jan. 6, 2012 | David Cay Johnston

[fightinJAG]

This is America’s 100th year for individual income tax, a system as out of touch with our era as digital music is with the hand-cranked Victrola music players of 1912. It is also the 26th year of the Reagan-era reform for both personal and corporate tax, a grand design now buried under special-interest favors.

With U.S. elections in November, and the George W. Bush tax cuts due to expire at the end of 2012, it’s time for a debate that goes beyond ginning up anger over taxes and the superficial issue of tax rates.

It’s time to consider whether to get rid of income taxes, personal and corporate. What are the strengths and weaknesses of our current system? Should we tax individual and corporate income — or something else?

We need to think about it. Whatever systems we consider, we should weigh up what it takes to raise the necessary revenue along with such other attributes as minimal compliance cost, leakage and economic distortion.

Times change. Tax systems must change with them or else their lubricating effect turns to sand, wearing down the gears of commerce.

[central_va]

Make illegal the withholding income/payroll taxes by employers. Stand back and watch what happens.....

[Pontiac]

In a global economy, is taxing corporate profits smart? Or could we devise rules that both promote investment and job creation while preventing the accumulation of unproductive fortunes — the great risk if corporations are tax-exempt.

Here the writer shows his true Leftist colors.

The only way a corporation or anyone can accumulate an unproductive fortune is to sit on cash reserves. No intelligent individual does this with their money because cash is subject to depreciation by inflation. It is a guaranteed loosing investment.

No one sits on cash unless they fear the future actions of government will harm available investment vehicles. This is exactly what corporations and banks are doing today which why economic growth is so low.

The writer sees large quantities of cash sitting in corporate accounts finds that unacceptable. Well it is the actions of Obama’s government that has put it there instead of being invested in productive commercial activities. Intelligent people will find ways to put their money to productive uses whatever the tax system as long as they are relatively sure that the ground rules for taxes and regulations will be relatively stable.

Obama leaves no room for an intelligent person to believe that the rules of the economy today will be the rules next month let alone next year. Obama’s people have locked up the investment capital of this country in those corporate accounts. Until he is gone it is most likely going to stay there.

[Hostage]

http://www.fairtax.org/site/PageServer?pagename=about_faq

All we need to know.

[fella]

Property taxes should go too.

[Paradox]

I want EVERYBODY to have skin in the game. The only tax I can think of that taxes everybody is some kind of sales tax.

[leapfrog0202]

[Mortrey]

Listen....

Ann Barnhardt...without teleprompter. Best 40 minutes (and scariest) you’ll spend:
http://www.youtube.com/watch?feature=player_embedded&v=hGl3QPfB084
Then, watch “Why No Brokerage Account Is Safe”:
http://www.youtube.com/watch?v=GMI6JYX2e0Q&feature=relmfu

THEN, get your money OUT and take some TUMS.

[fightinJAG]

Exactly. That was what was so bold about 999. The rest of this stuff is just tinkering around the edges. We are so past the days when we could absorb the damaage from that.

[fightinJAG]

And we are really going to become government slaves once, which is soon, we tip over the point where 50% of the populace is dependent upon a check from the government.