[hchutch]

The personal exemption is a matter of fairness, and too many people are used to it. The same with the home mortgage-interest deduction.

Speaking as someone who rents, I have no problem with that, and it is probably part of a compromise.

The 401(k), though, is VERY important. The more people invest, the more of a stake they have in fiscal conservaitsm, low taxes, and all of that.

The other important item is to ERASE corporate taxation. Those taxes on Microsoft, GE, GM, Chrysler, and other companies are paid by us in the form of higher prices. We ought to eliminate that and make this country more hospitable to businesses.

[Principled]

The personal exemption is a matter of fairness, and too many people are used to it. The same with the home mortgage-interest deduction.

Personal exemptions are designed to allow individuals to keep a little more of their own money untaxed. Well, the nrst allows individuals to keep 100% of their money untaxed. Similarly, the home interest deduction is designed to allow homeowners to pay interest on mortgages with un-taxed earnings. Well under an nrst, 100% of earnings are untaxed.

The 401(k), though, is VERY important. The more people invest, the more of a stake they have in fiscal conservaitsm, low taxes, and all of that.

A 401k allows individuals to invest tax-deferred...but 401k still pays tax on withdrawal. Under nrst, ALL investment income is tax free- never is any income of any kind taxed. Yes, investment in the US will boom like never.

BTW the nrst DOES do away with corporate taxation - all of it, including payroll taxes.

[carenot]

The 401(k), though, is VERY important. The more people invest, the more of a stake they have in fiscal conservaitsm, low taxes, and all of that.

I don't understand your thinking.

Are you saying that you don't want to lose your tax breaks? If so there would be no tax breaks with HR2525.