Posted on 05/12/2005 7:46:54 PM PDT by Your Nightmare
Members of the President's Advisory Panel on Federal Tax Reform on May 11 expressed concerns over the FairTax national retail sales tax, a plan that has emerged as an alternative with a major grass-roots push.
Panel chair Connie Mack, vice chair John B. Breaux, and other members worried the plan would be difficult to enforce, would be regressive, and would require a high rate in order to take in enough money to fund the government.
Breaux raised concerns that the proposed 23 percent (tax-inclusive) rate would not be sufficient to raise the revenue necessary to fund the government. The Joint Committee on Taxation estimated that it would take as much as a 57 percent (tax-exclusive) rate to be revenue-neutral. Further, Breaux said he thought exemptions that would be carved out to make the sales tax progressive would also complicate it.
Mack, who raised concerns similar to his fellow panelists', said he was "intrigued" by the plan. "But if it's such a great idea, why haven't other political entities around the world pursued it?" he asked.
Americans for Fair Taxation Executive Director Tom Wright emphasized that the plan emerged after "thorough academic research" and "thorough polling" The strong grass-roots push has resulted in some of the group's 600,000 members appearing at each of the panel's hearings and has inspired a large comment-writing campaign to the panel in support of the plan.
Sales tax advocates were among the 20 witnesses who gathered before the panel for a full day of testimony on tax reform proposals. Although the group has held several other hearings in Washington and around the country, the May 11 meeting was its first hearing on specific reform plans since Bush appointed the panel in January. The panel has been charged with identifying tax reform proposals that are progressive, encourage charitable giving and home purchases, and are revenue-neutral. The proposals are due by July 31.
Among the tax replacement and reform plans presented to the panel were the value added tax, consumption-based tax, and the flat tax, as well as proposals that would use the current income tax as the foundation.
Witnesses generally claimed that theirs was the fairest, simplest, most flexible, most transparent revenue-neutral proposal that would improve economic growth and savings while meeting the president's criteria of encouraging charitable giving and home buying. Witnesses presenting consumption-based plans praised their overhaul as taking millions of low-income taxpayers off the rolls, being easy to transition to on a worldwide basis, and including safeguards to prevent new loopholes that would result in increased complexity down the road.
Tax reform panel members, who agree the current tax system needs to be fixed, grilled witnesses without revealing whether they will ultimately endorse a consumption- or income-based tax or a different mixture of the two.
Who is "we" in your post? And what votes?
Explain to me how I exhibited that I am a socialist? Please do so in English using proper grammar. Also use facts and historical citations in your analysis. Thanks.
_Are_ you a socialist?
People who think like me, of course. The votes by way of political contributions (free speech) to run the farttax into the ground.
When did you stop beating your wife or girlfriend, huh?
I can see fropm your posts that you are indeed well educated and cultured ... and ignorant of the provisions of the FairTax and the building impetus behind it to boot.
You seem to think that the existing tax system is one of the things that made this country great - IT AIN'T!!! You unfortunately missed the part of your education that taught about how the income tax came into being ... and when. It has been the biggest economic drag on our country for many years and it is going to go the way of all good things ... bank on it.
The FairTax does not "add another layer" as you so obviously feel. My Jeans are in the wash but I'd suggest you use some of those good genes of yours from your parents and find out how the FairTax provides taxpayer freedom vis-a-vis the current system that you seem to so love.
There's something mysterious about wanting to derail something without stating a reason for it. Is someone telling you what to do?
You are against the Fairtax/NRST, therefore you are for the status quo of the IRS and it's tyrannical bureaucracy and regulations against the working citizens of the U.S.
I try to only beat one at a time he he
Careful, there. People who "think like you" aren't either well-educated OR cultured so you may have put yourelf into the wrong cubbyhole.
Pardon me, boyfriend.
25% of what?25% more than nothing...
I've read both definitions long before you thought of that, and as I said I like "infer" as the better word for the situation.
You've used the term "BIG" several times and I'm curious as to its meaning. Please enlighten me as I haven't sufficient education to know its meaning.
25% of what?
I'm not your boyfriend. But I'll pardon you anyway.
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