Want to revitalize economy and make Americans richer? Kill the income tax

Detroit News ^ | 11/17/02 | Nolan Finley

[jimkress]

Intriguing, idea and Washington aren't words that often appear together in a credible sentence. But an intriguing idea is floating around Washington for reforming the way Americans pay for government.

Treasury Secretary Paul O'Neill is quietly exploring a plan to do away with the income tax, that punitive system of taxation adopted in 1913 that spawned an un-American strain of collectivism. The income tax promotes the notion that the first fruits of hard work and enterprise belong to the government, not the individual.

[Taxman]

The article mentions a Value Added Tax and a NRST, each at 13%. If that is one of the options O'Neill proposes, a combined rate of 26% would include Social Security and Medicare Taxes.

If I were going to write legislation, I'd write it to include abolishing ALL federal taxes -- hope O'Neill and his brain trust bring replacing ALL federal taxes with a consumption tax.

[Taxman]

Glad to hear that you are on-board with us.

See http://www.salestax.org and http://www.votr.org to find out what you can do to help us make the NRST a reality.

[Taxman]

H.R. 2525 and H.R. 2717 propose to tax all goods and services purchased for an individual's use, enjoyment or personal consumption at one rate.

There will be no exemptions, and a multiple rate tax system is neither desired nor proposed.

In respect of stocks, bonds and the like, the value of the broker's service will be taxed, not the value of the stocks, bonds, etc.

BTW, education expenses (tuition, fees, etc.) are not defined as "consumption," and therefore are not taxed.

[Leto]

I found an article by Larry Lindsey on the politics of Tax reform. I'll post it tomorrow in may indicate where they will go and why. The article really focuses on the issues surounding getting legilation through congress and the obstacles tax reform will face.

[Taxman]

I look forward to reading it. Thanks in advance.

[kennyboy509]

spit it out!

Wotz yer point?

NO SOUND BITES! no one liner's

NO CLICHE's and no cleaver ccccuuummmbacckkks ! dam it!

I'm trying to have a conversation with U! AND KNOT BE RUDE!

[RLK]

You have my answers. If you don't like them or cant follow them, so be it. As far as being rude, you have exceeded the limits of any healthy person's patience and should be expected to be treated accordingly.

[Fixit]

Cut to the chase:

Inflation = Taxation