[biffalobull]

Bush is considering a total re-write of the tax code and that SecTreas O'Neill is strongly pushing a national retail sales tax!

This in the sales business is called, bait and switch.

It says Bush is considering a total re-write of the tax code. What exactly does that mean? It could give the rich, or the poor, more or less tax breaks, plus it doesn't give any indication of a time line.

It goes on to say O'Neil is strongly pushing a NRST. How much would that be. 7%, 10%, 20%, like in some European countries.. People, I wouldn't lose too many nights sleep, thinkg about the tax you are going to save.

I would be wondering what would happen if everything I bought retail would be taxed again, for the 14th time.

[ancient_geezer]

You might spend some time reading the 860 some response prior to your for a clue about what Bush and O'Neil are about on this.

Afterall, the NRST has been under debate and in legislative langage and bill before Congress since 95. The language is clear on both what it replaces, (all but excise & tariffs), and is a flat 23% on retail goods and services. The same you pay today when all is taken into account.

To provide similar protection as the standard deduction and personal exemptions of the income tax(it actually works out to be somewhat higher), every legal resident is paid a monthly Family Consumption Allowence, to cover tax payments up to the povertyline of expenditure.

That is the plan HR2525 that O'Neil is supporting.

For more info just read the thread, everyone pro and con appear to be having thier say on the issue. You might learn something.

[ancient_geezer]

blockquote>

I would be wondering what would happen if everything I bought retail would be taxed again, for the 14th time.

Actually it won't be, HR2525 grandfathers all current non-business property. And only retail new goods and services will be taxed in the future, "once but only once" is the strict rule set down in the legislation.