Posted on 02/08/2003 5:56:38 PM PST by 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...
(Excerpt) Read more at nytimes.com ...
How do you eat an elephant my friend!
ONE bite at a time!
I'm on YOUR side but until every Tom, Dick, and Harry in the country is accutely aware of what he is paying that AIN'T gonna happen!
WOWIE!
Go to sleep one night and wake up with this!!!
Thanks, Bigun, for the ping. I can't wait to get into the thread...
give me a few minutes to catch up...281 posts...egads!
Nope. You don't know the facts. Your assertion is as a 7th grader would make.
Prices will neither rise nor fall due to the nrst. It is the competition in our markets that will ensure it.
Why don't you read just ten minutes here or here . Just ten minutes.
Don't tell me you don't need to do so... it is clear that you do.
I'm certain he is smiling.
Well, a major reason for the nrst is to eliminate that lobby. That's why there are no exceptions. Income and investments are tax-free. Personal retail consumption is taxed. End of discussion.
It would be 17% if we kept payroll taxes based on income and kept withholding... meaning we'd keep the IRS.
It would be 23% if we want to eliminate all income-based taxation. SS/MC are then funded from sales tax revenue.
I'm for the 23% which eliminates payroll taxes and eliminates withholding and eliminates the IRS.
Of course you pay the tax after you've been paid. Surely the guy knew this.
...Williams said that it wouldn't be 17%...it would be more accurate to guesstimate closer to 30% tax on all you bought.
He's right. We currently pay taxes that amount to about 23 cents of each dollar we spend (although it's hidden and most folks don't know we pay it). 23 cents on tax leaves 77 cents to spend on goods/services - that's a 30% clip (23/77)
Some folks see this as 23%.
Irrespective of the method used to calculate the percentage, it's the same dollar amount we're already spending on taxes.
This is the reason prices won't rise under an nrst.
Your answer:
Far too much...[it]is made up as a combination of fuel excise taxes, state and federal...all up and down the line of production chain...[in other words, we can't tell].
So what exactly is your point?
The point:
1) A "pure" retail sales tax becomes a VAT eventually, for reasons I outlined in a previous post.
(2) A VAT is an invisible and insidious tax. Just like gas taxes, you do not know how much of the cost of a product you purchase consists of taxes. The Government will tax the manufacturers' or the shippers' "added value," which is opaque and obscure.
(3) The point is, we just like we don't know what the tax on gasoline is, we won't know the VAT tax rate. Taxes will sneak up on us in the dead of the night, and we'll wake up with a Euro style social state.
The "bipartisan" bill has gone from 7 co-sponsors to 1 co-sponsor....
Let's work on getting rid of the income tax first before we start championing other taxes. You know how things work in Washington, you might end up with both.
What? Ask you for directions again and have to live with your teasing another 3 years? No way. I just didn't go anywhere and I stayed 2 blocks down the street. LOL - Actually, I am beginning to learn my way around town finally. I had a wonderful time at CPAC, as usual. It was great being able to spend such quality time with good people and patriots such as yourself. I am proud to call you friend.
The dimwitted Tax and Spend LIEberal/Socialist/Marxist Bastards who make policy in Socialist Europe forced members of the European Union to adopt a Value Added Tax!
In addition, the Socialist European states have ruinous Social Security, income, property, excise (gas costs in excess of $4.50 US per gallon in Europe) and any and all other taxes that their fertile minds can conjure up.
BTW, Ireland is a shining example of Socialiost tax apostasy. Ireland reduced its taxes rather significantly a few years ago, and has undergone an economic renaissance.
The rest of Europe hates Ireland's tax policy, but so far, the Irish have spit in their eyes and refused to raise their tax rates. The Irish are still cutting taxes, and still pi$$ing off the LIEberal/Socialist/Marxist Bastards in the EU. Good for the Irish!
No, they didn't.
They eliminated their income tax and replaced it with a national Value Added Tax (VAT).
Indeed.
A consumption tax as proposed (HR 25) is the polar opposite of a VAT.
No, the law states than any new tax system must raise as much money as the previous system in its first year.
That being said, the method of collection has a great deal to do with spending.
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