White House Floats Idea of Dropping Income Tax (altogether)

New York Times, Business and Financial Desk, Page 14, Column 5 ^ | 2/8/2003 | EDMUND L. ANDREWS

[Bigun]

White House Floats Idea of Dropping Income Tax Overhaul By EDMUND L. ANDREWS

WASHINGTON, Feb. 7 — President Bush, having already set off a firestorm over his proposals to cut taxes and revamp retirement accounts, suggested today that the time might be near to drop the income tax as a whole and replace it with some form of consumption tax...

[LinnieBeth]

Yeah !

[Stallone]

JUST DO IT!

[xzins]

You and I both know that BraBra Streisand and Ted Kennedy with their millions are walking around with the noses in the air because they get to be "nice" even though they're rich....they get to give a larger portion because it's their "duty" and you know damn well that they think they deserve a bigger voice because they've put a "greater, rich man's burden percent" into the collection plate.

Just the thought makes me gag.

It's one reason I'd also go for a flat tax as an intermediate step to a NSRT. One percentage across the board.

[chasio649]

bump

[Mudboy Slim]

"...the time might be near to drop the income tax as a whole and replace it with some form of consumption tax..."

"The third rail?"

Not any more...the Consumption Tax--and Constitutional Amendment Eliminating the Income Tax altogether--is an idea whose time has come!!

FReegards...MUD

[theriotcat]

Just think how pleased the tree huggers will be.

Less trees to cut down that feed the "paper work" at the IRS and the CPAs can apply for a job as "Greeters" at wally world.

[griffin]

bump!!

[theriotcat]

10/4 to that good buddie
From 70 yo Paw Paw

[Badray]

"Like I said, we're going to pay one way or another."

With the remarks that you each are making, the both of you should change your screen names.

One of the major problems with the current system is the power and intrusiveness of the federal government to examine every detail of your life. What you earn and where you earn is nobody's business but yours. As long as we're subject to an income tax, we are subject to the proctologists at the IRS. An income tax is a slave tax. With this proposal, freedom calls and it's time to say enough is ENOUGH.

[Lynne]

To avoid the double taxation of savings accounts, etc., they could probably come up with some kind of debit card system for existing accounts. You have a $100,000, then you get a debit card for x% of tax free spending. Sort of like the photocopy cards, or the telephone calling cards you buy.

[Badray]

"Businesses are already drowning in paperwork."

Precisely, but if you are already collecting sales tax, the only change is the % of tax. Taxman, ancient geezer or Bigun can give you more details of the specifics but I believe that you will remit as before and the state forwards the federal portion up the line. In the meantime, you get the feds out of your personal life and your accountant can either be fired or at least given a huge pay cut because the math is much simpler. Sales multiplied by the tax rate equals tax due. Job done.

[Dustbunny]

A consumption tax would hurt the elderly and poor but a flat tax wouldn't.

[Badray]

"This will NOT make either the taxman, the accountant, or the lawyer go away. Be careful what you wish for. You might just get it, and it may make you wax nostalgic over the "good old days" of the income tax."

The current system is evil and corrupt and must be abolished. Will there be problems with a new system? Yes. May it one day be twisted into something equally evil and corrupted as the present system. Again, yes. But we should not let perfect be the enemy of the good. If we can put the beast back into the cage for another 30 or 40 years (for the children, doncha know?) they will have a prescedent to fall back on to renew the fight. The NRST will help to put the beast back into the cage.

[Badray]

I don't know for sure, but isn't there already some sort of lag time for reporting and paying? If not, one could be built in or if it really represents a problem for individual retailers, they can ask for a downpayment equal to the amount of the tax. How do you manage now with those who delay payment for 60 or 90 days? I know that this might be an additional burden for some, but in this case I believe in the greater good of the country. We must get the IRS out of our lives.

[IronJack]

I saw this. Let's just say that I don't think George Bush has the clout to push this idea. But the fact that it's even being discussed is a step in the right direction!

[Bigun]

A consumption tax would hurt the elderly and poor but a flat tax wouldn't.

You simply could NOT be more wrong about that!

The Fairtax proposal is the ONLY proposal currently out there which COMPLETELY untaxes the poor!

Instead repeating what you have heard from others why don't you go to post 200 on this thread and READ the bill!

[TaRaRaBoomDeAyGoreLostToday!]

Taxing everything but our earnings is a good idea.

[Bigun]

Let's just say that I don't think George Bush has the clout to push this idea.

I agree with you! G.W. Does NOT have the clout to push this...but WE do!

I presented the idea to a group of 42 souls this past Thursday evening and was WELL recieved!

The pressure IS building and it's GOING to happen!

[inquest]

But the fact that it's even being discussed is a step in the right direction!

The fact that less than ten years ago we were discussing axing the Depts. of Education, Energy, and HUD, was also a step in the right direction. But as that showed, it's a step that can be easily reversed once its political utility (i.e., duping conservatives into supporting you) has evaporated.

[Bigun]

the CHEIF is gone Bigun... but I imagine he is cheering us on..

I imagine that you are right! In fact, I'm DAMNED sure of it!